stokesey

Hi - what's the thoughts on Calgary house prices, I see some very nice houses advertised on mls being reduced, then further reduced and so on.

Are we on for a steady decline in prices or are they just over valued in the 1st place?

I'm thinking renting is maybe the way to go for at least 6-12 months?

Thanks.

Almost Canadian

Who knows? If you see a house you like and want, at a price you think is acceptable, buy it.

Steve_P

Just looking at the prices in my neighbourhood (Dalhousie) and I would say they are on the way up from the lows of the last two years. Just a few months ago there were a number of single family homes listed in the high $300,000's now there are only two, one at $389,900 and another at $399,900.

So who really knows what prices are doing city wide.

scrubbedexpat133

Listening to the radio in Toronto on tues a report said that apart the 'hot' markets they are predicting that Canadian house prices are going to correct over the next two years - not a crash just a gradual supply and demand equaling effect.

I would think that Calgary would be one of these 'hot' markets the others probably being TO and VAN

Spongebob

This is quite a detailed forcast from TD bank regarding the future of Canadian house prices.


http://www.td.com/economics/special/sg0711_housing.pdf

MrGreen

Calgary seems to be creeping back up across the board as far as I can see. Houses and condos. Lots of activity this summer that's for sure and things are selling faster.

Steve_

I reckon interest rates are going to go up, and when that happens prices will stabilize. The job market here isn't as fantastic as it was but it's still better than most of Canada so I reckon it will just stabilize and that will be it pretty much, no dramatic moves.

Toronto and Vancouver will drop though, job market in TO for sure is softer and they can't keep just endlessly throwing up condos and selling them to Chinese investors, it has to end sometime.

headingwest

the housing price forecasts are horribly inaccurate. CMHC is about the worst.


However, alberta added 22,000 jobs last month, 700km noth of calgary is the 2nd largest proven oil reserves, oil is hovering around $100/bbl and has the fastest growing economy (for now). Net inward migration is picking up, I own a couple rental properties and my rental prices have recovered from recession levels of past couple yrs. If oil prices stay high in the medium to long term we are in for a sustained boom/growth and house prices may very well continue to climb but they are allready stressing 1st time buyers.

That said, if interest rates shoot up, the US defaults on some loans and loses its AAA rating, greece and the euro implode and oil prices drop then the outlook for calgary isn't very good being so reliant of oil/gas.


Who knows???

personally I'm bullish of Alberta but then I have a vested economic interest...