House prices are softening in Edmonton and people are once again worried that we will see a spectacular bust in the Edmonton market.
"There's no sense reducing any product by 5% because it just doesn't work. We're seeing reductions of 10% and more,"Re/Max agent Abe Hering Read Article
In a normal market you don't always get the price you ask for. Edmontonians have gotten used to multiple offers and bidding wars on properties. That kind of market can't last forever and it needs to adjust.
On the other hand CMHC released a report last week that house prices are expected to increase 25% this year.
"With Alberta's economy still red hot, oil prices remaining high, and $150 billion worth of oilsands projects, upgraders and related work in the pipeline, no one is forecasting anything like an '80s-style housing crash, of course.
In fact, quite the opposite."Read More
Which means another 10% increase this year. Alberta is still leading the nation for increases in housing prices.
If you are really worried about the market falling I will be more than happy to buy your house at today's market value.
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1 comment:
I love your posts regarding real estate, and this one is so true. Thanks for the post.
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