Bestselling author of Real Estate Investing in Canada: Creating Wealth with the ACRE System, 97 Tips for Canadian Real Estate Investors and 51 Success Stories from Canadian Real Estate Investors spoke with The Edmonton Journal to warn investors of falling for hype, thinking short-term and not looking "Behind the curtain" when investing in real estate.
He explained what we can look forward to in the Albertan market,
"Edmonton's housing prices, which fell 11.7 per cent during the last half of 2007, will dip again this spring, then rebound during the second half and be up 11 per cent on average during 2008. Calgary prices will be up 12 per cent, Red Deer 10 per cent and Grande Prairie 11 or 12 per cent."
why you should only line up for U2 concerts not properties,
"When you line up around a block with 200 people to buy the condo in the sky that doesn't exist yet, put $20,000 down and plan to sell it as soon as it's built, look in the lineup and tell me how many people have the exact same mentality. Then all you need is for one guy to panic and drop his price to get out, and the average price in the whole building goes down, and you're completely at the whim of somebody else. You should only line up for U2 tickets."
and why beetles in B.C spell trouble in the future.
"And right now I wouldn't touch a town that's only forestry, because this pine beetle thing is massive -- the Williams Lake, Quesnel, Prince George corridor is going to be devastated."
He also gives great insight on where individual markets are going in the future. If you are planning on investing anywhere in Canada then read this article.
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