CREA and Banks Say Things Aren't So Bad

The Canadian Real Estate Association predicted that the economy will perk up in about 8 months or mid to late 2009 and thus cause real estate markets to realign by 2010. If you want to sell your property before then be prepared to be flexible on price or terms.

Winter generally means a slow down in sales and rentals so those who MUST sell should offer attractive incentives to prospective buyers - vendor take backs and agreement for sales are good ones.

An Ipsos Reid study indicates that in Alberta 24% of people are looking to buy a home in the next two years and 9% are very likely to buy. That means that there ARE buyers out there but they have a lot of choices.

"The interest-rate environment still very appealing," "Add to that the softening of resale prices and we find that the ensuing affordability is letting more people into the market -- people who had previously been taken out of the market by steadily increasing house prices of a year ago." Don Peard, Calgary-based vice-president of mortgage specialists with the Royal Bank.

Starter homes, condos and townhouses are "best sellers" among first time buyers.