Sunday, October 29, 2006

Canada's Housing Market Both Vigorous And Stable

"Country's market poised to show growth throughout 2006"

Royal LePage

Edmonton's booming local economy continued to thrive in the third quarter
as activity in the oil sands north of the city continued to flourish. Edmonton
remained the hub of activity for those coming to work in the oil industry,
maintaining tight inventory levels across the city, resulting in prices
increasing at record levels. However, as inventory levels continued to improve
in the third quarter the rate of price appreciation should moderate slightly
towards the end of 2006.

The Globe and Mail Online

In Alberta we’ve had a tremendous year of appreciation and I’m hoping for a little market fear, just enough to create a wave of sales or a slight dip in prices. Why would I want that? Well, to buy more property of course. A slight cooling off of the market will give us the chance for another round of purchases. There’s no need to worry about the economy. Oil prices weakening (they can drop to $20 p/b and Alberta is still profitable), a glut of supply a new source- whatever it may be- bring it on. Alberta is sitting in a long-term stable situation that is only getting better, thus increasing house prices due to the insatiable demand for housing.

If you’re panicking now and you own property in Edmonton, give me a call and I’ll buy your house before the crash ;)

No comments: