Friday, June 15, 2007

Follow The Leader

As I have said before, "Where Calgary goes Edmonton follows". Calgary is hitting new housing highs and Edmonton will follow the leader. CMHC released a forecast in May projecting that single detached homes in Calgary and area will hit $474,000 by the end of this year.

"Only Edmonton is forecast for a bigger percentage hike, with prices expected to jump $90,000 to $340,000 by the end of this year, up 35.5 per cent.

"We (in Alberta) have the strongest economy in the country," Vinay Bhardwaj, manager of market analysis for the prairies region of CMHC, said.

"We have virtually full employment ... just about everybody in our province who can work and who has a skillset has a job," he said, noting that makes people more likely to consider home ownership. "On top of that, you have people who are moving here."

Although Alberta has been known for its boom or bust cycles, there is little expectation of a major correction that would see housing prices collapse.
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Good time to get into the market? Strong Yes!

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