Friday, October 19, 2007

Slow and Steady

For many Canadian cities 2007 was incredible year of real estate price gains. Real Estate markets cooled with the weather and the four biggest Canadian markets have slowed since August.

Saskatoon, Calgary and Edmonton all saw big increases over the last year and thanks to the slight cooling in these cities, buyers have a lot more choices to pick and choose from.

"Buyers in [Alberta] will likely take more time to shop and remove some of the steam from price increases," CREA chief economist Gregory Klump.

This shift to a buyers market is a "long time no see" event in the Edmonton market; CREA records show that the last sellers market was in 1997.

Sellers wanting to cash out are flooding the Edmonton market with their "investment" properties, giving investors who know and understand the economic fundamentals of the area a chance to pick up great deals.

For those who are looking to invest, getting your price or terms is more likely than it was five or six months ago.

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