Friday, January 09, 2009

Look locally for the real news

My last post focused on negative media and find what the real story is behind the "negative- speak" headlines. Also make sure the articles are about your region and not a national piece, especially when it comes to real estate.

In 2007 Edmonton single detached home prices reached a peak at around $420,000 which was unsustainable and grossly affected affordability. In the second half of 2007 prices started to slump and stayed low for most of 2008.

Now Edmonton is starting its recovery from the housing slump earlier than the rest of the country. The city's real estate market is more stable and Edmonton will continue to lead the country in 2009.

While the rest of Canada faces further cooling in real estate prices Edmonton will remain solid and even see a price increase by the end of 2009.

"There's a lot of negative press going around particularly because they're using nationally aggregated numbers .........The national numbers don't mean a whole lot unless you're looking locally." Marc Perras president of the Realtors Association of Edmonton

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