Want to see how house prices across major Canadian cities have fared over the the last 2 years?
Take a look at this interactive map of real estate statistics from across the country, including home sales, average prices, apartment rents and vacancy rates.
Edmonton's stats are as follows in October 2008:
Vacancy rate - 2.4%
Average monthly rent for 2 bedroom apartment - $1035
Average resale home price (Dec 2008) - $310,000
Home prices dropped 1% in 2008 and are expected to drop another 10% until 2010 when they will start to pick up again.
As an investor house values are only important when you sell. Therefore timing when to sell is crucial. The best thing to do is not sell now unless you absolutely have to. Take steps to reduce your costs and make your properties positively cash-flowing.
How do you do that?
Keep your property manager productive
Keep your property a rock solid money making fortress
Avoid fear and keep your head about your investment goals
Best of all now the buying signals are phenomenal! It's a buyer's market with incredibly low mortgage rates.
Anyone who has made a lot of money in real estate will tell you that buying when markets are low, during times of crisis is the smart man's game.
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