Monday, April 20, 2009

Canadian Business Magazine Podcast

Scott Steele interviews the magazine's features editor Andy Holloway. Generally they're saying it is a good time to buy if you think for the long term. Andy suggests that if you buy now then be prepared for the prices to drop over the next 6 months. This may be true in some areas but not necessarily all. It's a very generalized interview but the key points are true for any region.

Other points:
1. Houses are safer than stocks. Stocks have dropped about 43% and housing about 11%
2. Now is not the time to sell, unless you bought 10 years ago. (Long term is ok)
3. It's a good time to buy rates and prices are low.
4. Canada is not facing a sub-prime meltdown.
5. Some depreciation in commercial markets in Calgary an Toronto.
6. Real estate investing is based on simple economics - in- migration, growth, economic potential of a city. Edmonton has all three.

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