Now, this is part of our unfiltered honesty segment, where I’m trying to answer your questions as bluntly and honestly as possible.
So, let’s start with me taking out my crystal ball… Oh, wait — I DON’T HAVE ONE.
First off, I’m going to say that I have no idea where things are going to go with certainty. BUT I can make some educated guesses.
When we take a look at interest rates, we can see that home ownership in Alberta is very affordable. There is a lot of borrowing power for buyers with interest rates this low. We also have an inventory issue right now. There are a lot more buyers then there are properties available — especially in the under $450,000 range. Anything that gets priced in that range that is considered to be well-priced is getting snatched up incredibly quickly.
I do believe that prices are going to stay where they are. We might see a slight incline, depending on this inventory situation. We’re coming into the Christmas months… it gets a bit colder and people don’t want to move. That means you’re going to see less homes coming on the market which I think is going to tighten things up even more.
That being said, I can’t say that this is one hundred percent sure. I don’t know! That’s why I always say,
“Buy when it makes sense for you.”
You’re going to have own something at some point, and if it’s affordable, it’s better than renting all day long, especially at interest rates like this.
Now, when prices start to come down, you’ll see it happen very slowly. It’s not going to be a dramatic shift where all of the sudden the sky is falling.
Another thing to remember, and this is my final point, is that home ownership in Alberta is extremely affordable in comparison to a lot of other provinces in Canada. Keep that in mind and remember: I think Airdrie, Calgary, and area is still a great place to invest!
Do you have a question that you’d like me to answer with the same unfiltered honesty that you see here? Put it in the comments below and I’ll be sure do answer it!