Thursday, August 28, 2008

REIN strikes again

Don Campbell of the the Real Estate Investment Network strikes again. Edmonton takes the number one spot again for the top ten towns to invest in Alberta. Edmonton Journal just soaks it up in the article: City Real Estate No. 1

The Edmonton Journal sure did its best to lend credibility to this report. Look! They use "data" to arrive at their results! It must be credible.

The list is compiled from a survey of statistical and demographic data from sources such as Statistics Canada, Canada Mortgage and Housing Corporation, Multiple Listing Service, government and economic development offices.

Edmonton has had the top spot for six years now so why has it performed so poorly recently?

A look at other statements from Don Campbell may be enlightening.

From a previous post Consider the Source:
Campbell said he expects Edmonton home prices generally to rise nine per cent in 2008 and 12 per cent in 2009. Homes that benefit from transportation improvements will outperform the market by an additional 10 to 20 per cent, he said.

He predicted that Calgary would appreciate 12.2% in 2008 in this post:

At a Real Estate Investing Network seminar last night, my mentor Don Campbell (author or Real Estate Investing in Canada), predicted a 12.2% increase in real estate prices for Calgary in 2008. Recently the Toronto Dominion bank predicted a 10.1% increase for Calgary in 2008, and CMHC is stating it will be in the single digits.

I think we'll see 15% increases in 2008 ... however, I'll buy basing my numbers on 8% appreciation. (8% is huge ... and all we should ever hope for.)

People are in fear over the Royalty Review and "Our Fair Share". It's a great buying time.

And what about the top Irish banks (plural) supposedly investing in Calgary?! This quote is from March 1st. link here
"International investors are definitely buying. Calgary and Edmonton real estate is hot in Europe and the U.S., more than I've ever seen before in all my years involved in real estate. The top banks in Ireland, for instance, are buying here. They see it as safe, secure and good for the long-term, compared to other options."


Brent said...

What a paint job.
To bad the Journal doesn't have his past predictions included in the article. lol

Anonymous said...

hey bear..theres a good video on global news here
i cant seem to isolate it maybe you can

Anonymous said...

Irish banks are buying houses in Alberta?

haha. Even Canadian banks don't buy houses in Alberta, they simply lend money to other against the collateral value of the houses. If they are forced to foreclose a house (which they never want to do), they try to get rid of it fast, as banks are not in the business of owning houses. They are in the business of lending money (and getting paid back)

This guy is full of bull.

Carioca Canuck said...

In my opinion the guy is a classic conman.