Investing in real estate in Calgary, he said, is a safer investment than putting money into the stock market.
The main index of the Toronto Stock Exchange fell more than 600 points yesterday in yet another day of turbulent market swings.
"People should take note," he said.
Isn't it precious that when home prices fall they are "on sale" or represent oppurtunity but when stocks fall they become a dangerous investment?
May 2008 CREB Report
BUYERS NEED TO PAY ATTENTION – HOMES ARE ON SALE TODAY!
“Now is not the time to wait until the sale is over and then decide to buy; after you read a headline, the best time to buy has passed,” cautioned, CREB® President, Ed Jensen.
Also the title of the article "Seller's market Returning" may be a couple weeks outdated. Sales were good in Edmonton last month and were decent for Calgary and listings were down. For the first half on October sales/listing ratio appears to be back in buyers market territory. A buyer's market is described by less than 40% ratio while over 60% is a seller's market. From Bob Truman's Stats:
Edmonton Sale/New List Ratio
July 2007 51% / 41%
Aug 2007 50% / 44%
Sept 2008 53% / 45%
Oct 1-14 2008 40% / 32%
Calgary Sale/New Listings Ratio
July 2007 51% / 45%
Aug 2007 52% / 47%
Sept 2008 44% / 39%
Oct 1-13 2008 36% / 36%