[go to 18:00 mark]
Mark Carne is trying to jump start the sluggish Canadian economy and as Peter Akmen tells us that strategy appears to be working in the Calgary Real Estate market.
...but now with falling interest rates Baine is seeing an opportunity in real estate to secure Kaylyn's future.
Real estate agent Kristen McNaugton has been run off her feet. Instead of the usual winter slowdown, December has been the start of a real estate frenzy. "Well our phone is ringing off the hook. People seem to be getting off the fence and they're ready to buy"
[prices have dipped..] but McNaugton says thats not the only reason for the resurgence of sales. She says the bank of Canada cutting interest rates has opened the doors for buyers. "...this is an awesome time to purchase".
This mortgage broker says unlike markets in eastern Canada he expects a huge rebound in Calgary real estate prices this spring.
"The stock market isn't the place to go right now, a lot of financial planners would like to hear that to much but its the fact. If anyone has any liquidity right now they are looking at real estate."
Now both real estate agents and mortgage brokers agree the safest investments are right here in Alberta. They are telling their clients to avoid some Canadian cities and most of the U.S. because they say they haven't hit rock bottom
The CBC interviewed two brokers and put together this. Sales so far this December have been slow. From Mike Fotiou's site the first 9 days of December there have been 155 SFH and 71 condo sales. If they continue at this pace it will be the slowest month in YEARS. Note that December may be worse than this estimate as I am assuming the same rate to continue through Christmas.
Estimated December sales
SFH 534 (-37% YOY)
Condo 245 (-37% YOY) *edit*
I don't know how many agents are being run off their feet. According the CREB there are 5700 Realtors which means that so far in December there have been less than 4 homes sold per 100 members. The number is likely higher than that because the sales numbers I am using are for Calgary city only.
strategy appears to be working?
December the start of a real estate frenzy?
Run off her feet?
Resurgence of sales?
epic CBC fail