Current and near future housing market??

[nonofyobiz]

What is the housing market looking like this spring? With the economic downtown and everything, I heard the houseing market is going to be following the job/economy situation and isn't going to be looking good in the near future.

Is this spring going to be a good time to sell? Or is it already crap? I've never sold a house before but it seems like spring time is when most people sell and move.

My feeling is that the housing market is going to get worse here and this spring might be the last decent time to be able to sell at a good price for the foreseeable future.

thoughts?:confused:

[kaput]

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[sputnik]

Well based on that picture (lifeboats deployed and taking on water) it isn't going to end well and is going to be an expensive failure for those involved.

[kaput]

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[gwill]

If your planning on selling i don't see why you wouldn't list now and beat the spring rush.... less competition at the moment and it will take you 45-60 days at least to find a buyer which puts you into the spring market anyways.....

[killramos]

Well do you need to sell your home within the next year or 2?

If so i would list now.

If you don't need to sell i would ride it out :dunno:

[jwslam]

New build pricing in the burbs is scheduled to go up

http://www.cbc.ca/news/canada/calgary/developer-levy-increase-city-council-1.3399577

[phreezee]

Originally posted by jwslam
New build pricing in the burbs is scheduled to go up

http://www.cbc.ca/news/canada/calgary/developer-levy-increase-city-council-1.3399577

Any estimates on this? 10k? 20k?

[mr2mike]

Originally posted by jwslam
New build pricing in the burbs is scheduled to go up

http://www.cbc.ca/news/canada/calgary/developer-levy-increase-city-council-1.3399577

And natural economics will sort it out.
Builders should already be on the hook for road developments into these new areas but they aren't.

[cosmok]

Originally posted by phreezee


Any estimates on this? 10k? 20k?


It's expected the levies will add approximately one per cent to the total cost of a new house and it's likely those increases will be passed on to consumers.

[nzwasp]

Probably because they now or will soon have to pay for all the infrastructure in those new suburbs, gotta cover the cost somehow.

[HiTempguy1]

Depends on what end of the market you are in/shopping in.

I've been shopping 2 bed/2 bath condos in deadmonton forever, and bought a new build a little while ago.

I'm still not concerned. I could turn around and sell it for no loss in money when I take posession. The low-end market is fine, and will continue to be as everyone downgrades in a panic.

And as said, if you aren't planning on moving, ride it out.

[imranm]

Yes it really depends on the market you are buying in.

From what I can see, the <$600k market is moving pretty good. Lots of supply coming on if you are in the burbs.
$600k to a $1mm not much
The $1mm market seems okay
>$1.5mm is dead

Again this is all anecdotal on my part but that how it looks to me.

If you are selling - again it depends what bracket you are selling in and which one you want to buy in. And Call Jordan - if anyone is going to sell anything right now, its him.

I moved up in the summer and I have been happy with my move.

[roopi]

Originally posted by jwslam
New build pricing in the burbs is scheduled to go up

http://www.cbc.ca/news/canada/calgary/developer-levy-increase-city-council-1.3399577

Glad this is finally official.


Originally posted by phreezee


Any estimates on this? 10k? 20k?

Read the article and there is a breakdown of cost per hectare as well as average cost per home.

[phreezee]

^ Yeah, I'll admit to just reading the headline. Seems to be a drop in the bucket to the consumer.

The market this spring will be decent if BoC cuts the rate again I think.

[you&me]

Originally posted by phreezee
^ Yeah, I'll admit to just reading the headline. Seems to be a drop in the bucket to the consumer.

The market this spring will be decent if BoC cuts the rate again I think.

I can't imagine a 1/4 point drop in BOC rates will make much difference, particularly because the drop will very likely happen next week and be well baked-in by spring.

There are further job cuts expected through O&G and ancillary industries. The first round of people laid off are now 12+++ months into unemployment and have likely burned through their severance and EI will be running out shortly. There still doesn't appear to be any end in sight with regards to an oil price bottom and subsequent recovery in Alberta.

It's really a perfect storm: More listings on the market, more motivated / desperate sellers and continued uncertainty...

[bjstare]

Originally posted by you&amp;me


I can't imagine a 1/4 point drop in BOC rates will make much difference, particularly because the drop will very likely happen next week and be well baked-in by spring.

There are further job cuts expected through O&amp;G and ancillary industries. The first round of people laid off are now 12+++ months into unemployment and have likely burned through their severance and EI will be running out shortly. There still doesn't appear to be any end in sight with regards to an oil price bottom and subsequent recovery in Alberta.

It's really a perfect storm: More listings on the market, more motivated / desperate sellers and continued uncertainty...

This accurately reflects my outlook as well.

I read an article the other day (forget source) about how foreclosures are starting to ramp up in Calgary/AB. Probably some truth to this, I'd be interested in the actual numbers though.

[you&me]

Originally posted by cjblair


This accurately reflects my outlook as well.

I read an article the other day (forget source) about how foreclosures are starting to ramp up in Calgary/AB. Probably some truth to this, I'd be interested in the actual numbers though.

I think I heard the same story on CBC radio, but it sounded more like an advertisement for the DB self-proclaimed "forclosure specialist" realtor.

That said, there's likely some truth to it.

[Sugarphreak]

...

[Xtrema]

BoC has no ammo. Mortgage rate will only go up from here on in. People who need to be in the market because of low borrowing cost is already in.

Here's the scary proposition:
http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140713_oil150.jpg

What if $20/barrel is the norm for the next 100 years? Just like 1870-1970?

[BerserkerCatSplat]

Originally posted by kaput
Maybe Cthulhu will rise and right the ship just in time. He might not be so bad afterall :dunno:

Pfft, not if the R'lyeh housing market is any indicator.