# House Prices



## RichmondMan (Jan 31, 2011)

The housing release for March by the Canadian Real Estate Association indicates that the Canadian housing market is transitioning into a more stable and sustainable state after more than two years of volatility. I try to monitor the house prices in other canadian areas at the moment. What do you think about the current house prices? High prices or low prices?


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## kubatron (Jan 17, 2011)

they're too low. bound to double at least in the next decade.


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## I'm Howard (Oct 13, 2010)

next week.


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## Causalien (Apr 4, 2009)

Rumor is that China will revalue yuan up by 10% in the easter weekend. Expect prices to go up by that amount for the short term.


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## RichmondMan (Jan 31, 2011)

Nice opinions. Hm, according to this really great database: http://bit.ly/fpOvYu it seems to me house prices here did not fall much during recession right? On the other hand, they are booming again.


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## Beleriand (Jan 31, 2011)

I also think that real estates appreciate in value. That database confirms it. She is very useful for many realtors and buyers. 



RichmondMan said:


> Nice opinions. Hm, according to this really great database: http://bit.ly/fpOvYu it seems to me house prices here did not fall much during recession right? On the other hand, they are booming again.


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## financialnoob (Feb 26, 2011)

I think they're going to drop a bit. The mortgage rule changes the government has implemented haven't had any time to take effect yet, so we won't see the full impact of those changes for a few years.

Then again, the housing market defies logic sometimes like during the recession.


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## spirit (May 9, 2009)

Well, it is 3 years later. Anyone have any idea where house prices are going in the Edmonton market? One son just moved back from Calgary and is thinking of finally settling down. House prices here have been pretty stable the last year or so. However, what is coming up in the market in our neighborhood now are houses bought for rental around 6-7 years ago. Some of them are in pretty rough shape, but they are asking the same price as if it were a family owned and maintained property.
We will probably keep our powder dry for a year or so and watch what comes on the market. Any predictions?


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## Arshes76 (Jul 5, 2013)

spirit said:


> Well, it is 3 years later. Anyone have any idea where house prices are going in the Edmonton market? One son just moved back from Calgary and is thinking of finally settling down. House prices here have been pretty stable the last year or so. However, what is coming up in the market in our neighborhood now are houses bought for rental around 6-7 years ago. Some of them are in pretty rough shape, but they are asking the same price as if it were a family owned and maintained property.
> We will probably keep our powder dry for a year or so and watch what comes on the market. Any predictions?


From what i have seen prices have been dropping since 2008. But you probably wont see major significant drops for a few years as sellers will try to hold out for better prices. I had a co-worker who sold her home last if i remember correctly it was quite a few months till it sold as no one was offering what she was asking. I think the last offer was $10,000 less than what she was selling at. I had a cousin who sold her townhouse in 2008? for almost 250,000 her neighbour had sold for $280,00 the year before, last time i checked the extract same one is now listed for 217,000. You can now buy a house for the same price as a townhouse a few years back. And the way the oilsands are going i dont see home prices going anywhere but down. Our company had 3 layoffs last year as things (we do work in Ft Mac for Shell/Syncrude/etc) were much worse than predicted


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## Karlhungus (Oct 4, 2013)

Arshes76 said:


> From what i have seen prices have been dropping since 2008. But you probably wont see major significant drops for a few years as sellers will try to hold out for better prices. I had a co-worker who sold her home last if i remember correctly it was quite a few months till it sold as no one was offering what she was asking. I think the last offer was $10,000 less than what she was selling at. I had a cousin who sold her townhouse in 2008? for almost 250,000 her neighbour had sold for $280,00 the year before, last time i checked the extract same one is now listed for 217,000. You can now buy a house for the same price as a townhouse a few years back. And the way the oilsands are going i dont see home prices going anywhere but down. Our company had 3 layoffs last year as things (we do work in Ft Mac for Shell/Syncrude/etc) were much worse than predicted


Prices went up about 5% in 2013 in Edmonton


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## sags (May 15, 2010)

David Lereah, the disgraced economist and vice-president of the US National Association of Realtors talks about his continually bullish real estate predictions in 2008 when the evidence was apparent that housing prices were very inflated.

This is what he says about it now.............

Q: Were you wrong to be so bullish?

A: *I worked for an association promoting housing, and it was my job to represent their interests*. If you look at my actual forecasts, the numbers were right inline with most forecasts. *The difference was that I put a positive spin on it It was easy to do during boom times, harder when times weren’t good*. I never thought the whole national real estate market would burst.

Don't expect a real estate association to ever say not to buy a home.


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## Arshes76 (Jul 5, 2013)

Karlhungus said:


> Prices went up about 5% in 2013 in Edmonton


Those prices may be scewed by the fact that Edmonton house prices no longer include Edmonton and Edmonton areas.
All those outer areas are reportedly dropping more than Edmonton. 

Also its not just about prices, its also about sales, prices rising but sales falling. That usually comes right before the bubble pop.
People arent taking into consideration that sales have dropped so they hold out for the price they want. Eventaully that fall in sales comes it play, as the number of buyers is majorly outwieghed by the number of sellers. And prices eventaully fall.

This sping and summer is going to be BRUTAL for home sales. Prices they'll come later.


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## Karlhungus (Oct 4, 2013)

Arshes76 said:


> Those prices may be scewed by the fact that Edmonton house prices no longer include Edmonton and Edmonton areas.
> All those outer areas are reportedly dropping more than Edmonton.
> 
> Also its not just about prices, its also about sales, prices rising but sales falling. That usually comes right before the bubble pop.
> ...


I disagree. Sales have nothing to do with it. Low sales could just mean low inventory. Which is what is happening. Doesnt say anything about demand and there is big demand in Edmonton with over 30,000 people moving to the province ever year. Low supply, big demand = higher prices. Sales dont factor into it.


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## nobleea (Oct 11, 2013)

Karlhungus said:


> I disagree. Sales have nothing to do with it. Low sales could just mean low inventory. Which is what is happening. Doesnt say anything about demand and there is big demand in Edmonton with over 30,000 people moving to the province ever year. Low supply, big demand = higher prices. Sales dont factor into it.


Agree. Sales have nothing to do with it.

The likely sign of an imminent bust will be prices rising a bit while inventory ramps up considerably. And then prices will peak, while more try to list their house due to expensive renewals or whatever, and then prices drop, and then more list trying to get in on the last bit of a boom, and this exacerbates the drop.

Sales are a bit of a lagging indicator to prices. Listings would be a leading indicator. But as mentioned, demand has to be factored in to the equation.


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## Cal (Jun 17, 2009)

You may not want to trust the numbers released by the RE boards, they may have a biased opinion, as it is in their best interests for RE to appear that it will continue to rise, even if it isn't.

http://www.rosskay.com/


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