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IanMon, May 5, 08 at 12:18 PM9 N( Z l* `& i$ H6 [
Homes are only worth what people are willing to pay. While this may be a deal in some areas of the world and country I think its way too inflated for Edmonchuk. I remember 5 years ago you could get a house for 140,000. To me theres not much holding people here but work. Theres no mountains super close by; no real bodies of water; no a whole lot of culture. But we do have lots of jobs, lots of crime and an infrastructure that is falling apart. Sounds like the making for a strong housing market to me. Least I was here to buy early all i'm saying wouldnt want to be buying now.0 x5 \3 ?( |8 M% _% q! F, i6 g
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BuckMon, May 5, 08 at 12:32 PM
X+ Y; C5 Q, Y- iI have never seen a house sell for more than someone would pay for it. It always depends on what they can buy a similar house for. The MLS system really does would work.4 c& ]5 Z9 X4 Z2 H9 J& [) U9 c- K
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SteveMon, May 5, 08 at 12:36 PM% F7 Y: b- A1 J" r+ F8 L2 h
Sure, homes are worth what people are willing to pay, or more appropriately, how much the bank (or some other lender) is willing to finance them. / p; t# Q! H6 W4 L& A
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JenMon, May 5, 08 at 12:38 PM$ u* v6 i' k7 q5 k
This is great. let the prices drop, don't buy. Don't stay unless you have to, unless you have ties to hold you here. There is no reasons to pay those prices, we don't live in a wonderland, we shouldn't be paying the prices of people who live on the ocean or near a resort. Edmonton is turning into a big dump full of rednecks. No wonder everyone is leaving in record numbers.
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2 _! m( B' E; o& K% q/ E9 `6 C1 cjvMon, May 5, 08 at 12:43 PM
3 s3 j" `9 V+ T/ P" B! ]Yes the prices will continue to come down...everyone who is waiting for the prices to go up have missed the point. The reason the prices ran they way they did was that there was very little development five years ago and all of a sudden more and more people moved into the city and surrounding areas. With a shortage of properties available the prices soared and the builders came in droves. Now there will be a large number of properties coming on the market over the next couple of months as numerous projects come on line and yes the prices of Edmonton Homes will continue to drop., }6 o6 [. e( W' F$ B' U
1 r1 i2 t1 H3 X7 U# KAdamMon, May 5, 08 at 01:16 PM
' O9 |! g" @8 z; |8 Y: w- t: e5 rJust knowing that a few years ago these same houses sold for half the price they are today keeps me from buying. I would rather pay someone rent and leave my options of where I live open then be hoodwinked by homes that have a fake value added to them. It's not like any huge improvement has been made to the home or property to justify an increase, its simply greed. As another commenter said, there is really nothing to keep me here at those prices. I would rather buy a $100,000 home on the ocean in PEI and live without stress.6 D" V5 V7 p$ M9 D5 E7 s
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WillyMon, May 5, 08 at 02:02 PM
: [) y1 V$ i: s- V3 z& N0 zI care more of the property tax going up rather price of houses.3 j7 ^/ f3 i9 W
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JKMon, May 5, 08 at 02:18 PM# y2 Z1 o# R" w
I don't mind prices coming down. I wouldn't mind people going back to B.C. or Sask or back East. This city was better before the boom....To those people that are only here because of a job, I wouldn't mind if a lot of you left to where you came from . We don't need you. Basically you made life miserable for most longtime Edmontonians....Bye, Bye and don't slam the door on your way out.
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GLMon, May 5, 08 at 02:28 PM; J' T/ Z) o, b4 J5 i) a5 o7 t
Well, if you want to live in Vancouver, i just read an article, and average house prices there are $918,000. A far cry from Edmonton prices!
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SherryMon, May 5, 08 at 02:28 PM
& F* e+ O- u& E! D7 d6 Q! KFor one thing, I'm not a redneck. Edmonton has been my home and will always be home to me wherever I live. The real reason people are leaving is because they all want to make a fast buck. They stay long enough just so they can collect and then go back to their own province with a few more dollars in their pocket. I know this for a fact. We live in a very transient world now, where we just pack up and move to the next place that will hopefully offer stabilty and a job. I would also like to point out that people from other provinces buy into condos, houses, etc. and charge an exorbent rent, then they turn around and sell their units when prices go up higher. These same people have never set foot in Edmonton or Alberta. This is a fact. This is how the rich get richer and the poorer get poorer. * V! b) Y( \4 b
- ^$ ]7 R: `, g y; w% HAhnoldMon, May 5, 08 at 03:17 PM7 j/ q$ b- ~2 g" V' P5 a
What does "average price" mean? Is it the mean or the median? The difference between the two is huge and meaningful. A drop in the mean price could mean one fewer big expensive house sold last month. It's meaningless. A drop in the median is a very real, significant indication of a softening real estate market over the past few months. Generally, median prices lag the overall market because the sales mix shifts when prices are dropping: large houses drop prices first, followed by small houses later. The median price indicates this by being flat, followed by a small drop, followed by large drops. So a little numeracy, please. And how about a link to the RAE?0 s' t! N/ @8 p' C+ H7 b# B# [0 N
# n( U! l. t |' {: VDaveMon, May 5, 08 at 03:21 PM
+ Y8 V8 s$ k4 p3 l2 @1 z ZTo all the Edmonton real estate bears. Ponder this; $120.00 oil (soon on it's way to $200.00), $11.00 natural gas, record setting agriculture prices, and a healthy medical and biotech industry. The market is taking a rest, very similar to 2001. We are in the second leg of a bull market for real estate in this city. The third and last leg will begin in 1.5-2 years. We wil see a half million dollar average house price in this city within 5 years. Buy now while there are some good deals to be had.& n5 f; u2 K. r& \* T" a5 H
& `# T% T" {4 ^/ p: kKaren UnlandMon, May 5, 08 at 03:35 PM/ s- O; h! ?: B6 @/ e# ^
You make a good point, Ahnold. The figures in the story refer to the mean. The median price in April 2008 was $372,500, down from $397,208 in April 2007. We will add the link to the Realtors Association of edmontonfriend Unland, Editor of edmontonjournal.com. r6 [) L$ C( H
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SteveMon, May 5, 08 at 03:36 PM6 f; {2 u4 e/ ]2 |* m
Edmonchuk.....hahaha. No doubt; I moved from E-town to Dallas couple years ago. I still like keeping tabs on what's going on up there. Down here, prices are half what they are in Alberta---and honestly, it's a hell of a lot nicer. Don't let Jack Leighton and anti-Amercian Liberals tell you otherwise.
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DoubtfulMon, May 5, 08 at 03:36 PM
% S6 G6 n, v. `7 L4 {9 V- `If price of oil is driving house prices, it must be very expensive to buy a hosue in Houstion Texas...but not very expesenive to buy one in Ireland ...right? Wrong. Oil prices have nothing to do with what we are facing now...its rampant real estate speculation. Its a bubble and like all specualtive bubbles, it will correct. That may be what we are finaly seeing here.5 H0 v; ~- s" S' H3 O6 O
, q& A: o6 S% s6 z/ C5 DR. McLellanMon, May 5, 08 at 04:16 PM
l" H# b7 J7 }Owning a house is not a god given right. If you don't want to buy or can't afford to buy don't belly ache about the price. If you don't like Edmonton, leave. In this country you can live in any province you want, you are not forced to buy a house or work or live somewhere you find offensive. Personally I like Edmonton and always have, every place has drawbacks. I am also old enough to remember when $50,000.00 was an outrageous amount to pay for a house+ w$ b# B/ t K! m1 f
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CPCMon, May 5, 08 at 04:41 PM+ s" c6 b/ X$ I5 @' a, i
I was born and raised in Edmonton - I realize it is not a resort town - that is not why I am in Edmonton and will remain here. Alberta is my home province, this is where my family is, and ancestors have been for the last 200 +years. I am glad I purchased my home 5 years ago before the housing market spiralled up- but one simply has to look towards the oilsands to look for the underlying cause of the socio-economic devastation in Edmonton and other so called 'Boom Towns' where housing prices are inflated....
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& i5 i7 V3 T. O' [5 l; D% l |+ PSteveMon, May 5, 08 at 05:09 PM' o" P5 K% Q4 q" C3 C! L
I would never buy a house in this city at these levels, What goes up must come down, the speculators have driven the prices far beyond the worth of a house here. Are people really so blind that they do not see the bubble they are sitting on, and when it bursts, look out, Allready there is much fear and trepidation in the housing market here, and if the equity markets continue to suffer, and if that nasty recession does take a firm grip on the American economy don't fool yourself, Edmonton will not be immune and the market will see significant down side as it corrects; f: N/ `" i! k6 t, H
/ `/ }5 h5 y0 q( S/ }AhnoldMon, May 5, 08 at 05:28 PM
' {5 u: ~% r5 f) t! QThanks for the responsiveness, Karen, and sorry about the snark in my original comment. A 6%-plus year-over-year drop in median home prices is really big news! And good news, at it will hopefully be bringing affordability back into the market. Individual houses probably dropped a lot more, but there's no way to know for sure since Canada lacks an equivalent for the Case-Shiller Index in the States.
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" w. z0 k' Y/ O3 ^7 ~/ u' yJackMon, May 5, 08 at 05:29 PM
+ J7 o3 X6 F nEdmonton has had a very big boom for the past few years, which had many people moving out here for work. With so many people moving here all the real estate was bought up. Supply vs. demand, in the start of the boom there was a plentiful supply of real estate and prices were low. Has the demand increased and the supply decreased, housing prices went up. Now there are record number of real estate listing on the market, high supply and the demand is going down. So the prices are dropping. No matter what industry, after a boom there will always be a decline. Which is what is happening now. The real estate market is taking a dip but will level off eventually and continue to grow.
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( z7 t* p- s3 T; w" l- IAgree with DOUBTFULMon, May 5, 08 at 06:10 PM0 H2 m; o8 ~0 D" U
DOUBTFUL is right. I was told by someone to buy into the market in 2007 or I would be unable to in 2008. Well guess what, I didn't and prices continue to fall. I say look no further than to this video. If it happens in the US it's coming here, don't kid yourself and 'buy in' when prices have fallen minimally after more than 2 years of ridiculous increases. http://video.google.com/videoplay?docid=-2757699799528285056
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1 A' t. f; h. R# f% {Done in VictoriaMon, May 5, 08 at 06:11 PM# d, i; |; H3 s. @! J( S) _
Edmonton may be expensive but relative to the insanity of the West Coast, it cannot compare. We moved from Edmonton to Victoria almost two years back for a life style and career change. We left with a decent amount of equity and purchased a condo in the so called up and coming area of James Bay just off downtown. This was an interim move until we could find a suitable house. In our wildest imagination, never could we realise how rapidly the affordability for homes could deteriorate in such a short period of time. Speculators jumped on the band wagon and we saw price increases in one year for single detached houses go up by as much as $100,000 to $200,000 or more in other situations. Speculators are running rampant with the encouragement by the real estate industry and mortgage companies, who unbelievably are providing the financial products to make this happen. In one extreme case, in a neighbourhood next to ours, a fifties build home in below average shape valued at roughly $600,000 last year is now on the market for $869,900. Will they get It? Experience shows that the seller will knock about $50,000 off and someone will buy it with a forty year mortgage, usually with the intention of flipping it to someone else in a year or two. Why? Because they are told by the real estate industry that property values will keep escalating because Victoria is immune to financial fall outs elsewhere. Of course, there are affordable homes in the around half a million dollar range but they are a distance away in far off communities. Anything that is available in central Greater Victoria is in a questionable area or a piece of near structural excrement reeking of mold and in need of major renovation right down to the studs and foundation. What we are seeing here is a hollowing out of communities, families are being forced out and tossed out to the fringes where only substandard housing is available. If they are lucky. Homelessness and extreme poverty levels are running high. If you think your realtor or sales representative will always do you due diligence in looking out for your well being here on the coast, think again. When we moved to James Bay, we were not told that in the near by cruise ship terminal of Ogden Point, the cruise ships must run their engines the entire time when docked to generate power for on board system functions. This primitive port does not have a facility like other modern ports to allow ships to plug into the power grid and shut their engines off. What this means is that the neighbourhood is being inundated by highly toxic sulphur emissions coming in through windows and building air intakes for up to twelve or more hours some days. Not far off, are newly built million dollar town homes for sale to unknowing buyers, usually retirement couples. A little further inland, there are more modest homes with lots of families with children. Does the city and provincial government care? Complaints go unheeded, Business concerns are priority for those interests that benefit. The health of your home is not an issue to politicians or developers here. Just across the inner harbour is a new high rise waterfront condo project where the builder, in advertisements in Alberta publications, is romanticising the float planes buzzing by though stunning harbour views. What he is not telling you is that the inner harbour in Victoria is considered an airport and that aircraft flights are expected to go up to 40,000 movements a year. He is also not telling you about the loud noise from morning to night and the exhaust fumes entering the building. Other condo owners of high priced units nearby are complaining to Navigation Canada. In another new development called Bear Mountain, a cluster of high end homes, luxury condos geared for the out of province buyer usually from Alberta as the target group, an environmental concern is occurring that may affect home owners. Deer are being spotted with tumours and lesions on their bodies. Frog populations which are considered environmental indicators, have virtually disappeared. A sludge occurring from near the golf course and draining into a creek flowing to the lake below, has been found through chemical analysis to be containing hundreds of times the normal levels of heavy metals to be considered safe to sustain aquatic life. The BC minister of environment and a representative from the developer claim this is a natural occurrence in nature. The testing was paid for by an area resident who had concerns. Are they dropping prices here? Not likely. Are would be home buyers having this information disclosed to them before they lay down their cash? We will see. So to those who think Edmonton is not worth it because we don't have water views or more moderate weather year round, they had better understand that there is a price to pay for all that somewhere else. The cost is not always financial. As for us, it is time to reconsider this adventure here in Victoria and leave this place to the spin doctors. 0 O5 v0 w& r1 o3 L7 R, U
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JaceMon, May 5, 08 at 06:24 PM+ v' r9 v, C1 T7 x6 f
Our property taxes have gone up 75% over the last year. Unless you're going to sell your house and move back east, these high prices are not good. Not to mention, if prices have dropped that much with these interest rates, what will happen in a year or two when interest rates go back up??
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CGMon, May 5, 08 at 06:24 PM7 _% Q, K5 o4 ~! A0 b
Wow-hard to believe that edmonton homes are really worth that much(they aren't!). We left edmonton 15 yrs ago, moved to vanc island, and altho our prices are up here too, you sure do get more for your money here-food prices are basically the same-and we have the ocean at our doorstep-not to mention mountains everywhere you look-i bought my (large) beautiful acreage 2 yrs ago for a steal-and you couldnt PAY ME to move back to edmonton! unlimited land=unlimited development, and to me thats not where I want to spend my life! Time to list them houses for what they are really worth!0 }; K0 Z) m& o% [9 N
# v8 i$ w6 H8 `4 Y. j4 i% t+ G' W7 C6 BTinaMon, May 5, 08 at 06:28 PM2 _; f$ c6 x8 I: T! v/ w
Prices are still way to high, I think a lot of people are waiting for them to drop some more before buying. Right now you're not losing any money paying rent because you'd pay more money a month for interest on a mortage then a monthly rent payment.
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Done in VictoriaMon, May 5, 08 at 06:55 PM) m$ m* E6 p' O, S
Regarding Bear Mountain Developments in Greater Victoria. I forgot to mention! As far as First Nations Groups are concerned, the ownership of the land Bear Mountain sits on is considered spirital land or holy ground to them. So anyone wanting to buy a resort condo to go golfing in winter had better be willing to share the greens.$ i/ d( j% \3 k! j7 p. h4 @6 {
; B8 P5 u7 @% Q( z8 e# U9 QJakeMon, May 5, 08 at 07:08 PM! {0 S6 @- I0 j5 S. j3 d, a1 ~
It's funny how the only ones complaining about prices are those that have moved away, or are still renting in Edmonton6 r2 Q; F& A; |
- U# R4 m) B, W* }JPMon, May 5, 08 at 07:21 PM
! a9 `" F9 Y/ m9 hIt is clear there are a lot of bears who do not actually live in Edmonton or who just come here for big bucks which they never dream about it back to their hometown. They are making big bucks and enjoying the advantage of Alberta, at the same time they are complaining about Edmonton where they are living much better life than they were. Life is short. If you do not like Edmonton, why not just back to where they are from or where they want to live. Everything is for a reason. It is for a reason you live here and got to learn how to appreciate what you have got. Housing market is decided by the market, demanding and other economic facts.?( J H. B" Q/ \. @$ i% X" r! c
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JenMon, May 5, 08 at 07:48 PM
7 q/ S' c6 N) |6 Z" E2 CHouse pricing will increase again, look around at other big cities in Canada, pricing is alot higher than here. We are growing to be that next "big" city. You won't loose money on any realestate if you are in it for long term. This is what the housing market does -it goes up and down all the time. - T5 L" S* D+ i
9 _' u+ L) |! K* ^7 nLylaMon, May 5, 08 at 08:10 PM6 T! L3 g2 ~- i, U7 ~( H! B+ j
I used to live in a house wherein I spent lots of money for maintaining it, for mortgage interest, for utility bills, for house insurance, had to buy appliances. Bills were endless. In 2003, I sold that house and I am just renting. What a relief when I sold that house. No more head-aches, no more stress, no more numerous bills that are coming. I am very happy where I am. I feel sorry for those who bought a house at peak time. They will have to suffer. A lot of people think there is no end to increasing house prices. But, we must think that what goes up must come down.
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RickMon, May 5, 08 at 08:33 PM! x6 f# U# d/ o/ u
I have to agree with the the poster that commented on Houston and their huge oil infastructure compared to Edmonton. We look like small potatoes to Houston, yet their real estate prices are a third of ours. I like the way the mortgage finance industry prolongs the wild speculation by introducing Canad's own sub prime 40 year mortgage with 5% down, They are just making the inevitable ending that much worse and it will happen., s, p/ b! z" t& ]6 i5 u0 K3 D
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mysomaMon, May 5, 08 at 08:45 PM
9 z! G6 b4 l2 [" i0 gThe cycle of greed has wreaked havoc on us. Isn't it so obvious? We are in for some very hard times here in North America. Those that think high oil prices will save us....think again. What foolishness!! I'm ashamed of Canad for allowing this rampant price inflation. We must localize our economy now. This of course would be nationalizing the resource industry and saying good bye to luxury. So be it. ( l( K) Z" C3 q* o
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MarkMon, May 5, 08 at 09:18 PM
+ w% M" B) V$ C/ n& c1 MThe boom is not over does anyone even realize how much work is comming in the near future. There is another 60 Billion in Fort McMurray and about the same in Strathcona County if you have not bought a house yet you are going to be really priced out of the real estate market. As for those who don't like Edmonton go home. I came here from the east coast 35 years ago and never looked back all my family still live there in relatively poor conditions while my Alberta advantage has given me a very good lifestyle in sunny Alberta.
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mysomaMon, May 5, 08 at 09:31 PM& a- x9 X- G! X; h# G4 f: O
No Jake it isn't funny, it's downright sad. Sorry to hear that you have such a bad attitude towards people that want to own their own home but can't because average prices and average income don't much up very well here in Canada. 4 S/ q* [! H& \$ A: ~- S# W
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JayMon, May 5, 08 at 09:43 PM
) u* q" S) l cWow, what an astute observation. The people who don't like something are complaining about it, while the people who benefit from it aren't complaining. You've really got something there.
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GrayMon, May 5, 08 at 10:07 PM
0 }( C. i9 X8 r, t- S- DJake, That's because we are the only ones buying. All the rest of the people that got sucked into buying last year will be freaking in another 3 months.
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# r. S* u N1 x" _* FJaceMon, May 5, 08 at 10:09 PM
% w+ |8 e! g3 pI've owned in Edmonton for over 10 years Jake. All the housing boom has done is triple the property taxes that I pay. Unless you plan to relocate, these prices aren't good for us.! Z1 n5 _+ [) u
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BarbaraMon, May 5, 08 at 10:28 PM
5 ^7 ]: Y* A( p$ p, H& hHistorically Prices go up and Prices go down. A home down the street has been sitting empty since May 2007, but the price they are asking has not come down. Now is not the time to buy, wait and see the prices come down.....Much has changed in the last 6 months , G; T4 U1 l& K& v% ]
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Steven Mon, May 5, 08 at 10:37 PM
. E# }0 C. t; U/ h% s' b"Dave Mon, May 5, 08 at 03:21 PM To all the Edmonton real estate bears. Ponder this; $120.00 oil (soon on it's way to $200.00), $11.00 natural gas, record setting agriculture prices, and a healthy medical and biotech industry. The market is taking a rest, very similar to 2001. We are in the second leg of a bull market for real estate in this city. The third and last leg will begin in 1.5-2 years. We wil see a half million dollar average house price in this city within 5 years. Buy now while there are some good deals to be had." Dave I'm sorry but your comment is laughable. What in the world does 200 dollar oil mean to a Province where 80% of the people do not work in the Oil industry? It means their expenses go up considerably yet their wages stay stagnant. How would that allow them to pay more for a house?? I agree with the others, people are leaving this city because for the 80% that don't work in the Oil industry, it has become WAY too expensive. If housing were to go to the level you are predicting, expect Edmonton to become a Ghost town. This is not Fort Mcmurray, there are tons of families and singles struggling now to pay their rent and mortgage. These people are packing up and leaving, the longtime residents are packing up and leaving. The young transient laborers are moving in. Is this what you want your city to become? A city of transients with all of the drug and crime problems that come with them?* @3 v/ T) P6 J" A4 T
' s, o0 Z3 I5 vJim WardMon, May 5, 08 at 11:23 PM; u) _% J( Y( h5 q" g7 P: [
I love cookies. But if they get too expensive I won't eat them!! Know what I mean.....( ]: e2 w; [* S" n, P2 C
% F% S4 u+ a, e$ w7 n! ]+ }nomadMon, May 5, 08 at 11:28 PM1 G/ b( V7 M4 b4 i
Dave, In response to your comment: "To all the Edmonton real estate bears. Ponder this; $120.00 oil (soon on it's way to $200.00), $11.00 natural gas, record setting agriculture prices, and a healthy medical and biotech industry...." Do you not realize that people here still have to buy gasoline, food, and heat their homes? I'm sorry, but $1.50 - 2.00/L gasoline, expensive food, and natural gas bills at hundreds of dollar$ don't sound like a recipe for further home price gains. Not to mention the fact that not every Albertan works in Oil/Gas...and even those who do are seeing their every day cost of living out-pacing their income. To be so narrow in your thinking, I must assume that you have several condo's for sale and are desperately hoping for someone to come and save your bacon; if not a Realtor yourself. Oh...and to add more against your argument, banks are tightening their lending standards as well as reducing their offering of sub-prime products. If anything, people should be doing some financial belt-tightening and reducing their debt levels so they have a fighting chance in the future. Hold out on the purchasing, real estate is only going to get cheaper ahead.; k! A& Q- c* C' h
& T ?4 k* S, B4 Y9 _KenMon, May 5, 08 at 11:54 PM
; K) |- ^* _1 `/ a5 ^% T( HIt's the economy stupid - supply and demand. I don't much like the idea of nationalizing oil companies like Hugo Chavez did. Governments don't take risks, and they are lousy managers. In a word, parasitic taxing of productive people with no value added. Things may come to those who wait, but only the things left by those who hustle. Abraham LIncoln.
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TerryTue, May 6, 08 at 12:04 AM& o' \& L# j5 E/ f
I bought my house on the upswing last year am I sorry? No way. I have a decent interest rate for another 4.5 years and I bought this house to live in and enjoy. I am not a speculator I was born in Edmonton and lived here all my life. One thing I do know is prices go up and rarely go down for long if they do down at all. Just take a look at the edmonton real estate stats from 1962 to 2008. If prices look high now just wait a few years, if the stats for the last 46 years show anything they clearly show that. My parents owned a house in 1962 it was worth about $8,000.00 then, but what they made in wages not anyone would work for today. They thought housing was too high, gas was too high and food prices too high. And of course taxes were way too high. At times life was tough and they just scraped by but they held onto their house and retired in comfort for years until they passed on. It is all relevant, eventually my house will be worth more than I paid for until then I am enjoying being my own landlord. I am here for the long haul. 7 f6 M. G/ E# l- X
; S7 {6 H, ^6 }4 D. xThe DeanerTue, May 6, 08 at 12:13 AM
+ G/ f. _" ~" @# g- r4 _JP, You're right, the prices are determined by the market, and we all know that said market is perfectly efficient, right? Real estate bubbles are unthinkable!1 d5 x! a# h1 b* F; r
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dawsonTue, May 6, 08 at 12:57 AM
+ z' o. Z$ f4 llots of panic and frustration on this forum. why? If the price for the gas will be 70¢ tomorrow everybody would be happy and leave for a short vacation to Jasper. so what is the problem if the houses are cheaper? I don't care if my house is 100k or a million. do you?
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AnnaTue, May 6, 08 at 02:19 AM. F$ f- t+ s1 |9 ]
I'm back in Edmonton visiting family. Thank goodness for the high, inflated price that my house fetched on the market recently. It has enabled me to retire early and buy our dream home in sunny Mexico! Our taxes on a newhouse here in a beautiful gated cummunity were $140.00. Quite a difference from the nearly $4,000 we paid in Edmonton. We'll always have good memories of Edmonton,, but it's no longer the place I grewup in, way back when. Our property was overvalued, in my estimation, and I can thank the real estate agent for that, too many 'greater fools' pushing up prices.This is all going to end badly IMHO.
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RobTue, May 6, 08 at 03:15 AM
* _/ L8 k$ {% q2 P, g0 |5 {The need for oil is strong, Alberta still has a strong need of labour from outside the province, so I suspect that migration to Alberta will still occur. With that will mean a need for housing. Despite any dips in prices don't hold off and except prices to plummet to levels of 5 years ago. The market will always have ups and downs but the general trend will keep prices high. Where you might find a deal in the near future is with small to mid size investors who have been frantically buying/building homes because they want it on all the money being mae in the boom. Now many of these people don't have the finances to keep paying mortgages on homes that are sitting empty. Give a low ball offer to someone who seems desperate to sell and see what happens.
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4 C) j4 _, ^) S1 l1 \! dDavidTue, May 6, 08 at 04:27 AM2 p9 k3 ?, d8 l9 ?; N- S
Prices are cheaper in Houston, TX and Dallas, TX. hmm... Don't Americans also get a tax break on mortgage interest? So... Canadians can't get a tax break on mortgage interest, yet their mortgages are higher. I bet in this Bizzaro world, salaries are higher in Texas.
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POZITue, May 6, 08 at 05:56 AM
7 @: N0 h" K7 L+ d6 z' X) WTo Edmontonians who adhere to the "If you don't like it, get out." mentality, guess what, people are doing just that. 3,800 more people moved out of Alberta in 2007 than moved in. Mmmmmm? Where are all the buyers? They sold their properties for unrealistic prices and relocated for a song. In many cases, these property owners upgraded ,and pocketed healthy sums. All the more power to them. And no, Edmonton is not Vancouver, or B.C. for that matter. Edmonton is in fact the most likely city to get shot in Canada! When the bubble bursts, people will just have to walk away. Will it happen You bet.4 p$ \! z# {8 @$ C2 h" }! p1 j* a
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EDTue, May 6, 08 at 06:03 AM8 H* j$ |' p1 R% p) Y) V1 F
LETS GET RID OF STEVEN MANDAL IT SNOWS AND HE WANTS TO RAISE TAXES.I FEEL SORRY FOR THE ELDERLY WHO CAN HARDLY AFFORD DENTURES OR RENT.SOON THERE WILL BE JUST TO CLASSES POOR AND SEMI RICH .I BOUGHT MY HOUSE FOR 56000 IN 1947 IT COST 4500 TO BUILD NOW ITS WORTH 350000 IF I MOVE UP TO A BIGGER HOUSE I WOULD STARVE, GAS OIL FOOD ECT,NO WONDER WHY THERE IS A HOMELESS PROBLEM
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( u5 f4 i# W/ u0 zFritzTue, May 6, 08 at 06:25 AM7 W; _" h5 z0 l ]
Houses are still beeing built in a fast pace, which will bring prices down on a overheated market. And as long as the contractors are making money they will keep building. The cardboard boxes that are beeing built in Alberta does not cost much, especially with price of lumber going down. So as long as houses are beeing built prices will decline or at least stabilize
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1 s, o4 |- D ^0 j/ V6 u" \( L1 Z: D9 yLauralTue, May 6, 08 at 07:31 AM
" u% E3 r* b, o5 g5 YThe two themes to this thread appear to be real estate increases driven by singular commodity (oil) speculators and real estate increases in BC driven by quality of life. We have an aging population in Canada, I believe the average age is 45/49, thus it is mere common sense that "quality of life" purchasing will be driving the real estate market on/in Vancouver Island, Greater Vancouver and the Ok valley. Baby boomers will once again dictate the trend in real estate development : smaller residential product enhanced by lifestyle community, golfing, tennis, climate etc. Edmonton experinced expediential growth from May 2006-May 2007 and it is a fact that much of the real estate increases were driven by speculators. What is important to consider is real net migration and the income of same. I would greatly appreciate the Edmonton Journal exploring our residential market comprehensivley. Large homes decreased in value the most whilst mid to smaller homes/townhomes/condos decreased marginally. Affordability will be key in the next 2-3 years. I believe, given Oil prices at $120/barrel, large suburb homes will continue to decrease. Utility and gas prices will dictate this specific product market. Infill and downtown high rises will grow as people look to smaller more affordable housing in the downtown core where there is ready access to shopping, mass transportation and entertainment.
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. g# y" B; P' c& v6 b! n4 V) cchrisTue, May 6, 08 at 07:36 AM: e- o3 @. L& E( c6 V# P; d
Good morning from sunny New Brunswick. I sold up a year ago having purchased home for $100000 in Norwood & sold 18 months later for $215000 on a 0 down mortgage. Lived in E-town for 20 years & the last 3 were not the same,the boom is a nasty animal. Transfer came up in fredericton & i jumped at the chance & have 1200 sq ft home on 2 acres in the city backing onto a trail for $153000 & mortgage is $500 a month. Get out while you can....
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TDTue, May 6, 08 at 08:27 AM, M% C" C( ^- t
I grew up in Edmonton and just left last year. I read about what's going on with crime, poor infrastructure, housing prices, tent cities, pee'ing on Whyte, no parking on Whyte now, due to Vandalism etc, and I am SO glad I left. It used to be a nice place to live. Quiet yes, no big bodies of water, but it was peaceful and not many tourists to deal with. Now, it's degraded to people showing up from wherever, doing whatever, defacing the value of the city and then leaving. I just got disgusted with the mentality that followed with the 'boom'...it's sad really because the real Edmontonians who have lived there a long time deserve better.
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dannyTue, May 6, 08 at 09:13 AM
8 e( G% y. f3 J4 g( JI am still trying to decide to sell and move up to a larger, more expensive home. With kids etc, it's a tough decision for sure. I am of the belief that there are some good deals out there on the larger homes ($500G plus)... I remember my parents wanting to buy the house across the alley for $60G and how "ridiculous" it was. Prices move up and down. So people - I ask - do I sell my house and buy another now or should I wait a few months? 4 l- b6 ~( ^1 v4 K2 [
) g9 @& M2 W9 I, p/ ?! y2 R9 O- y0 ]JerryTue, May 6, 08 at 09:35 AM/ e. V+ q) |1 K* W `. ]# V
Boom!!!!!!! goes the bubble!!! Did you buy a sub-par plastic siding house in Flamable MacEwan for 500k last year. You really should shake your head. Building material for it is barely 100k. Cheap track lights (no pot lights), cheap vinyl siding (no stucco or brick), 2x4 exterior walls (oh my god, I thought this was against the building code......leave it to the builders to find a way around the 2x6 building code and they did), neighbours house 3 feet from property line (good for those fire days, better have bought insurance, which did go up in this area after the biggie), cab-over design (cheapest way to increase square footage, problem is no one wants their family room on the second floor), build the house as square as possible to keep price down and the best is prefab framing.......oh my.......Cheap Cheap Cheap!!! I helped build these low quality houses and as quick as possible, I am sorry for those that have to live in them and think they got even 40% Of what is worth. No builder would be proud of the junk we have through up in the last two years. My best recollection, is my boss saying to me that he is making 170k building every house and he has 20 sold before ground break. I received a bonus on how fast I could have them framed. I hired anyone who was willing.......now that's quality??? Enjoy the ghetto houses of the 2007 oil boom. I highly suggest buying a house that is 5 years old or more.
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MichaelTue, May 6, 08 at 10:19 AM
* @0 l& |( S _- CMark, there may be a lot of work coming on line soon, but there is also currently a lot of work; falling house prices too. Homes cannot go any higher in price, not the way they have been. As far as "being priced out!!!" I am so tired of hearing such nonsense and fear mongering to coerce people into getting into heavy amounts of debt. The real-estate ponzi-scheme is over.
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RoyTue, May 6, 08 at 10:55 AM; I: O9 j4 J. q+ U% o$ s
Seniors trying to sell their homes to finance their later yaers in life are facing a dilemna. A 50-year-old house is just that. It will require new plumbing throughout (as the City of Edmonton, quite softening the city water allowing for calcium buildup in the pipes), in some cases the electrictal wiring is aluminimum wire, (unsafe), what wiring was in the house if not adqueate for todays standards (15 amp serices) aluminum windows sitting in shrunken sills, insualtion which was either non-existent, for has settled to the point of almost being useless. These tidbits hidden from the young byers eyes, blinded by the own-home thrill, could end up adding more thatn $150,000 to the cost of the that home. Buyer beware of the cons.
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TedTue, May 6, 08 at 11:47 AM
- R! p0 w# i5 P2 G. kRealty, greed, gouge, flip, con,speculate, artificial, phoney, oilpatch, manipulate,suncore, attitude,market and, OH...supply and demand ......a fewwords that are are becoming very distasteful.
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- M5 r2 `* a9 Q6 cJerryTue, May 6, 08 at 11:56 AM) J* M5 N$ O6 p, x+ c9 t2 r
I'm never surprised by all the rhetoric and cliches spewing from deluded citizens. "Houses sell for what people will pay." Give me a break. See the housing boom as the scam it really is to instantly reap equity out of investments that our parents had to pay mortgages on for 20-25 years to earn. Example: $60,000 house in 1980 = $500 mortgage payments X 25 years = $150,000. In 2005 that was a fair price for a decent home because the previous owners paid just that for it. Starting in 2006 first-time home buyers were paying $150,000 and then selling the very next month for $225,000 or more! WTH? It was like a diabolical game, only the highest stakes were involved, our futures. That was just the beginning too. But I guess the house flippers earned that money, eh? Here's my scenario: $310,000 house in 2007 (built 1950 - no modern renovations) = $1900 mortgage payments X 40 years = $912,000. Sound familiar Edmontonians? Guess what price my house should sell for in 2047? But do ya think it will take 40 years for (1950) house prices to get that high? Not likely, probably more like 15 years. Wages for ordinary people (the majority of us) hasn't changed in 30 years but house prices have quintupled. Now some believe prices are coming down because the "average" dropped 0.4% since last month. Have we been hypnotized? Realtors make more commission than that people, wake-up.
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David ETue, May 6, 08 at 11:57 AM
/ y5 D! e1 t3 v) ^4 oUnfortunately... there's this thing called inflation, it's been happening since countries abandoned the gold standard on currency, and will likely only acclerate, so, for those expecting long term costs to drop, I fear you will be as shocked as your parents were to find that thing cost 10 or even 20 times what they did in the Good Ole Days! Houses, Gasoline, Milk, Wages, Imported goods!) c2 z, d4 H ~; F) |* z4 k5 y
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KellyTue, May 6, 08 at 12:17 PM
* U5 N+ E$ I* s6 i: U, W7 OJerry- thank you! I have always wondered how solid these new houses that were flying up could possibly be. I knew they couldn't be good stable quality homes.. I'm happy to hear everyones comments. If everyone understands that we are controlling the market once again and just be patient and wait, house prices will continue to drop and if not, people will move. I grew up here and always was so proud of my city and always defended it to anyone who said otherwise. I can't do that anymore. There is nothing left to be proud of. And MICHAEL- I totally agree with the fear mongering and coercion to get people to buy. Don't listen people, don't BUY!!!!
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TinaTue, May 6, 08 at 12:47 PM3 O# j2 H& \. u' v9 R
All those people who were frantic about house prices and bought when the prices were outragious, are trying to figure out how to unload that house. Guess what you can't, that same house has dropped drastically. I can see a lot of people just walking away from that expensive mansion they bought. The morgage is higher than the price of the house. People just don't think before they jump into these house deals.. I feel sorry for those who were mislead into thinking to buy, keep it for a year and sell and make a profit. So many are loosing thousands of dollars because they can't recover what they paid for the place in the first place. Well hold on to it for 25 years your bound to make a few thousand if your lucky. But a lot of folks will just walk away from that house. Hight morgage and now overpriced they don't stand a hope in heck in making a dollar on it. That's the great Alberta Advantage. ( I guess). Some advantage.
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7 K6 ?7 F8 w5 t7 a8 O4 qLynnTue, May 6, 08 at 01:14 PM
# H- E t3 Q0 o+ jIf the price of a brand new house in Edmonton was $100,000.00 how many of the letter writers would have a down payment of at least 20% ? Or are you looking for a mortgage with 0 down and $500.00 per month payments? To the guy who's wages haven't increased in 30 years I would say get a new job, there are lots out there.
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JeremyTue, May 6, 08 at 01:17 PM
6 b' p& L! F1 cI have to agree with the comments on the poor quality of housing in this city. I work in residential construction and I would never buy the new houses that I work on. If you want real, good quality construction...then buy houses that were built before the 80's and 90's. The older houses were built like tanks and have bigger lots. And the material to build a house today is more like $80,000. And I would really question the quality of the average trades person from my observation. Aside from plumbing and electrical, you don't need a license to become a trades person and anyone can pick up a hammer and call himself a carpenter. Back in the older days, trades people really took pride in their work and did really nice jobs. Today, it's all about speed and quantity, without thought for quality. Yea, you been ripped off badly if you bought a new house in my opinion.; j" r* s+ O7 i( E: f' r
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KellyTue, May 6, 08 at 01:41 PM
/ x' ]: p/ s4 C$ c* LLYNN- of course people don't expect $0 down and $500 monthly payments. Nobody is saying that at all. And its not just "that guy" who's wages havn't increased in 30 years, its many many people, and thats not my opinion, it s fact. maybe you should do some reading up on these things before you start blabbing and sounding spoiled and ignorant.
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