Time to Buy Your Next House!
(Viva Voce Group)
With the Albertan economy having taken a hit due to the drop in oil prices earlier in the year, a lot of people were worried about the state of the Edmonton housing market. Since the oil and gas industry is a huge economic driver here in Edmonton, the drop in oil prices and the subsequent slashing of jobs that always follows, saw a decrease in the amount of disposable income available to people, and let’s face it, when there is less money to spend, people aren’t rushing out the gates to buy houses.
To put it simply, there were more houses available for sale on the market, but less of a demand for them, what this does is it forces the prices of houses to gradually drop (not good news for sellers…) The upside to this effect though is that as prices drop, buyers (whom this sort of market behavior favors,) start buying. When buyers start buying then the market starts to recover since there is an influx in the amount of money being injected into the system.
In short, it’s probably time to buy your next house before the market gets in full swing again, and prices go through the roof! Check out the latest report from the Realtors Association of Edmonton HERE
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