The lowest end of the resale apartment and lowest end of the resale townhouse market are in a strong uptrend gaining better than 5 percent in the last 2 weeks.Posted by Tony on Thursday, November 5th, 2020 at 7:49pm
Where's the dang deferral cliff?
I have been waiting on the sidelines!!!!!
Jared it can take a long time to play out. Just look at 2014 - 2020. Oil turned during the summer of ‘14. Many layoffs didn’t happen till 2015 as the Bank of Canada cut interest rates home prices kept rising till 2016 (?) in Edmonton, then grinding down since. This time people could defer most debt payments, access CERB etc. Plus record low interest rates. I believe Edmonton is the most affordable city in Canada and has one of the lower rates of home ownership in Canada. All of this is generally supportive of the market. Over time high unemployment, migration out of Alberta etc could eventually weight on prices. Lots of great options to rent these days so I’m in no rush buy. Maybe next year, maybe next decade I’ll decide to acquire some Alberta real estate.
Tony will stop by every week and find a green shoot somewhere in the market...but that green shoot always seems to get stomped to death.
Zolo paints a much brighter picture for Edmonton.
Zolo forecasts rising inventory, declining sales, and rising prices. Call me a cynic but I have a hard time believing all 3 will happen at the same time for any sustained length of time.Posted by Still employed in AB on Thursday, November 12th, 2020 at 4:36am