It has been a busy week with lots of media hype about the real estate market in Calgary and across Alberta, to be sure. Hard to not notice, simply open a paper or catch a feed on social media, all pretty much claiming the same doom and gloom - humongous downturn in the Calgary housing market. Yikes. What to do now? This was not in the brochure… I spoke to a landlord a few days ago who asked me directly, “Not a buyer’s market, but isn’t it more a case of ‘buyer paralysis’?” Yes, I thought, that is an apt description, seems like there is a lot of fish out there, but people are frozen with (media) fear to bite… another property manager who I ran into was all smiles, some how coping with the uncalled for ‘shift’ in the rental market by literally grinning and bearing it, “Oh, definitely noticing a slowdown and not to mention that rental rates are down by 10% across our inventory”. Interesting, that means that the people who own the properties that he manages would have to have agreed to the reduction, too. Feels official in some very real way.
However, I am not convinced that this is going to last … I see it more as a calm in the market before a storm of buying takes hold. Yes, once the weather warms and the smell of spring is in the air. Not that we have had a nasty winter, just that we are still in February and the official first day of Spring in the Northern hemisphere is not for another 3 weeks - March 21st! Ok, so what, it’s a buyer’s market out there, according to the Conference Board of Canada (http://www.newstalk770.com/2015/02/26/calgary-now-in-a-buyers-market-conference-board-report/) meaning that more inventory is out there and it is the advantage of the buyer now, not the seller: a good time to negotiate the right price. Come summer, I call a flurry of buying activity across the city … what are you waiting for, let’s go!