Source: KWRI - used under standard YouTube license terms.
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Video: This Month in Real Estate - July 2012Should I Buy Now? Or, Should I Wait for the 8% Price Correction?
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![]() Wow, my blog and Twitter posts on the forecasted effects of the new mortgage rules created the highest amount of feedback yet - albeit quite negative from other agents who felt I was forecasting "doom and gloom" that would drastically reduce sales for the next several months. One stated, "How dare I cause fear?" I countered, that I did no such thing. I merely posted the fact-based research and forecast that the City of Calgary had completed in regards to the impact of the new mortgage rules on a LOCAL housing basis. In fact, it is quite the opposite. Read on...
On a national basis, almost every economist is forecasting a ten to 15 percent price correction (price drop) - on average - over the next two years. That isn't particularly rosy, but based on the over-inflated prices in Vancouver and the super-hot condo market in Toronto, this makes total sense. Those two cities, alone, make up a significant number of the total sales in the country.
Locally, the City of Calgary report...
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