Real estate agents argue market isn’t overvalued

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Real estate watchers across the country are holding their collective breath, waiting to see what disasters 2015 will bring to an overvalued market, but some agents say Canadians will more likely breathe a sigh of relief.
“These doomsayers are not in the industry nor working the industry,” writes Jackie Laurin in the our sister publication, REP’s forum. “What do they know about over-valued properties?”
Laurin’s sentiments are echoed by many of her colleagues who argue those predictions have yet to be felt on the ground.
“The properties which I follow regularly in most provinces have no over-heated exaggerated house pricings,” she writes. “Ottawa, for instance, has a reasonable priced residential market place, and many other cities, such as London, are still priced extremely well.”
Indeed, regions outside of larger metropolitans haven’t faced the frenzied buying sprees that cities like Vancouver, Toronto and Calgary have. And regardless, some agents believe prices even those cities will start to cool in the new year.
“Don't you think that the drop in oil prices will take care of some of the problem over this next year?” asks one agent named Judy in the REP forum. “There will be a drop in commuting costs, home heating prices, etc., giving the public a little more room in their budgets to pay down debts. The housing markets in Calgary, Edmonton, etc., will cool tremendously and so will some of the ancilliary markets that receive income from the oil industry.”
  • Joe on 2014-12-24 2:09:47 PM

    Real estate agents will argue for obvious reasons.

  • Miriam on 2014-12-24 2:33:44 PM

    I agree, Joe. Those "doomsayers" that are not in the industry nor working the industry that Jackie Laurin writes about have and they have no vested interest, other than degree in economies and educated opinion in contrary to those whose opinion is $ucce$$ driven. I am sure she wouldn't mind arguing global warming with scientists for her own financial gains.

  • Zack on 2014-12-24 4:06:27 PM

    Properties in Manitoba have stabilized. Saskatchewan have fallen and I would imagine this has escalated with oil falling in the last six weeks. Alberta fell 50 percent province wide except for Calgary where it's been stable and going on for past 24 months now. BC still far off their presence crash highs except for the wealthy in west/north Vancouver and to the southwest where new housing is eating the last of the available so called "sub-burbs". That leaves Montreal where prices have been cheap from 1978 to just a few years ago, still around $150 a square foot. Toronto I have always said more money than brains. In Mississauga they rose gently after the crash, then in 2012 they went from $400,000 to $500,000 that summer and since sit flat.

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