If you’re thinking about selling your home but you’re
hoping and praying waiting for the real estate market to pick up, you might be waiting a very long time.
I’ve said it here before and I’ll say it again: house prices in Alberta remain historically high. In particular, Calgary and Edmonton real estate is gangbusters. Lethbridge is also busy and prices are buoyant.
While the windy city does not suffer the peaks and troughs of larger centers, the only real estate event homeowners should be waiting for is a downturn, if not a full-on correction. Anything else on the horizon is speculative at best (think Bakken oil play).
And if Lethbridge real estate remains flat?
We should be grateful and carry on.
Your primary residence is not an “investment” like stocks or even rental property.
Your primary residence is shelter. It’s a place to call home. It’s your address and your anchor point in life. It’s not a financial instrument that you should count on to get wealthy quickly. Those days are over.
Alberta oil is not going to save us either, at least not in the short term. Energy companies are scaling back production and the Alberta Advantage is tail lights down the highway given our newly minted debt situation.
Moreover, Canadians have nothing left to spend. They owe about $1.65 for every after-tax dollar they take in. At some point the banks will be forced to turn off the tap.
Sometimes it feels safer to wait things out when you’re not sure what the future holds. But if you’re delaying the sale of your home because you’re hoping prices will go up, the end result may not be worth the wait. Do your homework. Talk to a good REALTOR®. Make the decision to “buy or hold” based on the financial realities you face today, both within your own household and the macro-economy at large.