Did Property Investors/Flippers help contribute to Calgary's sudden increase in Housing value? It's quite obvious that this is rampant in some US Real Estate Markets, and Vancouver's Condos have had their fair share.
How much of our Real Estate Market is speculator driven? It may be more than you think.
Sellers are overly optimistic: real estate agent
Last Updated: Monday, January 15, 2007 3:32 PM MT
CBC News
"At least a third of condos and houses on the market in Calgary are vacant, prompting concern from a real estate agent that sellers aren't being realistic about the price they hope to get for their properties." Full Article.
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3 comments:
this is showing up on VHB too... but hats off to both the CBC and Calgary RE for being honest.
Thats gutsy given Calgary's market and 'stability' of their economy - its actually based on something - oil
Vancouver media are too west coast and slow to get going... it is a prime opportunity for free press (Straight - though they have condo ads too, or Vancouver Courier) to do a indepth story and really see if any of this places are actually occupied... that or an enterprising documentary maker and make a documentary on it - capture it before it blows!
I think there is probably more investment properties out there than we think.
If, by chance, a third of Calgary's Listings are Investors looking to dump it could get ugly really fast.
I noticed a lot of empty Houses in Kelowna when I was up there looking at Real Estate as well.
Three in just one neighbourhood.
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