Now we have some fool considering himself a real estate analyst spouting off his mouth about bidding wars being revisited and prices climbing in Alberta.
“Eighteen to 24 months from now we’re going to see multiple offers. We’re going to see vacancy rates down as low as 2007, we’re going to see rental increases and we’re going to see the market turn back into a seller’s market.Don't these guys get it, 2007 is not coming back no matter how much they cross their fingers and close their eyes.
“I’ve studied this for 19 years and I have not seen this strong of a perfect storm before.”
Campbell didn’t want to forecast prices or rents, saying it would be a guess, but “you can easily see 10- to 12 per cent increases in rents. Rents will go up first and values will go up second.”
His tip for homebuyers: “I suggest that you don’t wait until the frenzy is here because then you’ll be frustrated, putting in multiple offers. Right now you can see it happen and if you know you’re going to be buying in the next year or year-and-a-half, and the interest rates are so low right now, now is a wonderful time to start looking and identify the right neighbourhood.”
Pretty brave announcement for him to make on the morning of a mortgage rate hike of .35 percent. This is actually 6.5 percent more interest people are going to be paying if they are lucky enough to win one of these upcoming bidding wars. I am going to be some pissed off when my tax money is used to not only bail out CMHC but also for the fund these yuppies we have at every level of government set up to bail out homeowners who were "duped".
ReplyDelete