Alberta on the Rebound... What does that mean to you... Where are property values going... What about those interest rates
So many questions for people wanting to get into home ownership or wanting to upgrade their homes. Is it time to buy and move? the simple answer is absolutely YES
Alberta's economic cycle is one that is Unique in Canada. We have big swings.
The Alberta "Boom and Bust" effect
So from a life time resident of Alberta and having strong ties to the Oil and Gas sector my advise for you is this, hang on for the ride :))
The wave of people from other provinces en route to Alberta is astonishing. Why are they coming? Because we're on sale. Our property prices took about a 20% drop in value when our
"Alberta Recession" happened and they are still below those prices at the time of writing this blog. That is not expected to last much longer.
Why is that:
Property values increase for a few different reasons: Supply and Demand
We have a shortage of Inventory, mainly, because we are coming out of a recession. The local builders were not building spec homes for fear of them not selling. We didn't have people moving into our province because we had no jobs. Without jobs why would people move to Alberta.
The pendulum has swung, ALBERTA is Hiring , people are moving here.
So here is where my experience comes in, 30+ years in the financial sector, with over 20 of that being a licensed Mortgage Broker in Alberta.
With the interest rates rising we will see job loss's in other parts of the country.Their property prices will start to decrease (already have started, based on conversations with my colleagues in Ontario and BC) they will start to move to Alberta for jobs, Alberta will continue to hire, rents will go up, house prices will keep recovering, builders are going to build
"The Boom of 22"
My advise to you is this, use an Alberta Based Mortgage Broker, one that has been on the cycle with you, one that has felt the bite of our recession, one who understands where you've been and can help you to where you want to be. I would love to help you get into a property before the values go up to much, Call me today with all the questions you have 403-342-2471 , I'd love to share my knowledge with you.