I’m continually surprised and even shocked at how often I see or hear supposed real estate professionals buy into (and even perpetuate) the pessimism tossed around by some media. Oil prices are down, and so is the dollar and real estate is STILL the best investment of ALL TIME!
I was speaking with my friend Jason Scott (author of “Approved! Mortgage Advice for All Stages of Life”) and we were both of the same opinion. It seems that in the face of some softness in the market, many forget to consider the actual market fundamentals and as Scott says in the newsroom ‘If it bleeds it leads’. Well, we don’t sell newspapers here – we provide advice and help people make good real estate decisions. So here are some things to consider – for those who fear the future, we offer glimpse of recent past:
Prime Rate 4.25%
5 Year fixed mtg. 5.59%
Fort McMurray camp workers: 10,000
Prime Rate 2.85%
5 Year fixed mtg. 2.79%
Fort McMurray camp workers: 44,000
Real estate will always be in fashion. Prices are driven by emotion but values are controlled by fundamentals and Edmonton remains a fundamentally strong real estate market. Values will be higher in the future than they are today but if prices are lower tomorrow than they are today we need to question if it’s just fear affecting prices or if something has fundamentally changed to affect values. Savvy buyers will capitalize on a fearful market and invest for future values.
For your mortgage needs, I suggest you contact Jason Scott.