Alot of changes are happening in the Central Alberta Real Estate Market. Now that the election is over, everyone can get back to "business as usual". As far as mortgage rates go, they remain low and there are many fantastic products out there. Most of the "big banks" run monthly specials, so it is always a good idea to check with your mortgage broker to find out who has the best deals or if there is a product out there that suits your personal needs.
We tend to move back and forth between being a "sellers market", and a "buyers market". At the moment, it would appear that Central Alberta is in a "buyers market". This means that there is a lot of product for sale, and less buyers, which overall brings the price of Real Estate down somewhat. In the Spring, we usually see more a "sellers market", as Spring seems to spur people to buy. I think this year will be interesting to see what happens. There is alot of speculation that we will see our fair share of foreclosure properties coming down the pipe. This does not necessarily mean that the market pricing will go down-in fact, by Spring, we could start to see the prices going up again despite the foreclosures. Foreclosure properties are what we refer to as "stimulated sales", and they bear no reflection of value of properties not in foreclosure. You must remember that foreclosure also comes along with "no warranty or representation-as is where is-"......Alot of times, these offers must be unconditional at the time of offer, and they do not allow for "assignees" of the contract. In my opinion, they are not "first time buyer" homes, but more for the seasoned buyer.