With the continous immigration from the oil sands development, I'm curious how others think the real estate market will do up here over the next 5/10yrs - as long as development continues, my guess is that it will remain pretty much intact. Unlike in Cali we actually have something of value - oil - not a province that's slowly sinking into the ocean *shrug* just my 2cents.
The bottom could drop out of the oil market, making it unprofitable to extract from tar sands...http://www.fintrend.com/ftf/Articles/Oil_Inflation.asp Will people have a reason to live there if the oil sands industry tanks? Since Alberta RE is a pure oil sands play, why not invest directly in the underlying? Deserted mining towns are a dime a dozen. BTW, CA has some of the best ag land in the world. Its the "land of fruits and nuts" in more ways than one. :>
Maybe you should hedge with some real estate in Newfoundland, since most people buying homes in Fort McMurray are from there.... Marble Mountain has alot of folks from England buying homes for cheap. just another useless thought.
I recently read in the paper that a portion of rural WA might contain the largest Natural Gas field in North America. Encana and several other companies are in the final stages of testing and will know by next year. The preliminary results as reported by non- shills is encouraging. I'm not aware if there has been a speculative real estate runup in the area to date.
Right now there are a lot of listings on the market. Everyone who has thought about selling recently is now jumping in to try and fetch a high price, some would say too high. And they aren't selling as quickly as the sellers would like. There are new developments at every corner of Calgary, close to 30 at this moment. I'm waiting to see what plays out in the US over the next 3 months. The US sneezes, Canada catches a cold. But no denying the momumental growth due to the oilsands
I previously posted about this in another thread, but last stat I saw was that Calgary was up about 50% year over year and Edmonton was up roughly 34% year over year. Not exactly sustainable housing price increases...
If you have money or would love to invest in Alberta, please do pm me, I can assist you with finding some good investment opportunities. Alberta is the new Saudi Arabia, and believe me if they wanted to, they could separate from Canada and be its own country. Their government is probably the only one in Canada who has consecutively had surpluses of a billion dollars every year, its all pretty much to oil. One word for you, INVEST!
This is interesting, very interesting. I dont look at this kind of stuff (real estate ) but there has to be some illuminating facts and figures out there. What , specifically is there to differentiate normal housing sprawl/demand, and specific "group" type hedge/speculative purchases? Rich city folk buy country properties. Some farmers increase holdings, thanks to winner take all economics. A lot of specs would have gone burko on the property market, after bush said stuff about energy policies.......................... Are there any specific links/stats to oil sands plays in evidence?
Alberta has already had it's real estate boom and the prices have been pushed close to the maximum already. There's no shortage of land there, it's just a matter of the construction industry catching up to the demand. Take a look in Sarnia Ontario. The real estate prices there are lower than the national average right now. They are surrounded by water on two sides, industry on the third with only one direction left to expand. There is potentially some major investment coming it's way: http://www.theglobeandmail.com/servlet/story/LAC.20060726.RSHELL26/TPStory/Business
I don't know about that - about a year ago we were looking at a new development being done (heritage pointe), priced out a house and it was 1.3M.......went back a few weeks ago to see how prices had changed and now same house/property was at 1.6. Heck, last year our house was worth 500k. Now that we're selling we're being offered 620-650. I wouldn't exactly call that the end of it as already happening. I don't see any slow-down here - houses go up and are still sold in 2-3days max.