I’d like to thank Sean W for his insightful, accurate, and intelligent comment from the previous post. It makes total sense if all you are concerned about is your “investment.”
We’ve been through it before on my blog, but maybe it’s time to reiterate. People buy homes for reasons other than investment, and are willing to pay a premium to do so. There are freedoms, options, and opportunities which come with home ownership. Is renting better than buying? There is no “right” way, only “different” ways, based on your priorities in life.
Sean said, “Eventually what Garths saying will come true in Calgary.. its just basic economics. Its not that different here.”
For those who are new to this blog, I’ve been saying that since Feb 2007, long before Garth ever started his blog. The key word in Sean’s comment is “eventually.” When is that, exactly? There are numerous blogs where you can get conjecture, speculation, possibility, and wishful thinking. I report the statistics as they are today, not what they might be in two years, but I point out trends that show which way the market in Calgary is going.
I also give my readers credit for having the intelligence to make up their own minds based on the information available, of which there is plenty, and on their personal situation and priorities. I’m not about to force-feed anything to anyone.
If you are desperately hoping for a crash, that’s fine with me. If you are praying for increased prices, that’s also fine. I don’t have a preference. My goal is to give information upon which you can make an intelligent decision.
Way back in ancient history, 2006, when I started my website, there was very little relevant information available to the public. CREB had a ticker that showed the average price. I had an inkling that buyers and sellers were hungry for more, especially trends. Much of what I started in 2006 is now commonly accepted as vital information, and people would protest loudly if it wasn’t available. My website was the first to…
- give daily updates on market activity.
- advocate the use of median prices as more accurate than average prices
- show months of inventory(aka absorption rate)
- show sales price per sq ft
- show the number and list price of pending sales
- give the number of sales over list price
- give the number of price reductions
I’m happy to say that CREB has improved and upgraded their stats to a point where they are the best in the country, but some details are still missing. I continue to point out features of the market which are unique, such as the trend among first-time buyers. My colleague, Mike Fotiou, at http://www.findcalgary.ca/, has taken the statistics to a new level and has details which would satisfy any statistics nerd.
As always, though, there are people who can’t tell the difference between information and advocacy. Shooting the messenger is a common occurrence among those who don’t agree with the direction of the market. It brings to mind the saying, “no good deed shall go unpunished.”
I’ve yet to understand what motivates a few control freaks who have the burning desire to analyse my personal beliefs and motivations, yet they know nothing about me. Other cowardly bloggers have gone so far as to post defamatory comments and outright lies about me, under the guise of anonymity. It’s discouraging to know they are among us.
To this day, I continue to receive threatening, insulting, profane comments from those who can’t seem to accept accurate information if it doesn’t uphold their own agendas. When I point out the incorrrect predictions of the so-called experts, they get apoplectic, rather than examining their own beliefs. Garth Turner even threatened to sue me.
I do know that 99% of my readers are thoughtful, aware, and well-equipped to make their own decisions about real estate. I base that on the excellent clients who come to me from my website and blog.
As always, I appreciate and welcome respectful comments which analyse the housing market, not me.