I just sold a house where the Buyer paid $8,000 too much! (Good thing I was representing the Sellers - who were ecstatic!). Buyers are hearing negative news reports about the Canadian market and how it is crashing. Those of us who have lived in Calgary for most of our lives know Calgary is its own unique place and not subject to the effects of the general Canadian market (which usually means Toronto and Vancouver). House prices are not plummeting in Alberta - instead are expected to appreciate modestly over the next year!
"Sure, interest rates have had a crushing affect on houses in Canada but because demand remains high in Alberta, prices are staying fairly strong".Dory Cameron, Broker Cameron Realty Group Inc.
I'm seeing too many Buyers sitting on the fence and 'thinking about it overnight' when contemplating purchasing a particular property. BIG mistake! In my most recent sale, where the Buyers over paid...had the Buyers come in at list price when they viewed the house, they would have been able to purchase house for $8,000 less. By 'thinking on it' they quickly found themselves competing against others who were now interested in the property. So good for my Sellers... not so good for the Buyers. Do not under estimate the strength of the Calgary market. I'm seeing more and more Buyers assume they can take their time and no, they should not. It will likely cost them a heck of a lot if they do.