Happy 2015!
Thursday, January 1st, 2015
Here we are starting off a new year and, as is often the case in Alberta where unpredictable resource revenues can drive the economy like a 14 year-old with his learner’s permit, markets and fortunes are highly unpredictable. Unpredictability can lead to fear, and fear can lead to bad choices.
So, I encourage you, as much as is possible, to take a breath and not get too wrapped up in the apocalyptic talk of bargain basement oil prices and an exodus of producers from our province.
Yes, the global oil market is somewhat flooded right now, and that’s not good in the immediate term for companies operating in this province, especially smaller operations with thin margins and little cushion. Businesses will inevitably pull out or cut back, and that means lost jobs, and that’s always tragic.
However, some economists are looking at the worldwide picture and Alberta’s history, and are taking an optimistic view. Three were asked by Maclean’s magazine to give an outlook on 2015 all suggested oil prices would be back up to the $75-$80 per barrel range by year’s end.
This isn’t a blog about oil, though; it’s about real estate. Calgary’s market no doubt had the best year in the country, and while things are inevitably going to slow down a bit, there’s nothing to suggest we won’t lead the pack again in 2015. From April 2013 to April 2014, nearly 40,000 people moved to our fair city, and they gotta live somewhere. Our red hot economy might experience a bit of a cool down, but I expect Calgary will continue to offer bountiful employment in a variety of industries, keeping the real estate market healthy. Interest rates aren’t expected to spike any time soon, and inventories should remain stable; you’re probably not going to see your property value go up 15 percent next year, but it will probably go up at least a bit.
My dad and I can count 2014 as a banner year for us, as we were steadily busy throughout, with periods of extreme activity keeping things interesting. A heartfelt thank you to all of my clients, both buyers and sellers, along with my trusted vendors, and of course my family who put up with an unpredictable schedule and obnoxious hours. I truly love what I do, but it wouldn’t be possible without the support of these people.
All the best to you and your family in 2015 – it’s going to be an exciting ride!
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