Vulcan Real Estate Market for 2015

The price of oil has dropped significantly, as we have all heard about on the news. Some experts say that the Calgary real estate market is going to take a huge hit, people are panicking, and there is a flood of listings on the market now. Other "experts" say that there will be a drop in the average price, but the market has been doing so well for so long, it is due - so really the doom and gloom is exaggerated. Well, we have seen an increase in listings in the Calgary market, but, really, that is there. What about here in Vulcan? I was at a real estate conference in Banff at the end of January, and I spoke with many real estate agents from across the province, and across the country. I could go on and on about the different markets, but for this blog, I will stick close to the two major markets that surround Vulcan - Calgary and Lethbridge. Speaking with a commercial real estate agent from Calgary, I told him that I always see his signs, whether I am coming into Calgary from the east or the south. So, I said, things must be going okay for you? He told me that during the past month, he has had more deals collapse due to the price of oil. He said that it was a good thing that he saved his money through the good times because he is expecting tough times ahead. Meanwhile, I sat down and chatted with agents from Lethbridge. Lethbridge is more agricultural based so the drop in the price of a barrel of oil has not really hurt them. In fact, their market is doing quite well. So what does this mean for Vulcan? Does it mean that if you live on the north side of town that you may be hurting, but if you live on the south side of town, you will be fine? I don't really think so. Here is what has been going on so far in 2015 - I started off the year writing listings for residential properties, and I have been showing properties to potential buyers properties that are listed under the $125,000 mark. Yes, I have had some potential buyers who are no longer looking because they are from the city and they are going to just sit tight for now. I have some people from the city who own recreational property and are dropping their list price because they are worried about a recession. What do I think is going to happen? Well, all I know is that I am busy helping clients buy and sell properties and until things slow down, I am going to enjoy being busy.