We are well past the midpoint of 2019 and various reports in the industry are cautiously calling out a bottom. I’m not so certain. I think we may be observing a behaviour common to the Calgary market where stubborn and prideful sellers refuse to drop prices or even list property they no longer want. Most people consider their primary residence an investment and certainly for a rental property there is this built in expectation that even a cash flow negative rental somehow inflated in value each year. In my view most Calgary rental properties don’t warrant the valuation they already have and certainly haven’t earned a boost over the past couple (5) years … I had a seller contact me recently and offered to sell me a bunch of low demand low rebuild potential properties at very high cost. The local market seems not to have instilled any discipline in ambitious sellers.
2019 is more than half over and the raspberry crop has peaked. The raspberry crop was better than the summer real estate market this year.