“These doomsayers are not in the industry nor working the industry,” writes Jackie Laurin in the REP forum. “What do they know about over-valued properties?”
Laurin’s sentiments are echoed by many of her colleagues who argue those predictions have yet to be felt on the ground.
“The properties which I follow regularly in most provinces have no over-heated exaggerated house pricings,” she writes. “Ottawa, for instance, has a reasonable priced residential market place, and many other cities, such as London, are still priced extremely well.”
Indeed, regions outside of larger metropolitans haven’t faced the frenzied buying sprees that cities like Vancouver, Toronto and Calgary have. And regardless, some agents believe prices even those cities will start to cool in the new year.
“Don't you think that the drop in oil prices will take care of some of the problem over this next year?” asks one agent named Judy in the REP forum. “There will be a drop in commuting costs, home heating prices, etc., giving the public a little more room in their budgets to pay down debts. The housing markets in Calgary, Edmonton, etc., will cool tremendously and so will some of the ancilliary markets that receive income from the oil industry.”
Real estate watchers across the country are holding their collective breath, waiting to see what disasters 2015 will bring to an overvalued market, but some agents say Canadians will more likely breathe a sigh of relief.