One of Canada's largest realtors says the real estate market is looking up for 2011.
The past year hasn't been a banner year for real estate in Calgary. According to RE/MAX, we're on track to finish the year down 22 percent compared to 2009.
"The first quarter was very active but when we got into the spring and summer we noticed a dramatic drop off in the purchases but also a large increase in listings," says Lowell Martens from RE/MAX.
Chris Lofgren is the perfect example of today's home buyer. He watched the market for 10 months and waited until he thought it had bottomed out before making his purchase.
Lofgren bought a house in Tuscany in November. "Watching the real estate market, I believe we are not at the bottom. We are very close and we are poised for things to turn around next year," predicts Lofgren.
Realtors say there are a lot of buyers like Lofgren but they expect many, who have been holding off, will start buying in early 2011.
"Things have been sliding since April and I really feel about six weeks ago things bottomed out and people are seeing that and jumping in," says Jeff Neustaedter of Jeff Neustaedter & Associates.
Realtors say a number of other factors will also help drive up sales in the New Year: new home construction starts are down; interest rates are low; and the price of oil is climbing.
For a complete look at RE/MAX's housing market outlook, click on the link to the right.
