Cashing in on a slumping real estate market – Buyers Market – CTV Calgary

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It appears Calgarians are cashing in on a slumping real estate market. Rose Matjasic and Kevin Knight are looking to buy a new home. They currently own and live in a downtown condo purchased before the real estate market took off. Now Matjasic says they feel it’s the perfect time to get something bigger.

“Now that the prices have come to something a little bit more reasonable, it’s a great time to start looking.”

Matjasic feels it’s the perfect time to take advantage of what many are calling a buyer’s market.

“A lot of people right now are so scared to buy, but what they’re not realizing is it’s a great time to buy because you know, sellers are going to be a little more reasonable on their prices and there’s a lot more room to negotiate, so hopefully somebody who wants to buy my condo will think the same way.”

Elizabeth Huculak, Homes by Avi General Manager, says in the last month or so, show homes are busier, and sales are up.

“We’re definitely selling and that’s definitely encouraging. Obviously people have come to an understanding that there’s a bit of a market difference than what it’s been like the last couple years. February is three times as good as January as far as numbers are concerned.”

Homes by Avi owner, Avi Amir, says the real estate market is cyclical and he believes the current trend will continue.

“There was some changes made in the market. I guess there was some price adjustment and besides there is, I believe, a pent-up demand in the market. People haven’t been buying for a long time and nobody is really leaving the city.”

The most recent statistics show the average price of a single family home in Calgary last month was $413,049. That compares to $455,297 in January of 2008.

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