Edmonton Real Estate Investors Association Message Board › Edmonton Revenue Property Investors Association - Minutes of Feb10, 2009
Sherwood Park, AB
Edmonton Revenue Property Investors Association
February 10, 2009 Michele opened the meeting at 7:10p.m. with a welcome to all. The market is now a buyers market, with too much inventory. It’s a good time to buy.
Les: Introduction of new guests. Be creative - Buyers – make offers. Sellers – sell at market.
First presenters were Victoria Pun and Alex Thompson, from Avison Young Commercial Realty. They gave a presentation on the present local markets. We now have a 1½ year supply of condos on the market. Average prices for 1 bedroom – $807.00; 2 bedroom $1034; 3 bedroom $1070. They also gave us a detailed forecast. Very few defaults here in Edmonton, and some good deals around – don’t flip, buy for the long term.
Our second guest speaker was Mike Daproski , a mortgage broker for manufactured homes. Some communities are created using these greatly improved manufactures homes. They can be built in 1 week and set up in 3 weeks.
Here most people are working but bankruptcies are up about 106% in Alberta now.
The meeting concluded with draws for books.