Selling real estate in an area that is susceptible to the BOOM/BUST cycles of an oil industry has its challenges. One would think that today's rising inventory levels and decreasing sales during what appears to be the next BUST would have me up all night. However, it is the spending habits that have occasionally been observed during the BOOM that have me most concerned for the long term financial well being of some hard working Albertans.
I find it tragic to see expensive new vehicles parked at residences that are being RENTED. I find it tragic when a hopeful home buyer becomes unqualified because of a spontaneous purchase with a payment plan. I find it tragic when young families live with overwhelming stress as to how they will meet all their financial commitments now.
I believe in home ownership. That should be the first priority for young adults and families. With smart buying decisions and today's low interest rates, mortgage payments can be less than rent. There is security in knowing you will not have to move (unless you choose) and the monthly costs are relatively consistent. There is great financial benefit, with a homes value going up as the amount owing is decreasing. And the best of all....one day there will be NO payments.