What Calgary's real estate market means for home buyers
Chances are, if you live in Alberta, you’ve heard about the effects of the economic downturn in our province. However, what can mean not so great news for some industries, is actually great news for anyone looking to buy a home. A combination of factors in Calgary, is contributing to dream conditions for home buyers.
Long story short, an increase in home construction in 2014-15, added to the increased resale home inventory happening this year, is resulting in an influx of homes available in Calgary and surrounding areas. When there’s more homes on the market, it drives prices downward, resulting in conditions that leave buyers with more choices and the opportunity to get into a great investment at a lower-than-average price.
Here’s some other factors to consider if you’re looking at homeownership this year:
- More selection for buyers: despite a certain level of uncertainty in the economy last year, over 40,000 people moved to Calgary in 2015, supporting a huge demand for housing. Calgary’s growing population is increasing the demand for new homes, which will increase inventory levels in 2016, and higher inventories mean lower average prices.
- Mortgage rates are low: while all signs point to mortgage rates beginning to rise (as one major bank is doing this week), compared to historic rates, these rates are still very low. Bottom line: don’t wait to take advantage of the current mortgage market.
- Calgary properties hold value: City of Calgary Property Tax Assessments were sent out this week, and City assessors say that properties in Calgary are holding their value. Essentially it means that buying real estate is a good investment.
- There are tax rewards for homebuyers: did you know the Government of Canada offers a variety of tax rebates and credits for homebuyers and homeowners? A little more money in your pocket is great news for 2016. Our blog on homeowner tax credits will give you the full rundown.
If you’re in the market, 2016 will be a good year to buy a home – builders will be offering incentives, the time to build a new home should be shorter and there will be more selection in the new year than we’ve seen for some time. — Richard Cho, CMHC
We have many great new homes available, in both Airdrie and Calgary, and if you don’t want to wait, check out our selection of quick possession homes too. Do you have a question about buying a new home? Get in touch with us on Twitter, we’re happy to help!