A new year, new beginnings, maybe even a new home? If you were putting off your search for the perfect new home last year, we have some great news for you in 2016—it’s a great year to buy a home. You don’t believe us? Here’s some excellent reasons we’re telling the truth.
- 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