Talk to Tim at 403-648-1541

The 2015, Civic Census reported that Calgary’s population has grown by 35,721, from 2014. That’s almost a 3% growth in population, which is surprising after our economic bruise. Now the question regarding housing for our growing population comes into play.

Calgary Housing Status:

The bad news is the drop in oil prices still has Calgary’s economy by the jugular. The good news is, Calgary homes are much more affordable these days. This inverse relationship presents some excellent opportunities for the current buyers in the market.

Quarter 1 revealed the following affordability improvements in Calgary based on Household Gross Income, Interest & Taxes:

Condominiums

Decreased by 0.6 points

2 Story Homes

Decreased by 1.5 points

Bungalows

Decreased by 1 point

However, RBC Economics reports that the number of home purchases is down from 12 months ago regardless of more affordable homes being on the market. It’s not surprising that consumers are being conservative as our economy recovers.

According to the Calgary Real Estate Board, June sales were down 19% from the year prior and the average cost of a Calgary home dropped 2.9% to $482,691.

Across Alberta and nationwide, housing is currently sitting at more affordable rates and the home’s resale numbers have also leveled out which most likely shows that the worst part of the economic storm is over.

Are in looking to capitalize on increased affordability within the Calgary housing market? Give me a call for the lowest mortgage rates in Calgary.

Call Tim Lacroix today at 403.648.1541 or email at tim@cgymotgage.com