Forever Known Facts
For a long time now, the city of Calgary is considered as one of the best cities to live in Canada. The strength of the area’s oil & gas economy has created an incredible environment for a luxurious lifestyle and profitable real estate investment.
For the past few years, Calgary real estate’s downfall had people wondering when the market will bottom out. It’s true that Calgary home prices continue to slide in most areas of the market, but not at the rate that many people might perceive. Most home prices under $500,000 price range have not dropped by more than 3 or 4%.
Mortgage Rules Transition
Since mid-February 2016, the mortgage rules have changed. So, now, if you are looking to buy a home in Calgary, you will have to put down a minimum 10% down payment, for the portion of a home that costs more than $500,000.
As sales activity remained weak in June 2016, falling by 7% to 2,028 units, the inventory levels have continued to climb in June to 5,973 units, i.e. 16% higher than the last year. Now, home buyers have more options to choose from.
Both the attached and apartment segments of the market have recorded significant inventory gains around 30%, far greater than the year-over-year increase of 5% in the detached sector. Hence, the apartment and attached categories represent half of all resale inventories within the Calgary housing market now.
The Statistics of April 2016
- From April 2015-April 2016, total sales for the Calgary have decreased by 10.14%.
- Since then, the new listings were up by 4.96%.
- The standard price for a single detached dwelling for April is $441,000. Since the starting of 2016, the prices have dropped by a 3.44%.
- The benchmark price for an attached home for April 2016 is $333,300. Since the starting of 2016, the prices have dropped by a 3.95%.
- The benchmark price for apartment Calgary home for April 2016 is $280,400. Since the starting of 2016, the prices have dropped by a 4.40%.
Price Rise In Calgary’s Balanced Market
According to the latest report from the Conference Board of Canada, balanced conditions in Calgary’s resale housing market are anticipated to create price gains in the approaching months.
In the month of May, the house price in Calgary was $465,840, up by 1.1% from April and 2.3% from a year ago. Day-by-day, Calgary’s housing market is becoming balanced, as sales volumes in the month of May have increased by 1.6 % on a monthly basis, but listings have decreased by 1.9 %. Now, the city’s balanced range is 0.472 to 0.745.
So, if you are planning for a house resale in Calgary, it’s good news for you. And, if you’re looking to buy a property here, you should make your purchase before the prices actually soar high.
Rent a home In One of the World’s Cleanest & Safest City
Whether you need a single detached house or a two bedroom apartment, you’ll have a lot of affordable options when it comes to Calgary house rental. So, now, you can even rent Calgary’s priciest properties for quite less. Check out the full news about Calgary home rental now.
It’s the time of the season for buying and selling a house!
Despite all the doom and gloom, Calgary real estate market remains undaunted. It is a good time to buy and sell properties in the city of Calgary. If you’re a buyer, you must take a real estate expert’s advice to select the best property, and if you’re a seller, you need to price and present your property right. Do you want to know more about the process of property purchasing or selling in Calgary? Or have any questions regarding Calgary’s real estate trend? Get in touch with Citysearch.
Are you an investment property owner, a corporate client or relocating employee, looking to buy or rent a home in Calgary? Citysearch is a full-service property management and corporate relocation company specializing in quality residential properties in the City of Calgary and surrounding communities. Let our team of experts get you the best home deals. Contact us.
Calgary Real Estate Market May – July 2016
|Monthly||Month to Date||Month to Date|
|City of Calgary||Jun-15||Jun-16||% change||Jul-15||Jul-16||% change|
|Days on Market||40||45||12.50%||40||46||15.00%|