The housing market is a significant indicator of a city’s economic state, quality of life and lifestyle, and of future growth. In Calgary the future looks bright! According to CREB® (Calgary Real Estate Board) residential sales in Calgary increased 8% over October’s year to date sales in 2010 for a total of 16,184.
Low unemployment, price stability, the low mortgage rates available, and overall positive economic outlook for the region are all contributing to this increase. These factors are combining with positive growth in the commercial real estate market and demand for office space in the downtown core as energy companies continue to grow despite the global economic challenges. According to the Globe and Mail “Calgary is the new Canadian Hot Spot” with a culturally diverse downtown, growing employment, and is now ranked in the top 5 cities to live and work.
In October of 2011 there were 988 single family homes sold - an 11% increase over sales in October 2010. Prices remained stable with an increase of only 2% due in part to an increase in the number of estate and luxury homes sold. Condominium sales also increased from 2010 and are expected to continue to rise for the remainder of the year. “Overall, the resale housing market continues to show signs of improvement and, with no near term change in interest rates, we can expect the market will continue to see moderate and stable growth throughout the rest of the year.” Sano Stante, President of CREB®.
For families that have been thinking about making the transition from renting to buying a house there has never been a better time to make the move into home ownership. With 5 year fixed term mortgages available as low at 3.29% (oac), a strong economic forecast for the city, and an incredible range in available properties at every price level, buyers can purchase a home that they can afford on their budget that will be a positive investment for their future. The low mortgage rates also mean it is a great time to refinance or renew existing mortgages.
If you are interested in purchasing a home in the Calgary area or need help with refinancing please contact us for a no-obligation consultation to review your mortgage options. We work with hundreds of banks and lenders from across the country to ensure that we get our clients the best rates and terms available. To find out more about our services or to request a consultation please visit our website at: Calgary Mortgage Broker
~ Larry Arnason, Calgary Mortgage Broker and Specialist - Arnason Mortgages
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