In the recent weeks/months, the real estate market in Calgary has been very strong and anyone watching property listings will have noticed the number of sold stickers that appear quite quickly on signs around the city and the number of headlines regarding new records for sales and pricing.
The numbers are strong but are varied depending on property type (apartment, townhhouse or single family home) and across communities. Everything from the ring road, schools, transportation, office location moves and other criteria are impacting the micro markets.
If you are looking for a condo and have settled on a building, give me a call so we can watch specific properties so you don't miss out. Some properties are selling before they even show up on the public MLS system.
Pricing changes include a 10% increase since a year ago for single family homes. The change has been shocking for those that have been waiting for a deal yet watched pricing creep up. The market does fluctuate, but all indicators are pointing towards continued growth in the coming period.
Local news such as the announcement of new luxury towers in Eau Claire and other new condo projects in the city, the opening of the Tunnel and resulting industrial and commercial development, Ring Road details, the planned opening of new luxury brand stores and strong economic indicators are all signs of growth for Calgary. A huge influence on potential changes to the real estate market are the continued talks regarding secondary rental suites in the city and the debates regarding future land development and expansion. The current initiative to allow secondary suite in inner city zones goes to Council on June 9th. I'm very curious to see the outcome.
With mortgage rates again on a decline (didn't think that was possible) the incentives remain.