Last week, Canada Mortgage and Housing Corp released a report stating that Calgary home sales and home prices will continue to rise this year and into next year, fuelled in part by migration to the city and a falling unemployment rate.
Last year, over 45,000 people moved to Alberta’s largest city, and nearly 32,000 moved there in 2012. Both years were record-setting years. Richard Cho, senior market analyst in Calgary for the CMHC, expects similar numbers this year and next, pushing net migration to nearly 150,000 over the 4-year period.
The report predicts that Calgary will see a 4% rise in MLS residential sales over last year, bringing the total to 31,300 units. Rising incomes and low mortgage rates will be two of the main contributors to this trend.
As well, the average home price should rise 5% to $459,000, influenced mostly by low inventory numbers and strong demand. This growth will drop to only 3% the following year as available inventory increases.
If you’re interested in finding out more about the Calgary housing market and want to explore mortgage options for purchasing there, contact us today. Remember, it costs you nothing to meet with us. Ever.