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Calgary affordable housing

cool marketBuying in a cool market.
Calgary Housing Market
By Diane Kelly

Is now the time to buy a home in Calgary?

That's a question that is on many people's lips these days. In a word the answer is YES!

To really understand the answer to that question you have to also understand the reasons that brought about this very unusual real estate market not only in Calgary, but in most of Canada in the first place.

There are a variety of both economic and demographic factors that have all come together at one time to create today's real estate market. On the economic front there was the downturn in world markets. On top of this house prices in Calgary had undergone a market correction following a buying frenzy two years earlier. The result was that home prices came in line with the market. However even with this market correction, home prices in Calgary have still risen over 300 percent since 1999! How many other investments can claim that kind of growth?

For the short term at least home buyers in Calgary have a lot going for them.  The cost of lending has never been better in recent memory. Low mortgage rates have made home ownership an affordable option for most working people, particularly in major urban areas such as Calgary, where high rental rates can often equal or even exceed the carrying costs of owning your own home. 

Although the market has now largely corrected for the economic downturn.  Pent-up demand for housing from people who postponed their decision to buy in earlier years, the laws of supply and demand will still keep the market active as long as interest rates stay low.

On the demographic side of the equation, the population in Calgary is still growing. It is also aging, and in this case that has also resulted in demand for housing. More people are living longer, and a great proportion of the population is in its primary earning years, when they are in a position to make their dream of home ownership a reality. As Calgary's  baby boomers age, they are also coming into inheritances from the generation past. That sudden influx of new, disposable income can put them in the market for additional real estate investments, either in income properties or recreational properties such as cottages and ski chalets.

Right now, all factors have converged to create an ideal real estate market for home buyers, providing strong and affordable housing options coupled with low interest rates. It's the best of both worlds! However, like all things in life - and the economy - real estate is a cyclical business, so don't put off your decision for too long!

Diane Kelly is a licensed real estate agent and TALKCalgary's realtor of choice.
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Photography, &  copy writing by Steve Kelly or as credited.
Calgary Real Estate consultant Diane Kelly, Discover Real Estate Ltd,
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