The fall is officially here and with this new season comes changes in the real estate market that you should be aware of! We are here to give you some idea as to what has been going on in the market and what is likely to change so that you can continue to make informed decisions when it comes to property managing.
The end of 2013 and the first part of 2014 were highly productive, proving much more fruitful than what was originally predicted. Why is this? CREB’s chief economist, Ann-Marie Lurie had this to say about it: “Calgary is benefitting from growth in the energy sector. This has supported employment growth and helped attract record levels of net migrants to the area… These factors, combined with rising wages and low interest rates, produced exceptional sales growth in the resale market.”
Lurie’s expert opinion for this last half of 2014 is that the market is going to continue to stay strong, keeping with the latest trends. Lurie claims, “While sales growth in the second half of this year will appear unimpressive following double-digit gains in the first half, overall levels will likely remain relatively strong and above long-term trends.”
The amount of properties on the market is extremely limited as the demand for housing continues to grow significantly. Normally this would produce soaring prices, but Lurie maintains that “Low mortgage rates and positive economic conditions will continue to support demand for this more affordable product through the remainder of the year.”
As previously mentioned, much of the credit to this current trend is due to the energy sector bringing so many people to the area who are seeking employment and housing. The success of the housing market is riding on the energy sector’s ability to keep producing more jobs and bringing new families to Calgary.
Overall, the market is stable and moving in a positive, upward swing!
Your Real Estate Professional,