What’s Going on in Real Estate, Fall of 2023
Calgary is unique in the Canadian real estate market right now. We are all aware of the "sellers" market conditions, and the lack of product, but here are a few notable considerations:
Calgary has a robust market due to the constant influx of migration to our province which creates a shortage, and therefore higher demand and higher pricing for housing.
We are all concerned about interest rates, inflation and timing in the market, but since our home prices are still affordable compared to our neighbours in B.C. and Ontario, buyers are still on the hunt paying the higher prices, driving values upward in most segments of the real estate market.
Calgary also has a strong labour market, which attributes to the population growth, and need for diversity in housing for those moving here for jobs. Buying or owning rental properties now is sure to drive historic returns!
With all this said, this shortage of housing is a serious problem and has triggered government relief in the form of a "housing strategy". As mentioned in the article here, renters have experienced a 40% increase in the past two years, leaving many desperate for affordable living. It's a legitimate crisis and reminds us that if you can attain home ownership, you are fortunate at this time in history.
As always, I will provide you with the best mortgage options in the marketplace, and this is just another service I'm excited to share with you and hope you'll take advantage of.
Call or email to discuss your questions anytime!