Have you been sitting on the fence about buying into the Calgary housing market? Are you unsure when is a good time to purchase a home in the city or move up to something bigger? In my opinion, right now is actually the best time to buy in Calgary and here’s why I strongly believe that.
There’s a good inventory of new homes
Calgary currently has an excellent supply of brand-new homes. Contemporary housing developments supported by suburban infrastructure continue to be built, particularly in the Northwest, Northeast, Southwest and Southeast. At the same time, developers specializing in infield construction are revitalizing inner city neighbourhoods by buying up older properties and creating modern higher density dwellings on these sites.
All this makes for an eclectic mix of family homes to choose from. What’s more, builders are competing for your business with incentives like free basement development and other optional upgrades. This range of choice and buyer inducements will not last long, which brings me to my next point.
All this makes for an eclectic mix of family homes to choose from. What’s more, builders are competing for your business with incentives like free basement development and other optional upgrades. This range of choice and buyer inducements will not last long, which brings me to my next point.
Calgary’s economy is improving
The city’s economy has always relied heavily on oil and gas production, resulting in boom and bust cycles. According to Statistics Canada, Calgary’s unemployment rate has been higher this year than any similar sized city in Canada. However, with the recent approval of the Keystone XL oil pipeline it’s quite likely that the oil and gas sector is positioned to expand dramatically.
If this happens, then the influx of new workers into the city for these sought-after well-paid positions will put pressure on the housing market. And, as this occurs, we’ll see the incentives offered to buyers of new homes quickly disappear and the selection of houses on the market begin to shrink. Furthermore, when there’s an increase in home buying activity and less choice becomes available, prices quite naturally begin to rise.
If this happens, then the influx of new workers into the city for these sought-after well-paid positions will put pressure on the housing market. And, as this occurs, we’ll see the incentives offered to buyers of new homes quickly disappear and the selection of houses on the market begin to shrink. Furthermore, when there’s an increase in home buying activity and less choice becomes available, prices quite naturally begin to rise.
New home buyers have a government incentive
If this is your first time buying a home, you’ll want to pay close attention to how the new federal First-Time Home Buyer Incentive can assist you. The program comes into effect on September 2nd of this year. If you have the minimum down payment saved up and are poised to purchase your first home, then this program can give you a real boost.
Depending on whether you buy a re-sale or newly-constructed home, you can receive 5% to 10% of the purchase price in the form of a shared equity mortgage. There are certain qualifying requirements to be met in terms of your income and the total amount that you’re borrowing. Keep in mind that there are a number of other Calgarians in your shoes, so don’t delay your home buying decision too long!
Regardless of whether you’re a first-time home buyer or you’re looking to move up to a larger and more luxurious family home, it truly is a buyer’s market in Calgary today. Having said that, for the reasons explained above, these circumstances won’t last long. As the supply of homes is reduced, the market will begin to re-balance and prices will stabilize or move higher. So, give me a call or send me an email and I’d be only too pleased to help you to take advantage of this golden opportunity in the city!
Depending on whether you buy a re-sale or newly-constructed home, you can receive 5% to 10% of the purchase price in the form of a shared equity mortgage. There are certain qualifying requirements to be met in terms of your income and the total amount that you’re borrowing. Keep in mind that there are a number of other Calgarians in your shoes, so don’t delay your home buying decision too long!
Regardless of whether you’re a first-time home buyer or you’re looking to move up to a larger and more luxurious family home, it truly is a buyer’s market in Calgary today. Having said that, for the reasons explained above, these circumstances won’t last long. As the supply of homes is reduced, the market will begin to re-balance and prices will stabilize or move higher. So, give me a call or send me an email and I’d be only too pleased to help you to take advantage of this golden opportunity in the city!
