A Strong Decade
Thursday, February 21st, 2013According to a RE/MAX report released today, Calgary’s housing market appreciated by a significant amount over the past ten years – the average house price in the city jumped 108 percent, compared with the national average 15 percent lower. While the bulk of the gains were made in the first half of the decade thanks to the 2008 economic slowdown, the vast majority of property owners have seen a nice bump in their equity.
RE/MAX predicts that most people shopping for homes in Calgary this year will be ‘trading up’ but late in the year first-time buyers are expected to rejoin the game with gusto. First-time buyers tend to upgrade 5-7 years after purchasing their homes.
Will the next decade have similar gains in store? No one knows for sure but I’d say probably. Alberta’s economy is among the strongest in the country, despite some budgeting pain making the news lately, and the outlook is good for it to stay that way. For my money, Calgary’s a great market to get into right now.
