The Growth Continues
Tuesday, July 9th, 2013
With relatively low inventories – and not just because of flood damage – the Calgary real estate market is on fire right now. The Calgary Herald reports that condos, bungalows, and two-storey homes have all increased in price by 6 to 7 percent in the second quarter, year-over-year, as listings regularly receive multiple offers. The flood certainly didn’t help with the inventory crunch, but the overall trends shouldn’t be affected long-term by that mess; this isn’t a short term blip, it’s a larger trend.
And it’s not just the common-man homes that are moving: a record number of $4 million-plus homes have been sold so-far in July (and it’s only the 9th). There’s more inventory available in the luxury market, and the higher prices and low availability of mid-range homes, combined with interest rates that look like they’ll stay low for another couple of years, are all factors encouraging people looking to move up.
So, if you’re thinking about selling your present home and move into something larger, be prepared to act fast once you find that perfect place. And have a solid idea of the maximum you’re willing to spend – those susceptible to getting caught up in a bidding war could take a hit in today’s market. Smart buyers approaching transactions logically and not emotionally, however, should still be able to find the right home at the right price.
