Calgary Real Estate Blog

According 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.

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.

At the end of January, RE/MAX released their Canadian Homebuying Trends Survey 2013-2014, and among other interesting facts outlined in the results it showed one-in-five homebuyers in Alberta to be single, with 40 percent of those in the market between 18-34 years of age (more than in any other province). Yet another sign of Alberta’s stable, growing housing market, and confirmation that this province is a great place to live for the young and ambitious. Unlike some provinces where the confluence of skyrocketing house prices, relatively low wages, and a hefty tax burden make renting the only option early in one’s adult life, in Alberta we’re blessed with opportunity.

Also noteworthy from the survey is the finding that nearly a third of Albertans intending to buy property this year plan to have at least a 30 percent down payment. Low interest rates won’t last forever (although recent predictions suggest they’ll last for a while yet), and so I’ve always felt it’s wise to pay as much principal as possible to keep mortgage payments low even when rates fluctuate (not to mention saving significant money long-term). I’m pleased to see that message being received across the province.