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We all know the economy in Calgary struggled for the last few years and we saw a downturn in just about every industry. People lost jobs, businesses went under and restaurants saw a lot of turnover. But we’re tough here in Calgary, and we fought back. Working together, we have seen the slow return and growth of our city as we work together to rebuild the economy, the employment rate, the housing market. Dawn Maser of Royal LePage says, “Housing prices are stagnant but not falling, demand is stable but supply, especially of condominiums, is more than able to keep up – all while jobs, wages and optimism are recovering [in Calgary].” (1)
According to the June 2018 City of Calgary Monthly Statistics Package, inventory supplies in Calgary are high compared to sales, creating a buyers’ market. (2) Homebuyers welcome these widespread conditions for two reasons: more selection, lower price. In a buyer’s market, the buyer gets to shop around at his or her leisure, deciding on which factors matter the most and how much they are willing to pay for certain features. The beauty of these conditions proves that with high inventory comes low prices. Therefore, the buyer is in complete control.
Imagine being able to pick out your dream home only to find out that it is cheaper than you anticipated due to several other homes on the market practically matching your exact description. This creates competition between the sellers, fighting over who will get the sale. Maser explains the buyers’ market in Calgary by saying:
“We’re seeing a recovery [but] it’s just not happening really fast,” she says. “So, people are getting their jobs back and there is a bit more stability in the job market. Because the house prices are very slowly improving – it really means they’re not continuing to fall – it’s giving people that opportunity to get into the market now.” (1)
Whether you’re a first–time buyer or a fifth-time buyer, all signs point towards buying now. The market is improving, fast enough that it’s not falling but not so much that it is too expensive. There are abundant options to choose from when it comes to purchasing, with plenty of room to fix them up and resell as the market continues to rise. Don’t forget that these houses are lower in price due to the influx of homes for sale at this very moment.
Take your time and shop around for that perfect kitchen island or the master bedroom with the claw-footed bathtub you’ve always dreamed of. Go to a showing, research online, compare and contrast all your options before you make your final decision. Because, as you’ve heard, this is your market, your time to buy.