Home affordability increases in Calgary

Many factors in the housing market are contributing to another slight drop in average house prices in Calgary, making even more beneficial conditions for Calgary home buyers. CREB released monthly statistics for April this week, and benchmark prices in the city declined 0.4 per cent last month (3.4 per cent fro 2015), leaving the average at $441,000.

Year-to-date apartment and attached sales declined by a respective 19 and 13 per cent compared to last year. Slower sales, combined with rising inventories, ensured that market conditions continue to favour buyers in these segments. [CREB]

According to the recent numbers, the sector of the city offering the biggest price declines is City Centre, where both homes and apartments saw decreasing home prices beyond numbers in the rest of the city. A rundown of price declines in City Centre:

• Apartments: down 3.45% from last year to $308,100
• Detached: down 4.52% from last year to $653,400
• Semi-detached: down 3.56% from last year to $695,500
• Row housing: down 5.23% from last year to $461,800

Other report highlights show that sales activity improved in City Centre, northwest Calgary and the East and West districts. So activity is improving for home sellers in many areas in the city, but overall prices remain competitive lending opportunity for buyers.

If you have questions about buying in this market, or getting yourself pre-approved for a mortgage, please feel free to contact me.

Tags : calgary home buying, calgary homebuying, calgary mortgage, calgary mortgage broker, calgary real estate, calgary real estate board, creb