21 May 2014

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Report: Calgary’s housing market is getting stronger

A new report released by Alberta Treasury Board and Finance, shows that Alberta’s hsouing market is not only gaining strength, but it’s actually outpacing the rest of Canada. The report outlines several factors that were contributing to our strong real estate conditions: our economy growing at double the national rate, record numbers of migrants, last year’s flooding putting pressure on the housing market.

As far as housing starts go in Alberta, they’re up almost 17% from last year, next to the dismal 1.9% increase the rest of the country is averaging.

The resale market is also heating up in Alberta due to stronger demand, with nearly 70,000 existing homes being sold in 2013, the highest level since 2007, and 9.5% above the previous year (2012). In the first quarter of 2014, sales are up 7.8% over the same time last year.

The report also highlights that housing affordability remains affordable in Alberta. Especially since the tight rental market is pushing rent prices upward, it’s becomingly increasingly unaffordable for Albertans to rent, which is another reason homebuying is a better option.

To read the full report, click here. If you have questions about the housing market or home affordability, feel free to contact me, or tweet me.

Tags : calgary economy, calgary homebuying, calgary mortgage, calgary mortgage broker, calgary real estate

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