We’re about to give you another reason to love Calgary. Many news sources have been talking about a decline in national home sales for the month of August and experts are associating the drop with the recent tightening of mortgage rules. So, what does the decline in home sales mean for you?
In Calgary, nothing! Our beautiful city actually remained unaffected by the national drop and experienced sales growth instead, completely contradicting the rest of Canada. Out of all the major centres, Calgary faired the best and managed to have the highest annual rate of growth.
Calgary has always been a fairly steady market and isn’t as prone to the sudden dips and increases that other markets experience. Because of this resilience, the Calgary home market has been doing phenomenally well in recent months. In addition to the city’s ability to weather minor changes a lot better than many other major Canadian cities, employment rates have risen and the city’s economic strength has increased. This in turn has positively affected the sales market, allowing real estate sales to increase and residents to invest in the homes they want.
This independence from the national market is a great thing, as it also suggests that Calgary is strong as ever. The Canadian Real Estate Association (CREA) predicts a continued increase in the average sale prices for Alberta over the next couple of years, where many other markets will suffer from a decline.
All in all, this is great news for our Calgary real estate buyers and sellers! If CREA is right, there’s nothing but good things in store for the future.