According to a recent article from the Calgary Herald, Calgary is the strongest major housing market in Canada for the first time in several years. A report released by BMO Economics compared the housing markets in Vancouver, Toronto, Montreal and Calgary and found Calgary on top in three main areas: a strong economy, a growing population and affordability.
New home construction is having a hard time keeping up with the population growth in the city, the article reported, making for a seller's market. A seller's market occurs when inventory is low and prices are higher. However, with Calgary's economy currently thriving, those higher asking prices are being answered with higher wages.
According to the report, the median family income in Calgary is $100,500, more than $25,000 more than any of the other three cities it was compared to. Calgary's ratio of house prices to income is 4.1 and its mortgage service costs as a percentage to family income are 23.1.
If you're looking for homes for sale in Calgary, Joel, Real Estate Advisor, can help you. With expertise on market conditions, financing, budget, and a knowledge of the area, Joel will help you find a home that is right for you and negotiate on your behalf to get you the best deal possible.
If you're selling a home in Calgary, Joel can help you determine the most appropriate price for your home based on a complete market analysis, help you with home staging and advertisements and provide knowledge on closing and contingencies.
Make your home buying or selling experience the best it can be. For more information, contact us.