Rod's Newsletter
Calgary's residential real estate market was rock solid in the 1st quarter of 2007 according to many varied sources.
The Calgary and the Alberta economies are very strong. We are living in one of the finest places on the planet according to the accolades of world opinion. With the average net migration of 85 people per day into Calgary it is no wonder that the 2007 real estate market is slightly outpacing the highs set in 2006. The real estate market remains strong; periodicals suggest Calgary's home pricing has hedged the gap to the rest of North America's similar sized centers. Calgary still has a high affordability factor compared to the other major cities and it is continuing to grow with a well-planned infrastructure.
Calgary housing prices are expected to continue rising. Calgary saw a 37.2% housing price increase in 2006, with some areas going up as much as 50% and the Canada Housing and Mortgage predictions have pegged Calgary's growth in 2007 to be at least 8-9%. We have already seen a 10% increase so far this year so you can expect more growth to likely outpace this earlier prediction.
The current inventory of homes is up about 280% over last year; there are about 4100 properties for sale versus 1400 in 2006. The result is a strong and stable market with choice and great activity. Builders are still having a hard time keeping up with the demand and lottery lists are being taken in many new communities.
The current supply of homes on the market is much better this April and with the spring at hand more inventory might curtail the extreme price increases for a few months. If you are thinking of selling and buying or just buying you might have a little more breathing space this spring when compared to last spring. Many of our clients in 2006 bought before they considered selling to make sure their move was warranted. Good homes are still selling quickly and bidding wars are still around.
There is still a likelihood of receiving multiple offers on your home if it is priced correctly. While many people think this is just a phenomenon of the higher priced homes closer to the downtown, it is not. Well-priced properties in and around Calgary are still lasting about 12 days on the market. In this market it is still possible to over price your home. My team and I know the strategic plans that will benefit buyers and sellers alike. If you are thinking of buying or selling give us a call.
I have been selling Real Estate since 1986 in all price ranges from luxury acreages to first condos and my team and I are ready to work for you. I am grateful for my greatest supporters which are my family, friends and clients who all made 2006 my best year yet. I could not have had the success without the support of Manny and Kyla who are working both for me and for you every day. In 2006 RE/MAX Central was the #1 RE/MAX office in the world again and I was fortunate to be in the top 4 of producing agents in our company. Whatever you need we can help. We have adjusted and diversified over time to serve you better and we will continue to best serve our clients needs.
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