Thinking of buying a property in this year? You still have time to get everything in order and close a deal with some efficiency. But before you start looking at real estate listings in Calgary, you should find out first whether the timing is right for such a major decision.
We hope the following factors can help you make an informed decision:
Calgary is a great place to live in permanently.
Despite ranking relatively low in last year’s list of the best cities to live in Canada, Calgary is still a good city to reside in. It has a good number of industries, the wages are high, the location is amazing, and the quality of life here is good. There are even lots of great neighborhoods to choose from, so you can be certain to find the right property to call home.
Being a major city, it also has a lot of conveniences that you won’t find elsewhere. There are tons to do and enjoy here, too, so a lot of people enjoy living here. So if you’re relocating or deciding whether to stay here permanently, these can be appealing reasons to give the city a shot.
The local economy is recovering.
Experts say that Calgary is recovering from its two-year economic slump, so things are definitely looking up for the city. Some can take this as a sign that it’s the right time to buy a property in the city.
Why? With the predictions for the upturn of the local real estate market, there are chances that the prices will increase. In fact, numbers are already starting to rise. It’s not too surprising that detached homes are increasing in value as of late, with two-storey homes seeing a 3.1% rise in median pricing. It’s not much, but it’s a good indicator of where the market is going.
While on the rise, home prices are predicted to stay stable just like how it was last year.
This is another good reason why it can be the perfect time to buy a property in Calgary. Because even if the prices are slowly rising, the numbers are still deemed stable by experts. So you won’t have to worry about a sudden dip or spike while you’re in the middle of negotiations.
The inventory is rising.
According to experts, the housing inventory is also on the rise as of late. This means two things that can make the current market more attractive to buyers. One, it offers more options. A higher inventory means more supply, so you might just have more options. Sure, it might extend the process as you’ll want to look into more properties before deciding, but it’s still a good thing for many homebuyers.
Two, the higher supply causes pricing fluctuations. The higher the supply, the friendlier the rates can be. And because one’s budget is one of the biggest factors when it comes to which property to get, this can actually help make or break a buyer’s purchase.
On the flip side, the new mortgage regulations might have an impact on your purchase.
While the local real estate market is very promising at the moment, there’s one thing that might affect your decision to buy right now. This would be the recent mortgage regulations that were set in place by Canada’s federal financial regulator.
The new rules put more pressure on homebuyers to make sure that they can afford the property they’re getting. This new rule now includes those who can put down a 20% down payment on the stress test that was only imposed on applicants with smaller down payments before.
These tighter mortgage rules aim to limit the amount of debt financial institutions and citizens are burdened with. However, it can also mean that buyers might have to settle for smaller properties if they’re on a budget.
So is it the best time to start looking at the real estate listings in Calgary? For the most part, yes. This year can be a good time for a lot of people to start looking for a home that they can really call their own.