Calgary’s Real Estate Market
Written April 1st, 2021 by Jamie Palmer, President and Broker of Power Properties
Is the market playing tricks, what is going on in Calgary real estate? The Calgary real estate market continues to defy predictions. While cities like Toronto and Vancouver dominate the news headlines with million-dollar average house prices, Calgary has seen some very welcome changes in the last few months. Here are some key statistics coming out of the Calgary Real Estate Board:
Total sales are up 139% compared to March 2020
The number of active listing are down 8.5% compared to March 2020
Both the average and median prices are up 12.5% compared to March 2020
Even apartment condos are seeing a growth in sales, up 73% compared to March 2020, although condo prices have not moved since last March.
What is fueling this hot market? Cheap money! You can get five-year fixed-rate mortgages for under 2% and five-year variable-rate mortgages for under 1.5%. When mortgage rates are this low more people are able to afford to purchase a house. That and the Bank of Canada has pretty much committed to not raising rates until 2024!
This information was collected from CREB®