Calgary's housing market is exhibiting signs of a comeback for the fall 2017 quarter. There is a growing sense of enthusiasm for the rebound after an increase in home sales - an increase of approximately 3% overall.
Calgary is showing the best year-over-year advancement since the down turn of the price of oil. Homes are selling for reasonable prices and are not taking very long to sell - meaning there is some modest growth happening in the province of Alberta.
“That price level might indicate that there will be no further contraction in the energy sector,” Chief Economist Ann-Marie Lurie says. “With no further layoffs, you can actually start to see some stabilization in the housing market and that’s really the key.”
Much of the housing market is influenced by employment rates and with little to no layoffs happening, it's expected to make a slow but steady increase - unlike previous years. Those with steady jobs will be taking advantage of these changes and potentially making the move to buy homes, according to Lurie. She also states much of the improvement comes from a lack of supply due to slower rates of home construction and fewer people choosing to list.
In 2016, we saw the lowest amount of homes being built and sold. However, this year, both the new home and resale market are looking to improve, although they are still low overall. In the first three months of 2017, the housing market was up by almost 33% - a trend that has continued throughout the summer and is now expected this fall.
In summary, Alberta's housing market is in good shape compared to other areas in Canada - making it more likely for people to want to stay put instead of leaving the province. With this promising increase, now may be the best time to look for a new home and/or sell your old one. Make sure you consider the market value of your home when deciding whether or not to sell, as it can be profitable in the long run.