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Calgary Real Estate Market Massive Growth due to Professional influx & low inventory – Study

Calgary real estate market growthCalgary real estate market is booming because of lack of properties and population growth as discovered by a new study carried out by Royal LePage House Price survey. The survey revealed astonishing results for quarter three – the average bungalow prices in Calgary for the third quarter are up 7.2% year-over-year to $465,411 , Two storey house prices are up 3.4% year-over-year to $446,411. Standard condominium prices are increasing 5.6% year-over-year to $263,087.

“A continous period of low housing inventory coupled with a strong economy and an influx of corporate sector workers is pushing prices up regularly” said Ted Zaharko, broker/owner, Royal LePage. “For some time now too many buyers have been chasing too few properties.” He further said that the inventory is low in all housing categories, specially in detached bungalows which are much rarer in Calgary compared to other cities such as Edmonton or Vancouver.

The buyers usually react very quickly to house property sales and most of the time sellers are left with higher buyer offers. The aggresiveness of buyers are making it difficult for the first time buyers. Calgary numbers are huge as the average quarter three housing price growth rate of Canada is only 1.2-4.1 percent year-over-year. Researchers mention “Strong economy”, “Low inventory” and “Influx of corporate professionals to Calgary” as the main reasons for the growth in housing prices in Calgary.

Prices are expected to rise continously because of the supply-demand mismatch. It’s high time for any investor to approach the Calgary market. Contact Legacy Wealth Income Properties for more information on Calgary real estate market and how to invest in income properties with minimum risk.