The current Calgary real estate market is advantageous to both buyers and sellers—housing prices are rising, meaning sellers and current homeowners have more equity, and at the same time interest rates remain low, which leaves buyers with lower monthly payments and less spent on interest over the life of the loan.
Sales of both homes and condos in Calgary grew in March of 2011 to 1,900 homes sold, an increase of 18% when compared to the previous month. Calgary property is in high demand, and the average selling prices of homes reflect this, with the average selling price rising or holding steady. In March 2011, the average selling price for a Calgary home was $462,000. Overall, it’s a great time to speak with a Calgary mortgage broker if you are considering purchasing a home. Homeowners who would like to sell shouldn’t have much problem either, as the average time on the market for a home was just 39 days in March.
So how does Calgary compare to the rest of the country? While the overall housing market can be considered strong, there are some differences in average home price, time on the market, and so forth. In Ottawa, for example, the average price of a residential home in March 2011 was $375,000. However, sales in March 2011 in Ottawa decreased 17% from the previous year to 1,200 sales in March.
British Columbia residents are also enjoying a strong housing market, perhaps the strongest in the country currently. Vancouver has seen the largest increase in home sales and prices in the province lately. In February 2011, home sales increased 5% from the previous year, with 6,400 homes sold. The average price of homes rose a whopping 18% from the year before to $587,000.
The Manitoba housing market isn’t as friendly as Calgary’s to buyers, and finding a home for sale in Winnipeg is more difficult than any other Canadian city according to one study by Re/Max. The Saskatchewan housing market has held steady sales and average home prices, which are lower than Calgary’s at $292,000 for the average home in February 2011. However, the average time on market in Saskatchewan is fairly close to Calgary at 41 days.
The Calgary real estate market, much like the rest of the country, is currently experiencing a rise in sales and average home prices while managing to keep interest rates low.
