The first quarter of the year 2014 augurs well for Calgary Realtors® as housing demand in the city continues to rise. The strong demand is happening despite the increase in home prices during the first months of the year. According to an article posted on the Calgary Herald last February 6th, 2014, the outlook for housing starts is strong for the first quarter of the year, based on several data:
“The report said a record level of migration in 2013 will help lift MLS sales from 29,954 in 2013 to 31,300 units in 2014 and to 32,100 in 2015 and the high level of demand is expected to be met by more supply which will help lift the average price from $437,036 in 2013 to $449,000 in 2014 and to $460,000 in 2015.”
The report further highlights some of the factors that have resulted to this increase in housing demand in the region:
“Calgary’s housing market is one of the strongest in the country, and is expected to remain so for the foreseeable future,” said Ben Brunnen, an economic consultant in Calgary. “The increased demand for housing is being driven by strong fundamentals such as robust population growth, low vacancy rates, high rents, and growing wages. These underlying conditions provide confidence that the price and sales growth we’re seeing right now are economically sustainable.
Inner-city Calgary homes for sale are enjoying high prices, and in some neighborhoods, are going for as much as $660,000 on average. The high costs are propelled by the increasing housing demands, combined with the rising prices of developed land, as well as of the costs for building materials and labor.
Inner-city Calgary remains one of the most sought-after locations in Canada, thanks to its healthy economy that has been providing well-paying jobs to its growing population. The area is also home to several neighborhoods, each offering its own brand of charm and attractions.
New home construction and refurbishing of old houses are taking place at a rapid pace in the area. The dynamic nature of the real estate market and the increasing demand for properties show the need for homebuyers to work with realtors, such as Christine Ordze, who specialize in homes for sale in the Calgary inner city area.
These experienced realtors can help buyers go through the number of choices that are currently available to them. They can also help buyers find the property that will best suit their budget and preferences, and guide them through the rapid changes that can be expected in a fast growing real estate market.
Source: (High demand lifting Calgary region housing market, Calgary Herald, 06 Feb, 2014)