Calgary Real Estate to see modest growth in 2010
Good news for Calgary real estate owners and buyers this month according to the Calgary Real Estate Board (CREB) 2010 forecast report released last week.
According to their report, Calgary Single Family homes will see a small price growth (+6.3% over 2009) and a relatively large (+17.7% over 2009) spike in total sales, while the condo market will see prices rise +4.3% over 2009 and a smaller but significant growth (+10.6% over 2009) in unit sales.
According to Diane Scott, the Calgary Real Estate Board President "the good news is low interest rates and price reductions mean buyers can afford more. This has meant monthly mortgage payments have come down dramatically - and are more in line with the income of an average family. With a modest rise in interest rates on the horizon, potential buyers will see 2010 as the year to take advantage of lower mortgage rates"
This time last year, the entire area was in the middle of a recession and housing stats were down in Calgary and across Alberta so a rising market is good news for everyone. While a few economists have suggested a real estate bubble is forming in some markets (Toronto and Vancouver), most agree the market has only been playing catchup after virtually halting in the dark days early in the recession.
The Calgary Real Estate Board has been reasonably accurate with their forecasts over the years hence this latest report should give confidence to Calgary buyers, sellers and property owners.
If you're looking to sell or buy, do not hesitate to contact us.
We are prepared to work hard ensuring that your needs are met and that the result is more than you were hoping for. Nothing gives us more pleasure than your success and being with you through major life changes.