"Pay attention. Something's happening here" is what Don R Campbell, well known Vancouver author & president of the Real Estate Investment Network says about the Calgary real estate market.
Campbell is paying attention to the reports coming out showing positive economic news for Alberta and Calgary. Good economic growth. In-migration levels rising. And employment growth leading the way in Canada.
Campbell has long held the view that real estate booms are preceded by predicable market cycles. Initially a market sees GDP & job growth, followed by an inflow of population. This is followed by increased rental demand coupled with decreased vacancies & rising rents, and ultimately rising purchase demand for home & condos and increased property prices.
"A real estate boom shows up in the key market drivers well before felt in the real estate market, which typically lags about two years. Investors should also pay attention to Market Influencers but not make decisions soley on them."
Mr Campbell predicts Calgary's economy shows all the signs of a real estate market poised to boom, perhaps by as early as fall 2012, most certainly by the spring of 2013. He adds that this increase in Calgary property values will take place despite the continued world economic turmoil. "Edmonton and Calgary real estate is currently undervalued, and is set to boom in the near future."
“I think you’re going to see a nice steady eight to 10 per cent increase in 2013 in average sale price for Calgary (year-over-year),” says Campbell, one of the authors of the book Secrets of the Canadian Real Estate Cycle. Calgary should expect strong price growth in the value of resale properties.
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