The real estate market in Calgary, Alberta has been suffering for over two years now due to the economic downturn in the province of Alberta. Prospective home buyers are extremely wary in today’s market, especially first-time home buyers. The real estate market in Calgary is expected to remain the same for the first few months of 2017, and buyers have extra incentives to purchase homes now.
Calgary is actually a great place for home buyers now
While the economy of Alberta has been suffering, Calgary is actually an excellent place for home buyers right now. As sales have dipped, interest rates have reduced and buyers have a lot more options than they did a few years back. While the average price of a home is increasing, this is largely due to sales in the luxury market so it is not something that will concern buyers seeking to purchase homes that cost less than $500,000.
Mortgage rates are at a historic low
If you are seeking to buy a home now, we would recommend moving ahead without delay as long as you possess the requisite financial means due to the mortgage rates. The rates are not as low as they were in the first quarter of 2016 and they are expected to gradually rise as the economy normalizes. Take advantage of the low rates before it is too late!
Government rebates and benefits
The Government of Canada offers numerous rebates and credits for home buyers and homeowners in all of Canada. This will allow you to save a little more money by taking advantage of the tax rebates. It is crucial to understand the type of benefits you are eligible for before proceeding with a decision to buy.
Apartment-style condos are aplenty
Prospective condo buyers are likely to reap the greatest rewards of home buying as the Calgary market is awash with unoccupied condos. As 2017 proceeds we are likely to see some stability in that segment, but you should ideally move forward before the market stabilizes as prices will rise, interest rates will rise, and supply may become scarcer.