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Today we’ve got a market update for you, and all the latest stats for the Calgary market. It’s going to be a challenging market for sure, but we have some good news.
What we’re seeing lately is that our office has had the 2nd best February we’ve ever had, which is always great news. Another trend we are seeing is extremely low interest rates. People are getting used to the “new normal” of low oil prices, so now people are using that savings to buy homes while rates are low. People are also using these conditions to move up into nicer homes.
Let’s say you own a $400,000 3-bedroom home, but have 5 kids. You’re going to need a bigger house. One great thing about the current market is that there is a healthy demand for homes priced between $350,000 and $450,000. At the same time, homes priced between $500,000 and $700,000 have taken a hit in this market, and are being sold at a discount.
For move-up buyers, this means selling their home quickly for a little less than they would have gotten in the past couple of years. However, you can also then move-up and buy your new home for a lot less than you could have in the last few years.
We’re seeing a ton of activity at our open houses, and buyers and sellers are out there in the market ready to make moves. Things are really starting to stir, and we expect to have a really good 2016.
If you have any questions for us, don’t hesitate to give us a call or send us an email. We would love to hear from you!