The pandemic has a huge impact on our society regardless of our social status. Different sectors have suffered a lot in terms of the financial aspect.
However, in the real estate industry, the opportunities remain to be very high. Here in Calgary, the real industry market is still growing. This gives buyers, sellers, and builders a huge hope for a greener Pasteur.
New homes and reselling are both sharing the huge opportunity of extremely low-interest rates. Also, the effects of the latest federal mortgage rules are considered as an advantage.
Although there are lots of opportunities in the real estate industry here in Calgary, it is not only limited here.
The prices of homes are rapidly increasing which makes them profitable. Moreover, the sales of properties particularly homes have also elevated significantly. This happens not only in Canada but in most parts of North America as well.
The good thing is the demand is catching up to the available homes. The market will continue to flourish and there are no signs of slowing down. It is expected to be balanced even as we approach the fall season.
Regarding the pricing, the value of the house is still reliant on its size. Although, condo units are not selling well, other forms of properties tend to compensate for it.
Condo owners might just want to hold on to their properties if they want to sell them. It is not advisable to sell a property when there is no demand as the price could go low. As a result, expect that the prices of condos will remain low for the next 2 years. This only proves that not all kinds of properties are saleable.
Moreover, the new mortgage rules might have an impact on new aspiring homeowners, the effects are not significant. The rates are still bearable which makes home ownership possible even at a young age. This makes Calgary a very wonderful place to start a business or build your family.