Here's the dumbed down 411 (information) on the Calgary housing market as forecasted by CREB (the Calgary Real Estate Board). By dumbed down I mean in words that I can understand and spell to communicate to you. 🙂
We are expecting the 2o17 housing market to stabilize due to the level inventory on the attached and detached homes. Expect to see about a 3% increase in sales from 2016 but we are still 12% below our long term averages.
2017 we're still going to have a high unemployment rate and less people moving to our city obviously because there are no jobs. People are moving else where to find work which also affects our housing market. With high office vacancy rates and salaries adjusted we may see some companies move to Calgary but it's unlikely to have an immediate impact at this time.
I could more into detail like the GDP, price per barrel, etc but you want to know about your home so here's a chart.
We also have to take into account the stricter mortgage rules that may have an affect on Calgary's home sales. Higher interest rate (which are still pretty low) and the stress test that you have to qualify for. Now CMHC is coming out with higher rates...
5% down payment will increase from 3.60% to 4.00%
10% down payment will increase from 2.40% to 3.10%
15% down payment will increase from 1.80% to 2.80%
20% down payment will increase from 1.25% to 2.40%
There are a lot of factors to consider in today's housing market that. Contact me if you have any questions about your home and community.