Press Release (ePRNews.com) - CALGARY, Alberta - Nov 29, 2016 - After the steady decline in the housing market for what seems like ages momentum has finally started to shift. For the first time in 2 years the market has reached what some experts call “normal levels”.
During the month of October city-wide sales for Calgary homes totaled 1,644 units, which is up 16% over the last year. This is largely due to the popularity of detached homes ranging between $300,000 and $400,000 respectively.
Officials are not yet ready to say the worst is over but things may have bottomed out for the time being. The sudden housing increase has be credited new mortgage rules which will soon come into effect.
CREB® chief economist Ann-Marie Lurie comments “”The shift in sales activity this month is likely related to the new mortgage rule changes, inventory gains in the lower price ranges and further price adjustments,”
She also reasons “The combination of all these factors may have encouraged some purchases to take advantage of the market conditions, particularly in the lower price ranges”
Realtors throughout Calgary nonetheless remain optimistic that better times are ahead and continue to keep a close eye on day to day activity.
Courtesy of Will Vo Real Estate Calgary – http://www.calgaryrealestatepro.ca
Will Vo Realtors Blog – http://www.calgaryrealestatepro.ca/blog/ Source :
Will Vo Real Estate