A Calgary Herald article posted November 28, 2013 turns the spotlight on Calgary’s booming luxury home market. The region’s real estate market is doing surprisingly well, and analysts are hopeful that things will stay that way a little bit longer. Several insights as to how these conditions came to be were stated in the article:
“There’s more activity in the inner-city. A lot of those sales are actually occurring in the inner-city,” she said. “And a lot of them are single-family homes.”
The inner-city market is also demanding a premium price these days.
“Overall it does point to people and what they feel is going to happen in Calgary in the long term. There’s some confidence of what’s happening in the Calgary market,” said Lurie. “That’s supporting that growth as well.”
. . .
“People overall feel confident there’s not going to be a bust,” he said, adding that people are also turning a deaf ear to all the chatter about interest rates going up.
“This is the new reality. High real estate prices and low interest rates.”
He said so many people in Calgary make a very good living resulting in solid sales in the upper-end market.
It’s great to know that things are going well for Calgary’s real estate market, although what exactly does the news mean for buyers? Anyone who’s looking to buy a home will naturally choose a property that’s well worth its cost, so it may be slightly troubling for prospective homeowners to hear of rising home prices. Thankfully, CREB®now can help buyers make the right property purchase by providing relevant industry information and tips.
Buyers might want to first understand why it would make sense to purchase luxury homes with low interest rates. In the long run, a homeowner who buys a high-priced home on lower interest rates gets much more out of the sale than someone who acquires a lower-priced home with a high interest rate attached. If anything, Calgary’s market conditions make luxury homes an enticing option for those who can afford such a purchase.
That said, it can still be challenging to find the right house in Calgary for the right price if you don’t know where to look. Likewise, Calgary’s housing market conditions are not bound to last forever, so you’ll need to find the best window of opportunity for a property purchase. In other words, expert advice can make all the difference between a smart purchase decision and a bad deal.
(Article Excerpt and Image from Luxury home market in Calgary and area shines, Calgary Herald, November 28, 2013)