Calgary Housing Market Heats Up: Prices Jump 15%!
Calgary's housing market is sizzling! A recent report by calgaryhomes.ca reveals a significant jump of 15.1% in home prices year-over-year. This means the average house price went from $506,655 in February 2023 to $583,160 in February 2024.
Understanding the Reasons Behind the Rise:
This surge can be attributed to several factors:
Supply and Demand Imbalance: There's a shortage of available housing, especially in desirable Calgary neighbourhoods. This limited supply meets high demand fueled by population growth, immigration, and investment activity. The resulting competition among buyers drives prices upwards.
Favourable Interest Rates: Fortunately, interest rates remain low, making mortgages more affordable and enticing buyers to enter the market despite rising home prices.
How a Mortgage Broker Can Help You:
Navigating a hot housing market like Calgary's can be challenging. Here's where Mortgage Alliance Walk-In Centre and our experienced mortgage broker, Jose Ramirez, come in:
- Finding the Right Mortgage: We will assess your financial situation and goals to recommend the most suitable mortgage option for you. This could be a fixed-rate mortgage for stability, a variable-rate mortgage for potential savings, or a program for first-time homebuyers.
- Pre-Approval Advantage: Getting pre-approved for a mortgage strengthens your offer and shows sellers you're a serious buyer. We can guide you through the pre-approval process to make your offer stand out.
- Negotiation Expertise: We can assist you in negotiating the best possible terms on your home purchase, including the mortgage rate and closing costs.
Additional Tips for Calgary Homebuyers:
Be Prepared to Move Quickly: In a competitive market, houses sell fast. Be ready to act quickly when you find a property that interests you.
Work with a Realtor: A qualified realtor can help you find properties that meet your needs and budget, and guide you through the buying process.
Stay Informed: Keep yourself updated on market trends and price points. Resources like our blog and Calgary market reports can be valuable tools.
Don't let the rising prices discourage you!
With the right guidance and support, you can still achieve your dream of homeownership in Calgary. Contact Mortgage Alliance Walk-In Centre today for a consultation with Jose Ramirez. Together, we'll help you navigate the market and find the perfect mortgage for your needs.