If you're sitting on the fence about whether or not to buy a home right now, there might be a few factors you haven't considered that will sway you in the right direction. While homebuying is a big investment, and a personal decision you'll have to make, keep in mind these five facts that could help you make the decision.
Interest rates are still low: we haven't seen any major mortgage market increases in quite some time now, but experts have been weighing in that this could be changing soon as the market cools. Low rates aren't something to sit on, with markets as cyclical as real estate in our city, jumping at the opportunity tends to be a good idea.
Inventory is on the rise: CREB recently reported that inventory levels are on the rise in Calgary, and buyers are now being given more choices. With conditions that favoured the seller for many months, things are finally turning to favour the buyer, so it's a good time to buy.
Home prices are rising: last month in Calgary, the average price for a single-family home was $511,600, which is over 10% higher from the same month last year. Home prices are forecast to continue to rise, so no point in waiting on this one!
Rental costs are sky-high: the rental market situation continues to be very tight in Calgary, with very low inventory, rentals are hitting record-highs in our city.
Employment and economy are on the rise: Statistics Canada revealed positive numbers for Calgary's job market last week, and also reported that our economy is outperforming most major centres across the country.
If you have any questions about buying a home in the current conditions, feel free to contact me anytime.