Have you ever heard the old adage "don't wait to buy real estate, buy real estate and wait"? This explains real estate quite nicely in Canada, because if history tells us anything, it's that we always come out bigger and better after a slowdown in the real estate market.
Vancouver wasn't the only market in western Canada that was booming from 2004 to 2008. Average home prices in Calgary grew by 82 per cent, and in Edmonton 85 per cent. Even Winnipeg saw 62-per-cent growth. Strong economic growth in Alberta and Manitoba generated employment opportunities and attracted many migrants to these provinces, according to Lai Sing Louie, regional economist, Prairies and Territories, for CMHC.
"Alberta's economy generated many jobs in this period, with a peak annual growth rate of five per cent in 2006. In Calgary and Edmonton, the unemployment rates were below four per cent for large periods and temporary foreign workers began to help fill the labour shortage." [Huffington Post]
Spring is usually when the housing market starts to pick up year-after-year, and that will likely remain the same for 2016, despite news of rocky economic conditions. This is because the conditions are favouring buyers, and buying a home right now in Calgary is a fantastic investment opportunity.
An increased supply has dropped the average house price in Calgary, so buyers are able to purchase property at a lower than average price, and will be sitting on a money-making investment when the tide turns. Not only are home prices still lower, mortgage rates are still historically low as well.
Buyers will be out in full force this season, so if you're selling, take advantage of increased opportunities to get your home ready like upgrading landscaping for curb appeal. If you're a buyer, there's a lot of options so please feel free to contact me to discuss more.