The Calgary real estate market is revving up, making this a great time to buy or sell a home in this gorgeous city! Currently, real estate sales in Calgary are up over 20% from last year and prices are about 2% higher as well.
The luxury market, which has previously not been as vigorous, is now joining the stronger residential market. Luxury homes have been a market that has been slow for a while; this market peaked back in 2007, with a phenomenal $458 million in sales. Experts agree that this year, luxury home sales might top that amount.
Another market that is proving to be a bit slower in its recovery is condominiums. We’re seeing a small uptick in these purchases this year, with the majority of increase between April and June. Since there is so much condo inventory available, prices are likely to be lower or more flexible for anyone looking to make a condo purchase.
While the commercial market had been lethargic since the recession, things are looking up currently. The inventory of downtown area office properties has fallen so much over the last year that businesses are looking outside of the downtown core for office space. Retail space is also becoming more popular for buyers as the stronger economy provides more shopping dollars for consumers.
The increase in sales this year is being attributed to a strong economy and growth in many sectors providing home owners with more purchasing power overall. With interest rates forecasted to stay low, 2012 should prove to be a good year in local real estate.
Krista Kehoe, Calgary real estate agent & REALTOR®