Home shopping isn't something you always get to plan out perfectly. Sometimes, you have to find a home because you are relocating for a job or another reason. However, if you get the luxury of planning it out, now is the perfect time to buy in Calgary.
With the oil prices going down, some think it has an effect on the real estate market. However, this isn't always the truth, even though there seems to be a "general feeling" of insecurity instead of an actual logical approach to the market. Here are a few reason why buying a home in Calgary now is a good idea.
Interest rates are at an all-time low which makes borrowing much more affordable. This may not last forever and with a lower interest rate you can get more home or a lower payment on the home you want. This means you can keep more of your money in your pocket or you can buy a larger home that fits into the same budget.
Currently, there is a very good selection of homes on the market with many newer homes being built and others hitting the market. As homeowners move from an existing home to a newly built home, they create a new listing for the home they will be leaving, which increases the inventory. A higher inventory gives buyers more to choose from and an edge in the market.
Economic Cycles of Calgary
This may be the number one reason to buy in Calgary right now. The red-hot year of 2014 appears to be cooling down a bit, which makes it more of a buyer's market. Sales are expected to remain consistent with long-term levels, but the CREB expects them to ease in 2015. Buying now is a much better idea than waiting for the market to heat back up.
The Rental Market is Tight
If you are still renting, you may find out that you will soon be getting squeezed, if you haven't already. The rental market is very hot, which makes it hard to find a nice place at an affordable price. Instead of paying for your landlord's mortgage, you can buy a home in Calgary and probably get a payment lower or similar to your current rent.
There are many reasons to buy in the current Calgary real estate market. If you've been waiting for the right time to buy, now is the time.