CALGARY- Those searching for their home sweet home are getting a rude awakening, when it comes to Calgary’s housing market.
The Calgary Real Estate Board (CREB) was expecting sales and prices to rise two-to-three per cent this fall, but October numbers are already at a nearly seven per cent increase. That also means buyers are forced to make quick decisions.
“I’ve written in the past week I think about three competing offers in a matter of hours to overnight, and up to five offers on one property,” says realtor Lee Metcalfe. “And those are going for over list price. Because there’s not a lot on the market right now, there are still some serious buyers out there.”
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CREB’s president says the fall market is stronger than they’ve seen in about four years, driven by an influx of new Calgarians and a tight rental market.
“The low vacancy rate has a big impact,” explains Becky Walters. “Tenants getting the bump in their rent are going, ‘well, if I’m going to pay that, then I’d be willing to pay that in a mortgage payment.’”
She recommends that buyers get their financing and down payments in order, before they start house shopping. Sellers should also buy a new property before listing their current one, to give themselves some extra time.
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