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May 2019

Found 3 blog entries for May 2019.

Calgary Condo Market If there’s one segment of the Calgary real estate market that is showing strong signs of sustainability in the coming weeks and months, statistics are pointing towards affordable apartment-style condos. 

It’s no secret that Calgary’s housing market has struggled since the oil price downturn that started in 2014. But according to the most recent Housing Market Assessment from Canada Mortgage and Housing Corp., inventory levels, while still elevated, are beginning to balance out, especially for affordable multi-family homes. 

As of the beginning of the month, nearly 2,000 new single-family, apartment, row house, and semi-attached units were on the market in Calgary, and that’s with about 7,000 re-sale properties also on the market at that same time. 

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April’s housing stats are in from the Calgary Real Estate Board so we thought we’d provide a quick rundown. Below are a number of bullet points we thought were the most relevant: 

  • Detached home sales reached 930 and improved nearly 3 percent in April. 
  • Overall detached home sales are still down 5 percent year-to-date. 
  • Detached home sales increased in North East Calgary, North West Calgary, South Calgary, and South East Calgary. 
  • Inventory remains unchanged and still sits at four months.
  • Apartment-style condo sales have reached 714, which is actually the lowest level we’ve seen to this point in a year since 2001. 
  • Despite sales being down compared to other years, inventory has fallen to 1,546 re-sale
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First Time Home BuyersThe government unveiled a new incentive program as part of the new budget that should provide some relief to young home buyers looking to make the transition from renting to owning. 

With economic conditions struggling and purchasing a home becoming increasingly more difficult for first-time home buyers, the real estate industry has been advocating for government assistance, and some even suggesting the need for relaxing the mortgage stress test, which requires borrowers to prove they can afford payments on a mortgage with interest rates 2 percentage points higher than the current Bank of Canada Rate. 

According to reports, the $1.25 billion incentive program provides prospective buyers who have the minimum down payment for a home and also have a

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