New-Build Vacancy Levels Make 2017 the Time to Buy a Condo in Calgary
If you’re in the market for a new condo in Calgary, there may be no better time to buy than right now. According to new data from The Canada Mortgage and Housing Corporation, and a recent report from CBC News, about 1,500 new construction housing units are sitting vacant across Calgary, with over 800 of those units apartment style condos.
Back in 2014, much of the Calgary area experienced somewhat of a building boom for condo units; but now just two years later, the market, and the economy in general, is anything but booming. But while the city’s economic struggles continue into early 2017, the surplus of new construction condos in Calgary presents a unique opportunity for anybody in position to buy.
High inventory levels often lead to lower prices, more incentives, and a much better selection for potential buyers, and even with Canada’s new mortgage rules in place, you won’t find a better opportunity to break into the market than now. In fact, according to CMHC, Calgary hasn’t experienced a new-build vacancy level like this in about 15 years.