Calgary's housing market is booming, one of strongest in Canada
CFCNplus.ca
POSTED AT 8:21 PM Wednesday, November 28
Calgary's real estate board said Wednesday that housing sales have been going so well that 2001 will go down as one of the best sales years on record.
The board's president, Marlene Swinton, told CFCN News that more people have been putting their homes up for sale and looking to buy something else.
She admits that there was a slow down in activity following the Sept. 11 terrorist attacks in the United States, but Calgary bounced right back.
"We did have that two weeks when everybody sort of stepped back and took a breath," said Swinton. "But the last two weeks have really been busy. It's quite interesting. It's like someone took the top the lid off the box."
The average price for a new home in Calgary is $181,000. Condominiums are more affordable at an average sale price of $120,000 to $125,000.
National real estate company Coldwell Banker Canada is currently meeting in Calgary. Prairie brokers and real estate agents want the company's opinion on what impact falling interest and mortgage rates are having on the Calgary market.
Coldwell Banker Canada's president, Gary Hockey, said they are good signs.
"It makes every level of the market more affordable," said Hockey. "We're seeing an increase in condos as well. It's great times for real estate right now and we've got our fingers crossed that the interest rates are going to stay low."
The higher end of the housing market is still slow, however. Properties, especially condominiums priced over $300,000, are taking twice as long to sell.
Swinton predicts there will be a steady housing market next year and the prices of homes will increase by three or four per cent.