18 Apr Calgary Housing Market Springs Up
After a harsh winter, the economy in Alberta may be thawing. Employment increased in March, and unemployment dropped to 7.1 percent from 7.9 percent in February. While that’s not as promising as the 5.6 percent rate from last year, it’s a step in the right direction.
Calgary’s housing market in particular could be heating up. Real estate sales exceeded 2015 levels for the first time during the week of April 1-7. The shift could be attributed to lower housing prices. Average home prices in March dipped 1 percent compared to last year. A 2-bedroom condo currently averages at $1,330.
Buyers are also offering incentives for people who are waiting around to see if the market has hit rock bottom.
Canadian buyers may not want to wait any longer. There are plenty of affordable houses on the market in Calgary right now. Foreigners could also benefit from the low Canadian dollar.
Development Projects Adding Room
Office-rental vacancy in Calgary ranks at 17 percent. That space is expected to widen as new, mixed-use redevelopment projects progress. The Eau Claire Market and Northland Mall projects are bringing in new office and retail space as well as rental units. Urban village development is also on the rise.
Millennials are Moving in with Entrepreneurship
The latest reports indicate that young people are coming to Calgary after leaving high-priced housing markets in places like Vancouver, which has one of the top three least-affordable housing markets on the planet. Even residents willing to meet those rates have trouble finding space, as Vancouver’s vacancy rate stands at .8 percent.
So, young people are finding more affordable and accessible opportunities in places like Calgary. Moreover, they’re moving in with drive and ambition. With Calgary’s highest-per capita density of entrepreneurs in Canada, the city could offer young people a solid opportunity to thrive and live affordably.