There is no avoiding the fact that the city of Calgary has been facing economic struggles over the last year and a half. Considering the majority of businesses here are in some way associated to the Oil and Gas Industry, when price per barrel dove, it had a significant impact on many. With that being said, after a tough 2016, the New Year is showing promising and refreshing signs of recovery.
The movement of the Real Estate sector in Calgary has put many in a questionable position that are now hesitant to either buy or sell. Having said that, the findings in the January Market Report may help relieve some ambiguity.
"While housing conditions continue to favour buyers, a slow transition toward more balanced conditions is helping to ease downward pressure on home prices," said CREB® chief economist Ann-Marie Lurie. The detached segment of the market is demonstrating the most improvement. Sales activity totaled 584 units in January, a considerable improvement over the 466 sales recorded last year. Inventories have also declined pushing the months of supply to 3.2 months well below the 5.4 months recorded in January 2016.” - Calgary Herald
Despite the constant chatter and rumors of where the economy may be heading, hope is not lost for the Real Estate market. After assessing the statistics for each community in Calgary, I was able to find a few diamonds in the rough.
Below is a list of Hot Communities in the city that have increased in value throughout 2016, despite the economic conditions. Some of these properties have shown an increase in sales of up to 400%. Not only that, but a number of these communities have homes that are selling at, or above, the Listing Price, in less than 2 weeks.
- Arbour Lake
- Nolan Hill
- Albert Park / Radisson Heights
- Auburn Bay
If you would like to know the average prices in these communities, feel free to reach out. There are a number of other communities that are on the rise, and are likely to demonstrate a stronger position in the market at the year goes on.
The market statistics is showing that these communities are starting to appreciate in value, which makes it a great time to purchase as they continue to grow. 2017 is showing very promising signs of a stronger market, and will surely get people excited to either sell their current home, or buy their dream home, starting a new chapter in their lives.
* If you are interested in finding out how much your home is worth, schedule your Free Home Evaluation.
* If you are interested in Buying or Investing, schedule your Consultation with me.
* For more information on these communities, or any others you may be interested in, click ‘Lets Chat’ and… lets chat!
Written by: Mike Sherrard
Market Statistics: CREBlink.com
January Market Quote: CREB.com / Calgary Herald