Market Minute June 2024
Continued Strength in the Calgary & surrounding markets We are happy to see inventory numbers in real estate markets of Calgary, Airdrie, Chestermere, Cochrane, Okotoks and surround areas climb. Despite the rise we still are in a sellers' market in almost all areas and property types. However, for buyers the increase in choice offers an opportunity to finally have a moment to think before they jump into the bidding wars. If you are thinking about buying, selling or investing into real estate in the Calgary, Airdrie or surrounding real estate markets be sure to call the IMPACT Real Estate Group for splendid, accurate and experienced advice.
Market Minute Mai 2024
Calgary & Airdrie real estate market update Thinking about buying a home in Calgary or the surrounding areas like Airdrie, Cochrane, Strathmore, Chestermere or Okotoks? Well, this is a tough feat to accomplish these days. The market is very warm to extremely hot, depending on area, property type and price point. Take a look at these numbers below: What do you think? Is now a good time to buy or sell, will the interest rate decision by the Bank of Canada have any impact on the trends within the marketplace? Personally, I believe, that the interest rates will start to come down this year. I also believe, that the currently discussed blanked rezoning proposal in the Calgary city council chambers would do little to nothing to housing affordability, if approved. Please feel free to reach out, if you have questions or want to discuss any of the info contained herein. We love real estate and helping our friends, family, clients and anyone we encounter along the journey.
The Feds did it again
Canadian Government extends foreign buyer ban Canada has been grappling with the impact of foreign investments on its real estate market for years, so they say. In an effort to cool down soaring housing prices and maintain affordability for Canadian residents, the Trudeau liberals implemented a ban of foreign buying of Canadian residential real estate with small exceptions in 2022. This ban has now been extended, despite the measure showing little to no relief for Canadian residents looking to house themselves. Apparently policy makers are hoping the ban will eventually address housing affordability concerns, critics are fast to point out the short comings of the policy and bring forth some added concerns on their own. They believe, that restricting foreign investment may deter internation buyers from investing in Canada alltogether. This could have a much larger economic impact and affect overall economic growth, job creation and ultimately range into other industry fields than just the real estate market. While the long term impact of these measure may not be visible for years to come, it is clear, that governments usually don't have their fingers on the puls of time and their policies are sometimes bad and other times desasterous for their countries. May I suggest, that we let the market regulate the crisis? In my over 22 years of selling real estate in more than half a dozen countries I have never seen a single government meddling policy produce the result it is intended for. Most often it creates some sort of opposite effect and takes away from markets' abilities to come to an equilibrium. Unleash the market by taking away the red tape, constrain the burden of taxes and fees to a minimum and allow the market to use the resources (land) to its best abilities and you will see, that housing can at least be kept at an affordable rate once building activities have outpaced the huge demand for housing, that currently isn't being serviced.
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