Calgary's housing market remains immune to chills across Canada
House Price Index, Canada has recently cited the largest price drop since November, 2010. In September, the HPI plunged 0.35% from previous month. A significant price drop was observed in six major cities including Vancouver and Montreal. Meanwhile,
CTV reports that the official stats to point out a completely contrasting situation in Calgary where housing demands and prices are increasing simultaneously.
According to Marcus Arkan, CTO of Syndicate Mortgages, there are plenty of lessons to be learned from the current situation of Calgary where both the housing market and the economy are blooming right now. `There are a lot of buyers in the market and they want to explore their options as well. Due to economic stability in the region, the affordability factor is not much of a problem for people in Calgary. Although the prices are expected to rise again in the next quarter, we are quite confident that the interest of buyers will remain intact,` Mr. Arkan predicted.
Mr. Arkan`s prediction is based on the current report published by the first BMO Housing Confidence Report published this October. According to the report, Calgary is leading all the major cities in terms of homeowners` intentions to buy new home within the next five years. BMO`s Housing Confidence Survey reports that 62 percent of homebuyers in Calgary are willing to buy homes including first-time buyers. This is despite the expected 2 percent rise in prices forecasted by BMO.
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