Different Opportunities for Condo and Single Family Home Buyers in Today’s Market
There is a lot of new coverage around what is happening in the Calgary and surrounding area real estate market right now, specifically when it comes to how different types of property is performing. Consumers looking to buy a condominium or a detached single family home find themselves in very different positions with different sets of unique opportunities.
Condo sales so far this year plunged 19% over year-ago levels, to reach their lowest level since 2003, while listings have soared an annualized 28% so far this year. Benchmark condo prices have fallen 7% from a year earlier to $274,900, retracing nearly three years of gains. As a buyer, this means lots of choice and an excellent opportunity to negotiate.
Sales of detached homes in Calgary and its suburbs were down only 1.41% last month, compared with August of last year, the benchmark detached-house price fell only an annualized 3.3%, to $503,200. With the detached homes market performing much stronger than the condo market, buyers wont be in the same position in terms of options and low pricing, but they will have the chance to move “up” into homes that may previously been just out of their price range.
What Does BC’s New Foreign Tax Mean for Alberta Real Estate?
There has been some speculation that the new foreign tax policy implemented in the Vancouver area will be good for the Alberta real estate market.
As a quick recap, the new rule says that any foreigner who buy residential property in the Vancouver area will have to pay an extra 15% tax as part of a B.C. government plan to slow the foreign speculation that many blame for making the region’s homes the most unaffordable in Canada.
As a member of Leading Real Estate Companies of the World, CIR REALTY has close ties with fellow member Chinese brokerages who have contacted us to specifically talk about Chinese investors looking to move their money further west and are showing new interest in Alberta. Although conversations are still in an information gathering phase, their is optimism that this may end up coming to fruition.