It looks like Alberta is going to be at the head of the pack as far as the resale real estate market goes. The province is expected to do quite well throughout 2013, just as it did in 2012, according to the Canada Real Estate Association, or CREA for short. Could 2013 be the perfect to be buying Calgary homes for sale?
CREA released its annual sales report and future predictions, noting that by the end of 2012, Alberta will see a 13.7 percent increase in sales growth. In 2013, the expectations are for a 1.7 percent increase. In actuality, the prediction for 2012 has been decreased by a bit, to 13.1 percent after taking the change in the real estate mortgage rules into account. That measure did slow things down just a little. Even at that, according to Gregory Klump, chief economist with CREA, the province will finish out the year on the plus side.
As far as 2013, the prediction still stands for Alberta, despite the fact that most other provinces are expected to see decreases. Provincial sales are expected to reflect an improvement over the summer of 2012.
Pricewise, by year’s end the average price of an Alberta home is expected to be $363,100, an increase of 2.7 percent over 2011. For 2013, the prediction is an average price of $371,300, or a 2.3 percent increase by that year’s end.
Investors are already snapping up property in Alberta and those still interested are advised to get in the market as soon as possible. Calgary is particularly hot and was named the best city in Canada for making investments by REIN. That firm predicts the city to remain on top through 2016.
Some of the reasons for Calgary’s prominence include a great job market, higher than average salaries, a vast number of people moving to take those jobs and solid consumer confidence.