Categorized | International

Calgary is set to Become Canada’s Strongest Housing Market

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While Toronto and Vancouver have received all of the attention as of late, neither one is expected to be the nation’s strongest housing market in the next year. Instead, Calgary will likely take that title.

Calgary was at one point the hottest residential real estate market in Canada. However, it lost that distinction in 2008 after oil prices dropped significantly.

During the month of April, Calgary posted the highest year-over-year growth in sales. The city experienced a jump of over thirty percent in sales in comparison to the numbers from last year.

Prices are still down for the time being. That will likely change, though, as inventory supply is rapidly shrinking. Residential real estate prices in Calgary increased less than one percent during the month of April.

Although cities like Toronto and Vancouver have received all the attention as of late, the residential real estate market in those two cities did not post numbers that were nearly equivalent to those seen in Calgary. In fact, sales are actually down by more than thirteen percent in Vancouver. In Toronto, sales are still increasing, but at a much slower pace. They rose roughly three percent in the past month and fourteen percent in the past year.

Housing prices in Canada rose overall, as other major cities also enjoy slight increases in comparison to where they were last year. Cities like Montreal, Winnipeg, and Edmonton all posted increases. Economists expect that the housing market in Canada will remain relatively flat and stable in the coming months, though Calgary will continue to post strong numbers.

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About Nancy Raven

Nancy is the main writer for the International section of the website. Sometimes she also helps Drew out on the Finance/Mortgage section as well.

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