I would get in as soon as possible. For the next year or so until the home builders are going to be able to catch up and until we can bring enough labour into the city to keep up with the demand to build the homes the prices are going to continue to rise quickly.
With so many people moving here the builders just simply can't keep up to the demand right now and it is driving prices up very quickly. Plus so many people are making so much money that they are willing to pay these crazy prices.
The CMHC predicted the average price of a home in Calgary this year would go up by 12% I believe they said. They are generally very conservative as well. I wouldn't be surprised with close to 20% this year.
If you aren't in a huge rush to move I would buy a place in a developing area. It take s10-12 months to actually build the house or the condo. That means you get 10-12 months of appreciation on that place for free. I bought a condo in the new Bridges development when they first went on sale for $185,000. I could now sell it for about $250k with no problem.
Don't wait any longer to get in the market. The prices are going to continue to rise and they won't be coming back down to 2003 prices. The longer you wait the more it is going to cost you.
If you can wait until October I will have a townhouse for sale in Braeside. About 1700 square feet with a single attached garage. Close to Southland LRT. Might be in your price range. PM me if you are interested.
|