There might have been some good news that came out of the new mortgage rules that were put into effect October 17th.With the word from the federal government about the changes, home sales in Calgary increased in October with city-wide numbers sales of 1,644…which is an increase of almost 16% over 2015 numbers.That’s the first time in 2 years that this has happened.
The largest gain in sales in October occurred in the detached sector at 18 per cent. In the detached market, homes priced between $300,000 and $400,000 saw the largest improvement in sales, while attached and apartment sales growth was mainly occurring in the lower price ranges.
Since the start of the downturn, home prices have declined 3.8 per cent for detached homes and 9.4 per cent for apartment condominiums. Even though there was a rise in October sales, most monthly prices continued to decline in the market. Contact me today if you have any questions, or if you would like more information about the October stats.