August is gone now and it somehow marks the end of high season for the real estate market in Calgary. At least for this year…
August 2013, when compared to the same period from the previous year, has seen a 27.53% increase in the total number of transactions in the City of Calgary (1,722 in Aug 2012 vs. 2,196 in Aug 2013). Looking at the same periods, the average price increased by 8.80% ($453,752 for August 2013). It is also important to mention that properties did not stay long in the market: 37 days in average. This is 17.7% less than the average registered during August 2012.
The question now is what to expect during fall / winter. Everything indicates that these coming months will tend to be stable, mainly considering the increase on the interest rates that we have seen lately. Although fix rates for close mortgages is what most people look at as a reference, it is also important to notice that Prime rate has not changed since September 2010, and variable mortgage rates might be more appealing now to some buyers. We also need to consider that lenders doing business only through mortgage brokers might be offering slightly lower rates and more convenient terms. Not to mention the fact that they sometimes offer products that might fit better to your situation, like the new immigrant program, for example.
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