Housing Market Back on Track? CMHC Says “Yes”.

Posted: October 30, 2009    Categories: calgary mortgages

The Canada Mortgage and Housing Corporation is looking at the real-estate market with an open mind.  Despite massive volatility in the market, and in Calgary especially, the CMHC is expecting a rebound as early as next year.  There are many reasons for this, but here in Calgary you can see them quite plainly:

• New home construction - No matter which end of the city you reside in, new areas are going up.  Calgary is still expanding its borders as it adds new suburbs to its mix.  This article by the Calgary Herald sheds some light on the surprisingly good performance in the housing market for the last three months, and this article (also by the Calgary Herald) makes mention of the new community going up in Airdrie.

• New infastructure - While the ring road may be experiencing a bit of a roadblock, there’s no denying that the City of Calgary is spending lots of money on bringing its infrastructure up to par.  This, aside from being a significant economic stimulant in its own right, will make Calgary more accessible.

• The economy is stabilizing - Yes, there are many reports that the economy is still sluggish, but it’s also showing signs of stability.  As long as you have prepared yourself financially (see related posts: here, here, and here) there is little to fear at this point.  The contractions are happening, but unlike what happened in late 2007/early 2008, most of the downsizing has already taken place.  In fact, unemployment has fallen by 0.3%.

Keep a watchful eye on the market if you’re thinking about making a purchase.  Now may be a great time to take advantage of good interest rates and plenty of availability- you never know just how long it will last.

About the Purcell Mortgage Team:
The Purcell Mortgage Team are an industry-leading pair of mortgage professionals who have been serving Calgary for several years. JoAnne Purcell was ranked within the Top 50 Canadian Mortgage Professionals in the CMP Magazine. If you are in need a reputable calgary mortgage specialist, please contact us today!

The Purcell Mortgage Team are experts on Calgary mortgages!