Calgary Foreclosures: What’s in Store for Home-buyers in 2017

Calgary foreclosures market could be a buying opportunity Tags: , ,

The Calgary real estate market showed signs of revival last month with 24% more houses sold in the city compared to the same month last year, and while it is still under the 10 year average sales mark, experts find city’s real estate market scene to be improving.

Despite expectations of a further contraction in oil prices – a significant factor in Calgary’s economy – coupled with low GDP growth forecast (2.1%) and sub one percent growth rate in employment, Calgary’s real estate market is showing signs of improvement!

Unlike the ‘economy vs. real estate market’ equation anywhere else, Calgary’s investors and developers are in no hurry to wash their hands of their properties. The reason for this strong faith in the city’s real estate market takes root in the simple fact that property owners and developers have seen many highs and lows in the sector and instead of panicking and selling their properties at rock bottom prices, they are making the best of the reduced prices.

How does it impact home buyers in 2017?

This gradual shift in the real estate market in Calgary indicates that the asking price for houses will gradually increase, encouraging the number of listings to go up and this spur in the market will cause the number of real estate transactions to soar.

But home buyers in Calgary must not despair as the forecasts suggest that for the first half of 2017, it would be still a predominantly ‘buyer’s market’.

Calgary Real Estate Board (CREB) reveals that while in coming months house prices in the city are expected to largely remain unchanged, the prices of condos may further reduce by 2%.

If the CREB’s market outlook for 2017 is any indication, home buyers will continue to see listings at lower prices for next few months; however, this may change by the later part of the year as the real estate market gradually transitions towards a more balanced state.

How the 2017 real estate forecasts will affect the foreclosure market?

Calgary Foreclosures will continue to give the maximum bang for home buyers’ bucks in the year 2017. However, the spur in the market is bound to increase the prices of foreclosure properties, albeit marginally.

Home buyers have traditionally avoided the foreclosure market owing to lack of information, sheer effort and cost involved in finding relevant details for just a handful of properties and presence of agents charging thousands in commissions.

But with the advent of websites such as Foreclosuresearch.ca, offering complete listing details of Calgary foreclosure properties including the details of listing realtor at a nominal onboarding charge, more and more home buyers are expected to bid for foreclosure properties.

Conclusion

In the current scenario, home buyers must act fast and start looking out for suitable properties before prices gradually, yet steadily, steep up as the year progresses. Smart home buyers can find hundreds of listings for below market price foreclosure properties across Canadian suburbs on platforms like www.foreclosuresearch.ca.

As you gear up for your property purchase, have you checked how much you can actually borrow? Knowing your borrowing capacity by going for a home loan pre-approval will save you significant time, money and heartache on your investment.

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