The recent slump in world market oil prices may be making things more affordable for home buyers in Calgary.
According to a representative from the Royal Bank of Canada (RBC), housing prices in the city are down over this time last year, and this applies to condos, two-story homes, and bungalow-style buildings alike.
The bank noted that house prices are rising at a level that is lower than inflation, which makes buying a new home cheaper and results in a situation that is commonly known to most as a buyer’s market.
The Calgary Real Estate Board noted that this trend will allow the city to continue to be an affordable place to live in Alberta, and when combined with the current low interest rates being offered on mortgages, it may allow first-time homebuyers to make a purchase that they otherwise might not be able to afford.
A spokesperson for the organization also pointed out that there are many homes for sale, which means that there are plenty to choose from in all price ranges. Brochure printers can create informational publications that give those who are buying a home for the first time the information they need on navigating the process.
According to the RBC, this trend towards lower home prices is expected to continue through the 2015-2016 fiscal year.
