Simply put, right now is a fantastic time to buy a new home in Calgary. It's a buyer's market, meaning, as a buyer, you are likely to have a lot more options and opportunities available to you when it comes to buying your home.
New home builders in Calgary have plenty for you to choose from and are ready to help you find your dream home.
Good News if You Want to Build or Buy New
According to the Calgary Real Estate Board's (CREB) 2018 Calgary Economic & Housing Outlook mid-year update, "many new home builders have become more aggressive with their pricing to pull demand toward new products versus resale homes." This is great news for you because you can take advantage of amazing builder promotions! Plus, with lots of inventory to choose from, you can find the brand-new home you really want - even one that's almost complete or move-in ready!
While it may be true that the real estate market in Calgary is still recovering, as economic development rises so will market conditions. New home builders are focusing on clearing their inventories to bring some balance back to supply and demand.
More People are Moving to Calgary Again
Another interesting finding from CREB is that they saw a net migration of 11,588 people in Calgary's 2018 civic census. That is well above the original estimate of under 2,000 people. More people are moving here, which is good news as they look to put down roots and fill up rental vacancies or look to buy homes.
When the supply goes down, the market will start shifting back into a seller's market. If you make the choice to buy a new home now, you can get a great deal and be confident in your decision as housing prices start to go up again.
Interest Rates Are Still Very Low
Calgary’s market has been a seller’s market for the past few years. Low inventory levels and high demand tipped the scales in sellers’ favours. Now, we have higher inventory—buyers have more choices and more time to make a decision. This tips the market in the buyer’s favour. Add in low lending rates - 3.89% for a 5-year fixed mortgage rate at BMO - and you have a great situation for home buyers.
First-Time Buyers Get a Boost
Now is a great time to stop renting and buy your first home. You still have access to great government programs like the First-Time Home Buyers' Tax Credit (HBTC), the Home Buyers' Plan, and the GST/HST New Housing Rebate - all designed to make homeownership easier and more affordable.
Calgary Realtor Ron Carriere states:
"It is also a great bonus for first time home buyers, many who have been forced to rent due to low inventory levels and higher prices. They are now enjoying the perfect storm with great choices because of increased listings, low-interest rates, prices in the resale market favouring buyers, and attractive incentives by home builders.”
Ready to Find Your Perfect Home?
If you would like to take advantage of this fantastic buyer's market in Calgary, NuVista Homes has some terrific options for you. Feel free to browse our inventory of quick possession homes, find your favourite home plan, and explore the communities we build in. You can also contact us here and we will be happy to answer any questions you may have.
*Originally posted May 28, 2015, updated Jan 8, 2019.