How’s the Market – Supply & Demand Nov 28, 2016
Buyers Market in Condo’s continues in Calgary while Detached Home Sellers enjoy the opposite.
These numbers are slightly skewed because CMHC changed the lender’s insurance rules for mortgages yet again in Oct. This caused a rush of buyers that had to get in before being locked out of home ownership completely.
Now CMHC says they are Thinking about doubling the minimum down payment required which will knock out another huge number of Canadians from buying a home. CMHC must be full of landlords!
Bad news for Condo sellers in Calgary as inventory will pile up more because most first time home buyers are Condo Buyers.
Keeping watch on the supply will help you predict the future of prices as well. Supply goes up and prices go down as sellers fight each other to get homes sold. Low supply and buyers fight each other causing prices to go up.
And keep an eye on the banks as they raise interest rates in the near future.