Calgary Speaks Volume About Canada Housing Market’s Future Direction, Expert from SMI Brokers Explains

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Marcus Arkan, CTO of Syndicate Mortgage, Sheds Light on Calgary Housing Market’s Consistency and Resilience and Explains How It Affects the Direction of Canada Housing Market

Calgary Real Estate Board shared current statistics for home sales and prices this March. According to the official numbers shared in the monthly report, Calgary resale market topped the previous record for average sales prices this February. Mortgage Expert Marcus Arkan analyzes the current stats and presents a forecast based on effects on Calgary’s figure on the overall Canada Housing Market.

While prices are on the rise, CREB also reported a dip in home sales this February. As reported by the Calgary Herald on the 5th of March, overall year to year drop in Calgary home sales was 1.27 percent. Sharing his analysis of the current numbers, Mr. Arkan said, “The change is almost insignificant when compared to other areas where the difference is almost 30 percent. However, what makes it significant is the fact that Calgary has remained resilient and stable throughout the last few quarters regardless of what was happening in rest of the country.”

As for the prices, CREB reports that the average sale price for single family home reached $518,452. This was, according to Calgary Herald’s article ‘Calgary resale housing market sets all-time record for average sale price’, a new record after it hit $452,589 in 2007.

CREB’s official data shows that prices increased in almost all the categories of housing, including residential homes, single family homes, condo apartments and townhouses. The most significant increase was noticed in single family homes. The condo market remained slower with only a 4.62 percent year to year increase.

Mr. Arkan stated that market activities in Calgary are higher as compared to other cities, because Calgary is still affordable. “The reason is Alberta’s growing economy. A number of people are now moving to Calgary and due to better economic situation, the sales of expensive property over the $1 million mark is higher. Looking at this fact, we can right now hope that Calgary will keep a balance in Canada’s housing market,” Mr. Arkan said.

As an expert mortgage broker, Mr. Arkan further added that there are currently no signs of a rise in Canada mortgage rates. However, he added, that in case mortgage rates shall increase, the Calgary market is still resilient enough to remain unaffected.

For more information on Canada mortgage rate and housing industry, visit the website Syndicate Mortgages.

About Syndicate Mortgages Inc.
Syndicate Mortgages Inc. is one of the leading Canadian mortgage brokerage firms. Founded in 2008 in Ontario, the company specializes in residential, commercial and construction financing across Canada. With years of experience and expertise in the mortgage industry, and access to an array of lending institutions across Canada, Syndicate is known for finding the best mortgage rates for their customers. Syndicate has branch locations across Canada. For contact, please use the following details.

Contact Details
Syndicate Mortgages Inc.
http://www.syndicatemortgages.com
Toll Free: (888) 646-1062
Email: info(at)smibroker(dot)com

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