Toronto, Ontario (PRWEB) March 20, 2013
Calgary housing data for the second month of 2013 was recently published by Calgary Real Estate Board. The data indicates a 7 percent increase in average home prices from a year earlier. Marcus Arkan, CTO of Syndicate Mortgages, pointed out that the Calgary luxury home market is playing a vital role in prices. Adding that prices have had little impact on affordability, Mr. Arkan predicts that Calgary has the potential to attract newly rich buyers as Alberta’s economy continues to bloom.
Mr. Arkan’s point was also backed by major news sources including CTV News. In an article published on 1st March, CTV broke the news of Calgary’s most expensive home sold at $10.35 million. According to Anne-Marie Lurie, CREA’s chief economist, the city’s luxury housing market is currently on the rise. However, CBC reports that Anne-Marie rejected Fitch Rating’s claim about the Calgary market being overvalued.
Mr. Arkan stated that as an experienced mortgage expert, he agrees with Anne-Marie’s statements. “Real estate market is unpredictable but I have seen enough ups and downs to speculate the direction of a particular market. The Calgary Market has gone through a lot of price correction since 2007. While the prices are likely to increase, the pace of rise will remain slow and steady.”
He further added that Alberta’s thriving economy is attracting people and investors. An article published by Globe and Mail on 6th March also reveals that the number of high net worth individuals (individuals with net assets worth more than $30 million) will rise by 35 percent over the decade. This will result in rising demand of luxury homes. Mr. Arkan predicts that Alberta’s consistent growth and economy will make it one of the most attractive places for rich people.
A real estate market report published by TD Economics last month also dubbed Calgary as the ‘Lone Star shining in Canada’s Real Estate.’ The report shows a 14.3 percent sales growth in 2012 and a 38.2 percent rise in housing starts. On the other hand, home sales in Saskatoon and Winnipeg, both of which are also experiencing positive economic growth, have dropped 5.5 and 6.9 percent respectively.
Mr. Arkan stated that he is positive about the future of Canada’s overall luxury home market. However, he emphasized the importance of professional consultation regarding home prices and mortgage rates. For more information, please visit the website http://www.syndicatemortgages.com
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.
Syndicate Mortgages Inc.
Toll Free: (888) 646-1062