Calgary Sets New Record in Luxury Home Sales

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Syndicate Mortgages Expert Presents an Analysis of the Latest Numbers from Canada’s Hottest Housing Market

According to the Calgary Real Estate Board stats, Calgary luxury home sales for the month of October topped 2007’s record of 458 by one more. These numbers include the sales of homes worth over 1 million in Calgary. Marcus Arkan, CTO of Syndicate Mortgages compared these statistics with the numbers from other major metropolitan cities and presented an analysis of factors that have led to a continuous boom in the Calgary luxury market.

According to Mr. Arkan, stronger sales are largely and indicative of improving economy in Calgary. Calgary Herald reports that the booming luxury home market has contributed in keeping the overall resale market in a better position. The total single family home sales in Calgary went up 23.3% compared to a year ago. The same source also reported that the prices have also elevated by 6.95 percent reaching $437,109 this October.

Mr. Arkan said that stronger sales despite higher prices is good news especially after the stricter mortgage policy introduced in July. Sharing some of the reasons behind the Calgary luxury market boom, he said, “Calgary is witnessing auspicious growth in terms of economy, employment and migration. The reason people are buying luxury houses is because they are able to afford them. Moreover, realtors have now got a good grip of their prospect’s mind and we can now see plenty of luxury homes in the market. So, with a lot of homes to buy and a lot of buyers who can afford to buy, the market is currently in a perfectly balanced position.”

Mr. Arkan attempted to direct the attention towards the fact that Calgary’s economic situation has remained strong for more than year now. However, he said that homebuyers have taken this much time to establish confidence in the market. “This is a well-though decision. The momentum is building and that is why we can hope that favorable conditions will last longer in the Calgary market,” Mr. Arkan added.

On the other hand, Canada Real Estate Association (CREA) reported a 15% drop in sales in Canada. According to Mr. Arkan, contrary to Calgary’s situation, most of the major markets including Toronto and Vancouver are vulnerable and sales are expected to plunge further during the last quarter of 2013.

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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.

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Syndicate Mortgages Inc.

Toll Free: (888) 646-1062

Email: info (at) smibroker (dot) com

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