It’s been said that the future of the housing market depends on first-time buyers, and it stands to reason that the market requires a healthy supply of entry-level buyers to enable the move-up buyer to sell. According to the latest statistics, the future looks terrific.
Compared to last year, April sales to first-timers are up 63%.
Overheard on the GreaterFool.ca today…
Garth, it seems the calgary market is very stable in fact. The prices fell about 10% back in 2008 and they haven’t moved much since then. Calgary still has a lot of new people moving in so I don’t see how prices can drop until in-migration slows.
To be exact, the median price dropped from $439,000 to $374,700 which is -14.6%. It has recovered to $420,000. Today, we are down 4.3% from the peak, but are up 12.1% from the low point in Jan 2009.