Calgary’s population increased 2.86% over the past year, higher than the boom year of 2007. Where will they all live?
These statistics go a long way in explaining the torrid pace of home sales this spring. Total residential sales are up 21% this year, with an increase in price of 2.1%.
The total population of Calgary is now at 1,120,225, and that was at April 30, so it will be much higher by now.
Growth for growth’s sake isn’t always a positive thing. The large influx of people creates many challenges; ie suburban sprawl, more traffic, along with a need for spending on schools, health care, recreation facilities, etc. Are you pleased that Calgary is growing? Is it a net benefit to you and the city?
Here’s the story from the Herald Calgary’s population again on the rise
Also in the Herald: Nature of Calgary neighbourhoods changing, new census results reveal
The impact on house prices of new mortgage rules
Meanwhile, the City of Calgary Corporate Economics predicts the new mortgage rules(lowering amortizations to 25 years) will mostly impact the market for homes under $300,000. It states…
“The Calgary housing market has two active sectors, entry level and move-up level. Low priced entry level housing will be affected most by this mortgage rule change. We anticipate a price drop in the below $300,000 market of about 8% as a result of this mortgage rule change. Houses valued at or above $450,000 should experience little downward pressure while houses priced over $700,000 will experience none.”