News
August 2009, Condo Living
Given the economic uncertainty, low energy prices, and fears about an oversupply of homes in the market, the first half of 2009 has been very positive in the new multi-family market in Calgary. Compared to 2008, the new multi-family market has experienced a resurgence in demand as consumers who waited out the market in 2008 began to return to take advantage of improved selection and affordability.
These improvements can be related back to three significant factors; a decrease in mortgage interest rates, a reduction in construction costs, and an increase in the number of readily available homes. The lower interest rates have allowed buyers to more easily qualify for mortgage approval, as well as significantly reduce the monthly interest payments. On a typical townhouse suite, a one per cent decrease in the interest rate can save a consumer over $150 per month in interest alone on a typical 25 year mortgage!
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