Calgary real estate expected to remain a hot commodity moving forward

The senior analyst with the Canadian Real Estate Investment Network predicts robust home sales and price gains for Calgary for the next 18 months.

Don Campbell tells 660News, recent gains are more than just pent up demand following the flood.

Campbell says city realtors are benefiting from F.O.M.O, which is an acronym for Fear of Missing Out.

He says there is a certain segment of homebuyers who feel if they don’t buy a home soon, they won’t be able to take advantage of historically low interest rates.

Calgary’s vibrant economy, which continues to create jobs, keeps attracting people to the city, and those people are looking for places to live.

Campbell says the only bump on the road moving forward is if city hall fails to address Calgary’s shortage of secondary suites.

He says more secondary suites are needed, especially for those who need more time to put together a down payment.

Monday morning, the Canadian Real Estate Association reported home sales in August jumped by more than 11 per cent, compared to the same period a year ago.

Improved sales in Vancouver and Calgary are getting most of the credit.

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