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Understanding Calgary Real Estate Market Of Near Future In Light Of Prevailing Trends

Aug 17, 2007
People are often querying about forecasts regarding the Calgary, Alberta housing market. This is especially requested for with regard to the frenzied Calgary real estate market prevailing for a little time now. The print and other media have been providing information suggesting that there is a bubbly situation in the Calgary, Alberta real estate market. These, however, do not hold much truth and the real estate market in Calgary is both predictable and healthy i.e. worthy of investing in safely.

Now, the average prices of single family homes in Calgary have been rising some 38 percent over the past one year. Similarly, the prices of condominiums have been increasing too and recording a 36 percent hike over a year's time. The reason for such hikes is oil, say experts. Alberta is home to the largest recoverable crude oil reserves apart from the countries of the Middle East and Calgary is perceived as the oil capital of Alberta. There is a presence here of perhaps all oil exploration and development companies and also of most of the service companies. Thus real estate or property is in great demand here for housing the offices and personnel of such companies.

In recent times owing to a number of factors the prices of oil have risen to record highs. This is also expected to be volatile in the near future though the political instability and unrest and similar other causes for the temporary short supply of oil leading to its record high prices may fade away. The point is that in the near future under no circumstance will oil be coming at the cheap rates it used to come at one time.

This calls for an unprecedented economic boom for Calgary, an oil center in the near future. This will bring about further increase in the influx of people. At present such people coming in are either being employed directly with oil related companies or associated with support and service industries.

However, with excess people coming in property availability for accommodation is dwindling. So, prices of real estate are becoming really high and people are even willing to pay large over-list prices. All this implies that if you contemplate buying property in Calgary then the sooner you buy the better it is. If you proceed to make the purchase even 6 to 9 months later then you will be paying out substantially greater amounts.
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Jason Uvios writes about on Understanding Calgary Real Estate Market Of Near Future In Light Of Prevailing Trends to visit :- canada alberta affordable housing program , alberta estate real remax and alberta real estate find homes
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