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April 5, 2010

What is going on with the Calgary [development map] real estate market?

According to The Calgary Sun:

“Calgarians paid 12% more for the average house last month than in 2009, thanks to a mad rush to buy before rising mortgage rates, say realtors.

Statistics released from the Calgary Real Estate Board reveal Calgarians were paying more for their homes and condos last month compared to the same time a year ago.”

Wow.. Sounds like a mad rush! But, wait… is it a good time to buy? Not according to Garth Turner, who says of Calgary:

“….a city where a flood of listings, swelling mortgage rates, zero job growth and inflated houses selling for 5.1 times income all but guarantee an emerging buyer’s market.”

So… Do you buy now? List now? Who know! Just make sure you do your own research, and don’t just read the newspaper stories and don’t simply trust the Realtors.

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