Current Mortgage Rates in Calgary – What You Need to Know

Current Mortgage Rates in Calgary – What You Need to Know

There are several things to consider as you look for the right lender to issue your mortgage loan and to help ensure you get the best mortgage rates Calgary can offer. Current mortgage rates in the Calgary area are set to maintain strong sales and a strong home buying market through the rest of 2014 and well into 2015. This means that more homes will be bought and sold in Calgary and it will continue to rank among the top cities in Alberta in terms of mortgage rates and home values.

The Calgary housing market continues to be hot and according to the CMHC total housing starts are expected to increase 16 per cent in 2014 before moderating in 2015. The spring forecast released by the Canada Mortgage and Housing Corporation shows an increase of 14,600 units in total housing starts in Calgary in 2014 and 13,500 for the year after.

The following stats from CMHC shed some light into the growing housing market of the Calgary Area:

Calgary Single-detached:

  • Has seen a 3% increase in 2014 and will have only a slight decrease next year.
  • Slowdown in 2015 is likely to be a normal slowing of the booming trend and there is a strong chance that it will pick up again and start growing in a few years.

Calgary Multi-family:

  • Predicted to see an almost 30% jump this year, is the strongest growth the Calgary housing market has seen since 1981.
  • Experts say that a rise in construction in 2015 will keep the numbers from growing much higher but future years could see even more growth as new apartments and condos begin construction.

Calgary Resale transactions:

  • MLS(R) residential sales are expected to reach 32,100 units in 2015.
  • The price for residential homes is forecast to rise 5% to a healthy $459,000.
  • Few active listings and high demand will continue to keep prices high well into 2015.

The Calgary housing market is poised and ready to see continue growth, especially among first time home buyers and young couples looking to start their own families. Though the trend is expected to slow somewhat over the next year or two, Calgary is still in a good position to be much higher in home sales and is set to be offering much better mortgage rates and values than the rest of Alberta. With this strong growth and expansion in the housing market, you need to skilled experts from to help you search for that perfect loan at the perfect rate. It is easy to get started and you have nothing to lose and everything to gain- including the best mortgage rates that Calgary can offer!

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