Calgary - most suited destination for immigrants to own up the property
by Guneet S - February 13, 2010
Calgary, Canada, February 13: Home prices in Calgary and Victoria registered a record decline in the months of November and December.
This was revealed by the latest figures of Statistics Canada.
However, the price rise is expected in the coming times making the housing market make a modest recovery. This will happen in the wake of increased demand and less supply of houses and will get boost by low rates of Canada house loans. The New Housing Price Index increased 0.4 percent in the month of November and December, as was estimated.
Calgary also offers the right mix of what an immigrant from Asia looks for before moving to Canada. IN fact most Immigrant consultants or attorneys advise clients of moving to Calgary as one of the potential destination.
A senior market analyst in Calgary for CMHC (Canada Mortgage and Housing Corp.), Richard Cho, stated that there is a clear evidence of increased demand for housing as the economy of the country progresses towards betterment resulting in increased Canada house investments.
Statistics Canada stated that there were monthly decline of 0.2 percent in the new housing price index of Victoria and Calgary which was in strong contrast to the rise in the new home prices by 0.4 percent(on monthly basis).
Meanwhile, the index for the country saw a drop in the last 12 months by 0.9 percent.
Calgary saw the third highest drop in the new house prices at 3.1 percent, while Victoria’s house prices went down by 8.2 percent.
Nationally, Edmonton’s house prices fell by 9.4 percent between December 2008 and December 2009.
With lower-priced houses, several Calgary builders were initiated to new development projects, the federal agency of Calgary’s price change in the month of December.
Quebec saw the biggest year-over-year price rise at 6.9 percent.
The figures for new house market statistics revealed by the CMHC for the Calgary census metropolitan area revealed that apart from 116 new semi-detached dwellings which fetched $350,987(on an average), $358,198 were received from sales of 33 apartment in the month of November 2009. The average price for the month of November for 521 new single-detached house sales was $474,405.
In January 2010, a decline of five percent was registered(as compared with the month of December) in the homes sales when 762 single family homes were sold, while the sale of condominiums was 376, an increase of 10 percent from the month of December 2009.
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