Calgary's home prices are still unreachable for many, however with the past 12 months of record listings and slower sales - prices have brought many properties within reach of budgets. An example of a recent trade, a one bedroom + den condo that would have sold 6 months ago for $250,000 in Calgary's SW was just sold for slightly over $210,000 after being on the market 90+ days. Several other smaller units that would have sold a few months ago at the $200,000 mark are now sitting (and not selling) in the $170,000 range.
For many first time home buyers, $200,000 to $250,000 is the magic figure for the single income earners. 18 months ago - this price range did not offer much at all. Now, a completely different story. Hundreds of entry level condos are available - many are new, many offer high end upgrades like granite counters, hardwood floors and underground parking.
I (personally) expect to see these prices continue to dip slightly opening up the doors to more buyers yet - the key to a healthy housing market. If the first time home buyers are unable to purchase, the market will halt - something we have seen with this current correction of pricing from our 2006 boom.
If you are a first time buyer who was pushed aside by the recent booom in pricing - you may want to re-look at our current market.
My prediction...hmm...maybe I should not predict? Let's wait until next week. :p