After years of a severe housing shortage and many buyers being shut out of the market, the times are changing in Canada’s housing sector.
As Calgary realtors Anna Kaufman and Rut Kaufman-Aronovich were gearing up for a busy weekend of showing houses, they told Global News a new kind of clientele is emerging.
A few years ago, the new side-by-side in the community of Logan Landing that they were showing off on Friday would have attracted buyers aiming to upsize from a condo or buyers looking for an investment property to rent.
But Kaufman-Aronovich said it’s now attracting a new kind of buyer. “We’re now seeing a lot more new buyers who’ve never been in the market before.”
Realtors say the federal government’s GST rebate for first-time home buyers and a softening of the rental market are the big reasons for the change.
Data from the Canada Mortgage and Housing Corporation shows rental inventory is on the upswing in Calgary — with 3,100 available units in March.
That’s a 15 per cent increase from a year ago and the situation is similar in other large Canadian cities.
“The amount of time it’s taking to find tenants has greatly increased to about 45 days,” explained Shamon Kuresh, of the Calgary Residential Rental Association.
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“We’ve found the vacancy rate has increased drastically, now sitting at about five and a half per cent.”
At the same time, the average rental price is down by nearly the same rate in Calgary, sitting just below $1,800.
The Canada Mortgage and Housing Corporation says the number of homes for sale in Calgary has increased at the same time rental rates are on the decline.
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And Calgary’s rent-to-income ratio is lower than other comparable markets, like Edmonton or Vancouver.
“Why rent when you can own?” asked realtor, Len T. Wong. “You’re seeing some of those people get into the marketplace (and) interest rates right now are pretty good.”
Wong, who’s spent years working in the local real-estate market, said it’s also opening up more inventory because “a lot of the people who were buying for investment purposes aren’t getting the same rate of return (so) now they’re selling the property.”
That’s opening up opportunities for people who might not have thought it was possible.
The Canada The Canada and Housing Corporation says there are approximately 15 per cent more listings in Calgary this month than during the same month last year.
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“It’s super exciting,” Kaufman Aronovich said. “Before, we’d be looking at a townhome, maybe a condo, depending on what part of the city you’re in. But now you can go down to a suburb, they have a front yard, they have a back yard.”
While industry experts don’t have a crystal ball to predict how long the correction in the market will continue, Kaufman has some advice for those thinking of taking the leap.
“Prices might go up, prices might go down, but the time might be perfect for you.”
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