In Canada Calgary was known to be a developed city few years back where more than a million people reside
. Before 2008 it was a craze amongst people to owe a house at this place but with the beginning of 2009 the value of its property seems to fall down quickly and it has affected Calgary real estatee badly. It has become a buyers market completely because selling prices of houses have come down. Unfortunately it was a considerable fall in real estate business; which leads to reselling of houses. According to RBC economic research, the proportion of pretax household income required to service the costs of owning a home. It indicates that incase the proportional value is more then it leads to less affordable home. There are several factors which lead to the downfall of real estate market such as the present economic condition of the place force people to not even think about owing a house in Calgary.
Due to worst economic condition the rising interest rates is responsible for deterioration in job rates, which spreads unemployment in the city. Moreover the negative immigration of Alberta is the one more reason for the negative change in Calgary real estate. Increasing demand for Calgary houses has compelled people to move on to different regions of Alberta. You must know that one third of them tend for illegal immigration. U.S and Canadian economic outlook was not stable which was also responsible for taking market to this position. Due to all these factors, there seems to be strict mortgage regulations and residents was not getting loan easily on the basis of property in Calgary. All the banks were not sufficient to provide loans to the people which have resulted in to extreme downfall in Calgary market. As far as future aspects of this market are concerned then you must know that it has certain chances to grow up.
Increased interest rates and job prospectus can take Calgary real estate market at a higher level so you never know what can happen in future.