Guide For Calgary Mortgage
Calgary is a booming city with a population of just over 1 million people
, and access to some of the worlds most loved landmarks and events, including the annual Calgary Stampede. The Stampede is an event that brings tourists from all over the world each and every year, but its not all Calgarys known for and thats why the economy in this city is widely based on tourism, along with a large focus on the oil industry. That alone makes it a great place to live, and Calgary has been growing and expanding for at least the past two decades welcoming newcomers and creating jobs along the way. Its no wonder that Calgarys considered one of the best places to live in Canada.
Still, Calgary mortgages are still some of the most affordable in the country; especially when youre looking to live out West and your other options include high-priced areas such as Vancouver. Heres your quick guide for Calgary mortgages:
The average Calgary mortgage approval is in the amount of $232,931. Thats a fraction of the cost of mortgages in other provinces, and is even below the national average for Canadian mortgages, which is over $300,000.
While Calgary is known as an area filled with job opportunities and prosperity, the average applicant income for Calgary mortgages is $67,252. The average co-applicant income is $46,969.
The average age of mortgage applicants in Calgary is 37.
What most be most interesting is that within Alberta, Calgary holds more mortgages than any other city, with a provincial ranking of 1.
Calgary may have grown exponentially over the past few decades, but its not done yet. As of March 2012, the total national contribution Calgary put into the mortgage market was 6.81%; and that numbers expected to grow to 7.31%.
Interestingly, the month that saw the most Calgary mortgage activity in 2011 was January, a time when people are catching up on their holiday spending and feeling the pinch from that spending. That month however, saw 11.5% of total mortgage inquiries.
What might be even more interesting is that December of the same year, a time when people are actually doing the spending theyll later have to catch up on, saw the least amount of mortgage inquiries with only 5.6% of inquiries coming during the month of December.
Not only is Calgary Albertas largest city, its also one of the best places you could choose to live. Settled in the foothills of the Rocky Mountains, homes here have access to the best skiing, hunting, camping, and hiking opportunities in the country; and its industrial sector is one of the strongest. What might be even stronger than the oil industry however, might be the housing market, which has been known to be growing and expanding a little more each day. And while the city once saw a slight rise in housing prices because of that growth, things have cooled down enough, and much more quickly than its neighbours out West, to make it affordable for any homeowner to enjoy all the benefits of living in Cow Town!
by: Bryan.J
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