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Calgary
Real Estate Market News December 2001
STRONG MARKET CONTINUES!
Sales numbered 1,821 in October down
only slightly from September’s record setting pace of 1,869. This
was the strongest October since 1997.
The previous record year was 1997 with
a total of 21,559 units.
Year to date sales as of October 31 are 19,191 and we may very
well set an all time record in 2001 if we continue at this pace.
With an overall shortage of good
quality single family homes and interest rates reaching 40 year
lows, we are now seeing an inflation effect on prices, especially
in the older mature neighbourhoods.
Our best rate mortgages are now at 5.4% for a 5 year closed term.
To put these mortgage rates into
perspective, I’ve enclosed the following table:
(Rate Based at 5.4%, Down Payment at 5%)
PURCHASE
PRICE |
MONTHLY
PAYMENTS |
QUALIFYING
INCOME |
|
$130,000 |
$774.66 |
$2,952 |
|
$140,000 |
$834.25 |
$3,103 |
|
$150,000 |
$893.34 |
$3,355 |
|
$160,000 |
$953.43 |
$3,526 |
|
$170,000 |
$1,013.02 |
$3,776 |
|
$180,000 |
$1,072.61 |
$4,008 |
|
$190,000 |
$1,132.20 |
$4,193 |
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