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In just the past few weeks, the bill proposing the construction of the Keystone XL Pipeline was passed through Congress for the 9th time, then was down-voted by the senate by just one vote. This is very intriguing heading into 2015, because the Republican Party will once again gain majority control of the senate, and chances are the bill will be passed by the senate soon. After this happens, it will sit on the desk of the president, and he can decide whether to veto the bill or not.
We don't know exactly what's going on behind the scenes, but we do know this: Sometime in the near future, they are going to have to do something with exportation of energy from Canada. The Americans will need it, and the world will buy it.
Now, we aren't experts in the energy exportation market, but we are experts in Calgary real estate, and how certain trends are indicative of the economy on a larger scale. Here is what has been happening:
Through October of 2014, we had 30,000 home sales. This is the same number of home sales we saw in all of 2013, and we expect sales to rise in 2015 as well. Home prices are staying steady right now, but there are two specific markets that will indicate how you will personally be affected. One is the single family home market, where 60% of sales are between $300,000 and $600,000. The other is the condo/apartment market, where the $200,000-$400,000 price range dominates the market. These two markets will be great indicators to look at to understand how the market is shifting.
Going forward, one huge statistic that will be important in real estate over the next few years is the net migration predictions. More than 38,000 people are expected to move to Calgary each year in 2015, 2016, 2017, and 2018. With so many people moving to the area, we are going to see a huge impact on real estate, especially in the two markets mentioned above.
We have a lot of good things to look forward to in 2015. If you have any questions for us in the meantime, don't hesitate to give us a call or send us an email. We look forward to hearing from you soon!
