Today's public perception of real estate is varied depending on who you talk to. Like all markets, some would say the sky is falling, while others are so busy seeing an endless supply of opportunities that they don't have time to discuss the doom and gloom theories. Instead they are capitalizing on what is in front of them.

There are a number of reasons why 2009 is a very good time to buy real estate in Calgary and before we accept the glass-half -empty mantras, it is wise to evaluate all of the considerations involved.

First, the story in Calgary this year is selection.

Calgary currently has 9,947 properties for sale by REALTORS® on the multiple listing service (MLS®), with many more being sold privately.

It seems everywhere you look, houses are for sale and buyers have their pick of the best.

Those of us who have been in Calgary for a few years may remember back to years like 2005 when there were as few as 1,500 houses listed on the MLS®.

If so, the enormity of the current selection, and what those numbers mean for buyers will be more apparent.

Because there are so many houses for sale, sellers are more open to terms and conditions from buyers.

This makes the process less stressful and can ensure a smoother transaction as buyers have the time required to thoroughly investigate the property before committing to a final sale.

Another important consideration is price. In February 2009, the average single-family home was valued at $415,568, down 12% from 12 months ago when the average single home was selling for $471,696.

For those who held out and did not purchase real estate over the last few years, it is hard to imagine a better reward for your patience than these reduced sale prices.

Not to be ignored for a moment is the fact that we are currently experiencing historically low interest rates.

The bank prime lending rate is the lowest it has ever been at 2.50% and a five-year fixed rate is as low as 3.99% at time of writing.

What this means to prospective buyers is that they can take advantage of these low interest rates, and likely be able to qualify for a larger purchase price too.

Beyond just the market conditions, the federal government has implemented numerous initiatives in its latest budget to further assist new homeowners to make the transition.

Probably the best news for new buyers is the first time buyer's tax credit.

This program allows new purchasers to write off as much as $5,000 in closing costs.

Utilizing the entire deduction would result in a $750 tax credit to new owners.

Also the Home Buyers' Plan (HBP) limit has been increased from $20,000 to $25,000.

Under these guidelines, first time buyers, or those who have not owned real estate for at least four years, can access their RRSP savings to make a down payment on a home.

The RRSP withdrawal must be repaid over the next 15 years.

For those homeowners willing to roll up their sleeves and get their hands dirty, a tax credit of as much as $1,350 is available for money spent on renovations or upgrades to their principal residence in 2009.

This tax credit is for money spent over $1,000, but not in excess of $10,000.

Funds spent over $10,000 are not eligible for the home renovation tax credit.

There are a wide variety of qualifying renovation projects for both the home and yard. This credit will likely not be available in 2010, so if you have been planning to make some big changes around the house, now is definitely the time to do it.

For those who are willing to see the opportunity and take action, the benefits are huge.

For those determined to wait for something better, it is likely they will be disappointed later.

It is hard to imagine a greater sum of positives in our real estate market, and those who are buying now understand that.

To determine your ability to take advantage of this opportunity market, contact a mortgage broker today to get started. Don't let yourself miss out!