If you’re in the market for a new home in Calgary, no doubt you’ve been paying close attention to real estate listings and prices. There are always new trends that influence house sales and it can be quite difficult to predict where things are going.
Here’s my read of the current trends in our fair city and what we might expect on the horizon for 2022.
Right now, there’s a scarcity of properties for sale in Calgary. There are several typical reasons for that related to the time of year.
Going into the winter season, it’s natural that the number of listings on the market will be fewer. People are looking forward to the holidays so they’re going to wait to put their home up for sale if they can.
Property owners are also occupied with preparing their dwellings for the colder months. This could be cleaning up gardens, making some outdoor repairs, clearing out storm drains and eavestroughs and more.
It’s common for indoor maintenance and improvements to be made now, too. They may be sprucing up the guest room for company or taking on a minor renovation. People are spending time indoors and want to make their surroundings comfortable.
Demand is up
Canadians are moving to Calgary from elsewhere in the country. Whether they’re coming from British Columbia, Ontario or somewhere else, our city is attracting a number of new residents.
These individuals may be first-time buyers or they might be moving up to a larger house using some of the real estate equity they’ve earned. On the whole, buyers recognize that owning the family home continues to be a solid investment in their future. Current mortgage lending rates are another reason demand is strong.
The pandemic is having an ongoing influence in the real estate sector. Granted, some property owners have encountered financial difficulties and have had to take on new employment to pay their mortgage.
However, a large sector of the workforce has been able to do their jobs from home and this has made them quite mobile. As a result, there’s still a trend for families to move to more desirable cities while income earners adjust their working arrangements.
And, when people need a private office space in their house as well as enough room for the children to attend school virtually from home, it has a definite impact on what they want in a property.
Supply is predicted to improve as new construction keeps up a steady pace. Going into the spring, you’re apt to notice an increase in re-sale houses. This is when homeowners who’ve been waiting through the winter to sell normally decide to list their properties.
Demand doesn’t appear to be slowing down at all and the present seller’s market is expected to stay. Plus, the city may be welcoming more newcomers in 2022 as pandemic boarder restrictions loosen and the country deals with a backlog in immigration.
The Calgary economy is quite robust, boosted by rising oil prices. A strong economy means a strong real estate sector.
Understandably, you want to make sure that you can find your dream dwelling at an affordable price. This is where I come in.
As my clients will tell you, I am prepared to work tirelessly to help you find that great family house or condo. Reach out to me today with total confidence.