What’s Happening in the Calgary Real Estate Market Right Now?

There’s no doubt that 2022 was a very tumultuous year for real estate in the city. Whether you were in the market to sell your home or looking to purchase a property, things moved fast with individuals vying for scarce listings, bidding wars and both houses and condos selling quickly.
So, it’s no wonder that people keep asking me about the current status of real estate in Calgary. Here’s what I know for certain.

The current cost of housing

According to the benchmark price from the Calgary Real Estate Board, the median price of a home in Calgary has risen by 4.9% in the last year. Overall, the average price stands at $451,250. Detached dwellings are averaging $639,000 while condos are selling for about $283,000. Prices have gradually decreased from the very high levels seen in the spring of 2022.
With the recent increases in mortgage lending rates, understandably, some buyers are looking for more affordable properties and that can put additional pressure on certain sectors of the market.

Fewer homes on the market

The number of properties listed for sale is normally lower during the winter months than at other times of the year. Having said that, there are other forces at work and Calgary has seen a 31% decline in the number of listings over last year.
Although sales have recently gone down, the number of listings has dropped even faster. At the end of 2022, there were 2,214 properties listed and that’s an unusually low inventory. It suggests, in part, that sellers may be waiting for the market to heat up again before listing their home.
It may also interest you to know that 29,672 homes were sold in the city over the course of 2022, largely due to a very active market early on. Despite fewer homes being listed at the moment, there is still a robust new home construction business in Calgary.

What this means for buyers and sellers

If you’re thinking of selling, it can be a good move to list soon. Home prices are softening and it’s difficult to say when they may rebound to earlier levels. Plus, rising interest rates continue to have an influence on the number of people house hunting with more Calgarians opting to wait.
The best time to purchase basically comes down to personal circumstances and affordability. Keep in mind that the city continues to draw new residents from other parts of the country and this can put added pressure on both the real estate and rental markets.

In closing

Let me know if I can assist with the sale of your house or help you find a property. And, if you’re unsure I’m only too happy to give you my best advice. I look forward to hearing from you!