Over the past 3 months prices have been rising while inventory has increased and relative sales volumes are decreasing. This flies in the face of all basic economic fundamentals, It’s crazy times we live in! The only certain thing I can say right now is as long as you buy and sell in the same market, it is all relative. Professional guidance and knowledge in the real estate market and the factors that effect it are crucial now more than ever. It’s always a good idea to educate yourself on market conditions and hire a firm and agent that has good business acumen and in depth knowledge of all things related to real estate. If you would like to chat about the market, when’s a good time to buy or sell or if you are planning a renovation and want some input, give me a call.
Alberta Q4 2024 Housing Market Notes - Construction continues to respond to soaring demand
Calgary is the least affordable city in Alberta but also has a higher level of new construction. Click on the image below to read the full market report. Some very interesting information here for those that like a bit more in depth look at what is going on in the housing market in Alberta the regions within.
Inventory levels of homes for sale rise well above last year at this time - Calgary Alberta.
Calgary, Alberta, March 3, 2025 – For the second month in a row, inventory levels saw substantial year-over-year growth, rising by 76 per cent to 4,145 units in February. While inventory increases were seen across all price ranges, the largest increases were in homes priced under $500,000; this increase was driven by substantial growth in the more affordable apartment and row/townhouse sectors. The overall months of supply were 2.4, similar to last month but more than double this time last year. Apartment-style units remained the most well-supplied at 3.1 months. There were 1,721 sales in February, which was above historical averages for the month but 19 per cent lower than levels seen last year and significantly lower than the record levels seen in the post-pandemic period. New Listings in February reached 2,830, roughly in line with historical averages for the month. The sales-to-new listings ratio for the month was 61 per cent, higher than historical averages but below levels seen in each of the last three years. “Even though more people listed their homes for sale, there were actually fewer sales than in February 2024. So, we’re seeing the seller’s market of the past two or three years ease off,” said Alan Tennant, President and CEO of CREB®. “In turn, that’s caused the pace at which prices are increasing to slow down a bit, which should come as welcome news for buyers.” The total residential unadjusted benchmark price in February was $587,600, relatively stable compared to late-2024 and roughly one per cent higher year-over-year. Price changes varied across the city, with the City Centre and North districts seeing declines, while the East district saw the largest price growth at over three per cent.
The Spring Real Estate market will likely see volatility given the overall economic outlook with the trade wars brought on by the US. The Foothills region and Calgary itself are still regarded as one of the best places to live in Canada from an affordability standpoint. Perhaps we will also see more American’s move here which will help maintain real estate values.
For more information and insights, please feel free to reach out and contact me.
January 2025 inventory increases across the board for Calgary and area. Prices holding steady.
2025 has started out with a lot of uncertainty. Mostly due to tariff threats and the resulting uncertainty of our economic outlook. Unfortunately, I think this may be our new “normal” for the next few years. As I have always said, if you are buying and selling in the same market, it is all relative. First time home buyers need to think longer term when considering buying today to even out market swings. Inventory levels of homes for sale have risen across the board from last year at this time. Prices are holding steady which would make sense as we have entered into what would be typically called a balanced market. Okotoks, High River, Diamond Valley still have very few homes available for sale which makes these areas more of a sellers market.
I am always happy to discuss real estate, be it renovation advice, when to consider selling or buying, and even estate planning for your real estate holdings.
