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What’s The Real Estate Market in Calgary Doing?

What’s The Real Estate Market in Calgary Doing?

posted in Mortgage News

The real estate market in Calgary has been incredibly busy up until now, and looks set to continue that way. With the ongoing health pandemic, Canadians have been forced to alter everything about their lives, and with lockdowns and curfews in place for many weeks, their priorities have shifted towards their homes, and making them as comfortable and livable as possible.

Calgary’s current housing statistics

In February of this year, the benchmark price for the real estate market in Calgary was $431,100, an increase of 3.78% from the previous year, with total sales at $1,836, a rise of 54.3% year over year.

New listings increased by 13%, making the inventory 4,518, and the indications are that more inventory is set to come on to the market.

What about the detached housing market?

At 5% more than last year, the benchmark price for detached houses was $502,500, with total sales at 1,123; a 65.6% increase year over year.

And the semi-detached housing market?

Still on an upward trajectory, the semi-detached housing market saw a sales increase of 30.2%, and the total number of homes sold came in at 181.

The row housing market

With a 1.24% increase in their selling price, row townhouses are at a $284,700 benchmark selling price, and with 260 properties sold, the market saw a rise of 58.5% year over year.

The properties have a benchmark price of $398,300, 3.5% higher than last year.

Apartments and condos

Having finally gone up after months of waiting, the benchmark selling price for these types of homes was around $246,400, a slight increase of 0.78% compared to the previous year.

What does the future hold for Calgary’s housing market?

It can be difficult to accurately predict whether Calgary’s real estate market will continue in this vein, as a lot depends upon the speed of vaccination roll-outs and whether businesses will continue to adopt remote working as standard, or force employees to return to offices. Expert analysts say that the new digital era influencing homeowners today has been due for a long time, and predict it will remain for some time to come. Canadians will continue to look for functional homes that can give them everything they want, while the oil economy remains at the forefront of many business owners’ minds; hoping things will go back to normal soon.

For a more detailed analysis of the housing market in Calgary today, talk to those who know it the best: realtors and mortgage brokers. Schedule a consultation with a professional who knows the industry and the market inside out, and you could bag yourself the perfect Calgary home, whatever the future holds!

 

Mortgage News

12 dJul, 2021

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