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Calgary, a vibrant city in the province of Alberta, has been experiencing steady growth in its real estate market. As of May 2024, the Calgary real estate market shows a continued trend of rising home prices and decreasing affordability. With 3861 active properties for sale, there is a high demand for homes in the Calgary area.
According to recent statistics, the average home price in Calgary is $612,772, with detached homes seeing an average increase of 12.4%, semi-detached homes increasing by 16.9%, townhouses increasing by 16.6%, and condo apartments increasing by 13.6% year-over-year.
Despite these rising prices, home sales have declined slightly by 0.9% compared to the previous year. This can be attributed to a need for more supply in the market and increasing unaffordability for buyers.
To put it into perspective, the benchmark home price has increased by 9.5% year-over-year, reaching $605,300. This rapid price rise is causing concern for consumers seeking more affordable options.
In terms of affordability, Calgary's housing market is becoming less accessible for many prospective buyers, with June 2024 seeing a record low mortgage rate of 4.44%. As such, consumers are turning towards lower-priced options to enter the market.
With such a dynamic real estate market, buyers and sellers must stay informed about current trends and statistics. By keeping track of the market updates, sales history, and inventory levels, individuals can make more informed decisions when buying or selling a home in Calgary.
If you are considering buying or selling a home in Calgary, it is important to understand the current market conditions. Here's a current overview of the Calgary housing sector:
As of May 2024, the average price for semi-detached homes in Calgary had reached $702,960, a significant increase of 16.9% from the previous year. This is higher than the benchmark price of $678,000 and indicates a high demand for this type of property
However, despite the rising prices, the number of units sold has decreased by 7.2%. This could be due to some buyers' inability to afford them or a shortage in supply
The average price for single-family detached homes in Calgary has reached $822,873, showing a significant increase of 12.4% from the previous year. This is higher than the benchmark price of $761,800 and indicates a high demand for this type of property.
Despite the rising prices, the number of units sold has decreased slightly by 6.8%, indicating a possible decrease in buyer demand or shortage in supply.
As of May 2024, the average price for townhouses in Calgary has reached $473,913, showing a significant increase of 16.6% from the previous year. This is higher than the benchmark price of $462,500 and indicates a high demand for this type of property.
Despite the rising prices, the number of units sold has increased by 8.7%, indicating a continued strong demand for townhouses in Calgary. However, there has also been a significant increase in new listings by 22.6%, suggesting that supply may be catching up to demand.
As of May 2024, the average price for apartments in Calgary has reached $349,154, showing a significant increase of 13.6% from the previous year. This is higher than the benchmark price of $340,500 and suggests a high demand for this property type.
There has also been an increase in units sold by 5.8%, indicating sustained demand for apartments in Calgary. However, there has also been a notable increase in new listings by 21.9%, suggesting that supply may be catching up to demand.
As of May 2024, condo apartments comprise a significant portion of the Calgary real estate market.
Compared to other major metro areas in Canada, such as Toronto and Vancouver, where condo apartments have been a significant part of the housing market for some time, Calgary has only recently seen an increase in demand for this type of property. Two years ago, condo apartments made up close to one-seventh of total home sales and a much smaller proportion of sales volume in dollars due to their lower prices. However, in just two years, they made up close to one-third of homes sold in the Calgary real estate market.
If you're considering buying or selling a home in Calgary, you may have questions about the current market conditions. Here are some frequently asked questions and their answers:
While prices for some types of properties may have decreased slightly, overall, house prices in Calgary are continuing to rise. The average home price has increased by 9.5% year over year, and the benchmark price has reached $605,300 as of May 2024.
It is always important to consider your financial situation carefully before making any significant purchases. However, with housing prices expected to continue increasing in the coming years, it may be beneficial for buyers to enter the market sooner rather than later.
Based on current market trends and statistics, the outlook for Calgary's real estate market in 2024 is positive.
The average price for residential homes sold has increased by 9.8% compared to the previous year, indicating a high demand for properties in Calgary. Moreover, the sales-to-new-listings ratio suggests it is currently a seller's market in Calgary, with more potential buyers than available properties.
As per the current real estate market scenario, Clagry is currently in the 100% seller market.
If you are looking to make a long-term investment, now could be a good time to invest in real estate in Calgary. The current market shows a high demand for properties, and with the city's steady growth, home values are likely to keep going up over time.
The real estate market in Canada is expected to continue to grow in 2024, with the national home price projected to rise by 2.3% to $694,173. This indicates a positive outlook for buying a house in Canada in the upcoming year.
While the market conditions in Calgary may be favourable for buyers now, it is important to remember that the real estate market can be unpredictable and subject to various economic factors. Conducting thorough research & consulting with experts before making significant investments is crucial
Disclaimer: This information provided in this post should not be considered investment advice. It is recommended to consult with licensed real estate professionals like Udo & Company before making any real estate investment decisions.
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