Calgary Market Updates

Calgary Market Update and Forecast

Let’s take a look at the current market conditions for Calgary Alberta, and what we think may lie ahead. Let’s hear from Leigh Middleton, the market strategist for New Homes Alberta.

Calgary Market Forecast for April 2024

If you’re eyeing the Calgary real estate market, whether you’re an investor or looking for your next home, there’s much to be excited about as we dive into 2024. Lee Middleton, a seasoned realtor with New Homes Alberta and a savvy market strategist, recently shared an in-depth analysis of Calgary’s current market trends and what’s expected as the year progresses. Here’s a breakdown tailored for you.

The Current State of the Market

As of April 2024, Calgary’s real estate landscape continues to thrive, with property prices climbing steadily on a year-over-year basis. A key factor to note is the significant decrease in supply and inventory, which, coupled with robust demand, has led to an increase in prices. What does this mean for you? Calgary remains a seller’s market, with properties, be it new constructions or resales, being snapped up rapidly.

What's Hot? Row Houses and Apartments

Affordability is a prime concern for many buyers, and it’s no surprise that row houses and apartments are becoming increasingly popular. These properties not only offer an affordable entry point into the market but also promise strong sales and price growth due to sustained demand. So, if you’re looking to make a purchase, these property types could offer great value.

Migration and Population Growth: A Closer Look

Despite an expected slowdown, migration to Calgary remains strong, bolstering the real estate market further. The city’s appeal lies in its affordability, lower taxes, and the allure of living close to the sunny vistas and mountains. This steady influx of new residents ensures a vibrant market and supports long-term price appreciation and rental demand.

Employment Growth and Economic Resilience

Beyond its natural charms, Calgary’s economy is robust, fueled by employment growth in the professional, scientific, and tech sectors, alongside the traditional energy sector. This diversification not only makes Calgary resilient in the face of economic fluctuations but also underpins a strong real estate market.

Looking Ahead: The Market Outlook

For those of you considering buying or investing in Calgary, the outlook is promising. With no significant job losses or spikes in unemployment on the horizon, Calgary’s market is poised for sustained growth. The city’s economic prosperity, low taxes, and continued attraction for businesses and entrepreneurs make it a hotspot for real estate investment.

Calgary vs. Edmonton

Comparing Calgary with its neighbor, Edmonton, the former stands out as the hotter market. While Edmonton is finding its balance, Calgary’s real estate scene is buzzing, with lower inventories and rapid sales marking its strength.

Calgary's Edge Over Major Markets

When juxtaposed with larger markets like Toronto and Vancouver, Calgary shines through with its lower price volatility and stable growth. This stability, coupled with affordability and lower transaction costs, positions Calgary as an attractive market for buyers and investors alike.

Key Takeaways for Buyers

In such a fast-paced market, being prepared is key. Ensure your financing and other essentials are in order to swiftly act on potential deals. And remember, in a market as competitive as Calgary’s, readiness could be the difference between securing your dream home and missing out.

As we move further into 2024, Calgary’s real estate market continues to offer exciting opportunities for those ready to dive in. With a vibrant economy, diverse employment sectors, and a strong demand for housing, Calgary is not just a place to call home but a wise investment for the future.