Overall Sales in Calgary are down to levels not seen in 5 years even as the city continues to grow. Detached home sales are at 10 year lows as buyers move to more affordable apartment/townhouse or duplex style properties. There has been huge increases in the construction of multi family style homes combined with large rental accommodation projects. This has effected the resale of apartments in the city as smaller investors exit out to take advantage of the recent price gains. The north east area of Calgary has seen the largest downturn in sales volumes effecting the overall market stats for Calgary. Okotoks continues to outperform the surrounding communities of Calgary. High River is holding steady with typical sales volumes seen in 2018/2019 and in par with last year. Given the unrest world wide and in other areas of Canada, Southern Alberta is doing quite well.
April 2025 Calgary and Foothills County region inventory rises
Inventory levels of homes listed for sale have basically doubled since last year, balancing the market which generally favours neither buyer or seller. Pricing is holding steady but the rest of the year is hard to predict. To state the obvious, we are in an unprecedented volatile unstable global economic time. If you are buying and selling in the same market conditions, it’s all relative. If you are a first time home buyer, make sure you have a 5-10 year plan as that will generally ride out market shifts and change. The good news is our region continues to attract new people and we continue to grow as a province and region. As long as that trend continues, which all predictions say it well, then our real estate market relative to other regions in Canada should do ok.
Calgary’s population has increased 24% over the past 10 years adding 320,000 new residents. In the past 4 years, due to affordability, we have seen an large increase in Row Housing (townhouses) and Apartment sales and new construction projects. This trend will likely continue. Nationally there will be a push to see increased affordable options such as adding suites and laneway small modular rental or extended family home installation. This maybe possible on a large number of properties in Calgary. The County of Foothills, in 2024, have made it possible to add a secondary detached or attached suite of up to 1,400 sq ft on all properties. I’m happy to meet to discuss this opportunity.
Prices go up ? while inventory increases and relative sales decrease!
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.
