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.
