Alberta continues to grow and attract new people to our province. There is a short, medium and long term effect on real estate when this happens for both rental and home ownership demand.
Up and Up :: Calgary and Regions Spring 2024 Real Estate Market
As summer approaches, the long spring market that started in February looks to continue the upward price trajectory for a few months yet. More inventory is just starting to come online. New housing starts are up considerably which once this product hits the market and fall approaches we may see more inventory. However, we still have net migration coming to our province which means market conditions will continue to favour the seller. Apartment and townhouse sales are the big story due to affordability and also availability. There is very little inventory for homes priced under $600,000 in the region. With interest rates starting to come down, some current home owners may be able to finally afford and qualify to port their mortgages and make a change in home ownership which will provide some much needed inventory. Overall, sales volumes are average (past 10+ years) and for detached homes, are about 50% less than a couple years ago.
Okotoks continues to thrive and grow. Rural acreage properties are very popular and are looking great with all the recent rain.
What’s your home worth and are you thinking of making a change ? Call me to discuss and make a plan. If you are thinking of selling over the next couple years, now is a great time to have me come by to take summertime pictures to save for the future. There is no cost for me to do this for you.
Quoted in Calgary Herald regarding Townhouse market
Check out this recent article in the Calgary Herald. It is always nice to be asked for my advice on the market in our region.
https://calgaryherald.com/life/homes/calgarys-row-housing-sees-fastest-price-growth-in-canada
April 2024 continues upward trend in home prices for the Calgary and Area Region
Apartment sales are the big storey for April 2024. Sales of affordable and downsizing properties have done very well recently. All categories of homes saw an uptick in pricing with sales to listings ratios still favoring sellers in the Foothills region. There are some headwinds to consider though as we move into the summer months and the remainder of 2024. New construction starts are up over 50% in Alberta year over year which will add some much needed product to the real estate market. See Graph. The resale price curves show some possibility of the upward pressure on price slowing down with more moderate gains to be expected throughout the rest of the year. Total resale volumes are still down 50% from 2022 which means that overall many buyers and sellers are sitting on the fence and not buying or selling right now. Interest rates need to come down to get many of the potential buyers out there to commit and for many sellers to be able to afford to sell and buy something else. With a bit of luck, the timing of hopeful interest rate reduction will coincide with all the new home product being completed and coming on stream. More new homes being built correlates to an increase in the number of resale homes available.
Looking to buy or sell or simply want to chat about the market, give me a call, text or email.
