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'Even with more homes coming to market, conditions remain tight'. Behind the big rebound in Calgary real estate
Dated: April 28 2022
According to industry experts, a rising energy industry, a rebounding downtown business market, and a competitive tax environment for more accessible price point have all combined to promote a recovery in Calgary real estate. Alberta's largest city got off to a fantastic start in 2022, reaching a new high forfirst quarter home sales.
According to the Calgary Real Estate Board's quarterly housing update report, which was released last week, unit sales were up 58 percent year over year, with 9,413 residences changing hands. The previous high was 8,286 in the first quarter of 2007, just before the financial crisis. The city's benchmark price likewise increased by 15% year over year to $496,767.
While improvements lagged behind those in the Greater Toronto Area (18%), Greater Vancouver Area (20%), and Montreal (17%), Calgary's recovery comes after years of home price declines following the Financial Crisis and again during the oil downturn in 2015.
The city's growing popularity is due to a number of factors, the most important of which being inter-provincial buyers from Ontario and British Columbia who have migrated to Alberta as a cheaper remote-work or investment option. One of the factors driving sales volumes, according to the CREB, was an increase in new listings, which increased by 32% to 12,616 units from the previous year. Despite the fact that additional properties are coming on the market, circumstances are still tight by most criteria. Conditions have not been this tight since 2006, which was also the last time that we saw price gains push above 15 per cent.
Michael Waters, chief executive officer of housing developer Minto Group commented that he had been seeing a spike in demand as inventories remain low. The inventories in Calgary are very low, Water said. “It’s definitely in a seller’s market when you look at sales to listing ratios and things of that nature. So, Calgary depending on how you look at it has benefited or been part of the same kind of Canada-wide phenomenon in terms of dwindling inventories of homes to purchase.”
Calgary Market Update - David Magnan" />
While energy is a major driver of Calgary housing prices, it is worth noting that the oil market was less frothy this time around than it was in 2006, implying that the fall will be less severe. The city was also able to diversify its economy and increase its buffer against market shocks.
From a very young age, I had determined that I wanted to be in the eco-tourism / adventure business. I would take small groups of people into communities in interesting parts of the world. I would ass....
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361 Discovery Ridge Way SW, CalgaryAsking price: $995,000 (March, 2022)Selling price: $1,110,000 (March, 2022)Taxes: $6,399 (2021)Days on the market: TwoListing agent: Bryon
According to industry experts, a rising energy industry, a rebounding downtown business market, and a competitive tax environment for more accessible price point have all combined to promote a