Calgary’s real estate market has been on the move, and when buying or selling, it pays to know the latest trends. From shifting property values to neighborhood growth and changing demand, the Calgary market can be dynamic, full of opportunities, and sometimes overwhelming. This is where the insight of a seasoned Calgary real estate agent is needed more.
Below, we go into detail about what market trends have the most prominent effect on shaping Calgary real estate today and how they could affect your strategy in buying or selling.
Increasing Home Prices and Low Inventory
The steady rise in home prices is probably the single-largest trend in Calgary’s real estate market over the past year. Poised by high demand and a relatively low inventory level of homes for sale, buyers find homes listing and selling quickly, often above their asking price. This trend, therefore, means that it is an excellent opportunity for sellers to net top dollar for houses; to buyers, it implies that when one needs a home, one must be ready to act fast.
Shift to Suburban Living
Another trend that reshaped the real estate market in Calgary was the ever-growing demand for suburban homes. With so many people working from home and preferring space over proximity to the office, suburbs started to become the hot spots.
Houses are bigger with larger yards; thus, they are more private and can usually offer access to outdoor amenities.
The Rise in Popularity of Condos
While suburban homes are in high demand, Calgary’s condo market has expanded. As the city offers more mixed-use developments, walkable communities, and lifestyle amenities, many buy into the convenience and affordability of condos, mainly in the downtown areas. A real estate agent Calgary has experience in the condo market and will be able to take you to the buildings that offer the best long-term value, low condo fees, and amenities that, in the future, will be in demand by other buyers or renters.
Fluctuations in Interest Rates and Affordability
When the interest rates are at their lowest, buyers enter the market, increasing demand and prices. A real estate agent in Calgary can help buyers understand how to work out interest rates, the effect that rate has on affordability, and what type of mortgage will serve best, given the current market conditions. Interest rates go up, and that may well dampen sellers’ markets.
However, a good agent can still position your house for a quick sale, taking advantage of the other favorable trends that apply to demand for the property or location.
Trends in Green and Sustainable Housing
Buying green is more popular than ever, and homebuyers are looking for homes with eco-features that include solar panels, energy-efficient appliances, and upgraded insulation, among others. A Calgary real estate professional will be able to tell which upgrades in sustainable living are the most sought-after and how those upgrades will impact resale value. For buyers, this real estate professional can identify homes that fit these values so your next home is green-friendly and future-proof.
The market is full of opportunities- shifting demands and increasing the importance of sustainability- but simultaneously, it is very competitive. Take in knowledge from your local agent and stay ahead of the trends to make confident decisions aligned with your real estate goals.
