Prices are up and inventory is down – that pretty much sums up the Calgary real estate market right now. Demand is very strong because of high in-migration with a lot of people moving to Calgary from other provinces and countries. They are coming here because there are plenty of jobs to be had here compared to other provinces. When you consider that the vacancy rate for rentals is very low and rents are high, you get another reason for people to want to buy a home, and very low mortgage rates don’t hurt either.
With only 2484 single family homes on the market, house buyers don’t have a lot of choice and they have to move fast. Great properties in good neighbourhoods may have multiple offers if they are priced right, and even mediocre properties will sell quickly if they are priced right. Prices are up by about 9% when compared to a year ago.
As for the condo market, there are 1321 condos for sale, and that includes apartment style condos and townhouses. The frenzy isn’t quite as bad when it comes to condos, and you should still be able to find something suitable for your needs, although you still have to move fast or that great listing will be gone. It all depends on the area and the amenities and what kind of parking the unit has. There are a lot more variables when it comes to condos. Prices are up around 11% when compared to a year ago.
Regardless, of what type of home you want to buy, you need to have your finances ready to go so that once a good property comes on the market, you can take action.
If you want detailed statistics check out the Calgary Real Estate Board’s website here
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