October 2020 Market Update

Posted by Jared Chamberlain

October_2020_Calgary_Real_Estate_Market_UpdateAs we enter into colder months, one would think that the market should slow down. Given everything going on, we see the opposite. There is great momentum in the market right now. Many Calgarians are making moves within Calgary instead of making holidays and travel plans. The fact that the inventory has decreased over 12% compared to last year indicates how tight the market is. When we see that tied with an increase in sales by 35% for detached homes, 21% for semi-detached and 8.5% for townhomes, we are in a shortage of options and inventory.

Buyers

If you are in this market and looking to purchase, depending on your price point, be prepared for multiple offers. If you see a home that will work well for you for the coming years and crosses off many of your 'must-have' items, you should jump on it. It could be a while till another home like that comes on the market.

Sellers

Step 1- If you are considering selling and buying in the same market, download our Moving Up guide as this will help you prepare and determine how to do that.

Step 2 - discuss with your real estate agent about how it looks for you in your situation about buying or selling first as this is a real conversation you MUST have as you don't want to be homeless because you sold your home too quickly and there's nothing available for you to purchase.

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