Real Estate Market in Calgary - What to Expect

calgary real estate market

Whether you’re buying your first home, selling a rental property, or looking to buy something a little larger for your expanding family, we can help you. Our team at The Chamberlain Real Estate Group has years of experience to guide you and direct you towards that perfect home and getting the price you want. But what about the current Calgary real estate market? Is it the right time?

Invariably, we always get that question. It’s a good question to ask. We have to ask it of ourselves as well. What is the right time? Should we wait? Do we have to be concerned about this news report, that market swing, this new banking regulation? Let us help answer some of those questions for you. Below is the latest info on the Calgary Market... Dig in and send us your questions about the market and how we can help you!

How much does it cost to buy a house in Calgary? Search through the infographic below and click or hover over each of the communities to be able to see what the average price is currently. Prices have a drastic range in our city and change based on many variables from location, size of the home, amenities etc.

Here is a quick link to our latest review of Calgary's Real Estate Market 

 

A Closer look at Calgary Real Estate Market

 

February 2021 - Calgary Real Estate Market Update

The first few months of 2021 have been super busy. The real estate market is still on an upward streak!

Like a reset button, COVID has changed all the patterns and holidays we had our whole lives. We were forced to do everything inside our homes. Therefore, more people wanted to right-size and move to a house that best fits their lifestyle.

Housing Statistics in Calgary


The benchmark price for the whole market of condos & houses in Calgary in February was $431,100. It went up about 3.78% from last year. The total number of sales was 1,836, and that’s up 54.3% year over year.

The number of new listings increased by 13%, which made the inventory 4,518. Last year, we came out of Christmas with only 3,670 properties. This is a good sign that more inventory is coming on the market.

We have a great mix of products right now. One client of ours had their condo on the market last year, but no one seemed interested. A few weeks ago, we put it on MLS again, and it went within three days for $10,000 above the original asking price!

Sometimes, there are little pockets of the market that are just waiting for the right property to come on, and it will sell.

Detached Housing Market

The benchmark price for detached houses was $502,500, which is 5% higher than last year. The total sales recorded was 1,123, which is a 65.6% increase year over year.

That is a big jump over the last year! However, it is not surprising at all because we had a very different time last year. All the restrictions made people stay home more and spend money locally.

Will This Market Last?

As vaccines begin to be available, many wonder if this market will continue.

Most employees may soon go back to their offices. While some businesses adapted to recent changes and realize it is more cost-efficient to maintain the work-from-home set up forever.

Analysts are saying that this digital era was pent up for a long time. Finally, it's been allowed to be released because of unprecedented times, and it will be here for a while.

Still, business owners are thinking about the oil economy, among many other concerns. The majority still longs to go back to business as usual. Will the multiple offers and crazy high sales continue when that happens? We don't think so!

Semi-detached Housing Market

The semi-detached market is still going uphill. The number of sales there had increased by 30.2%, with total sales of 181 homes.

The properties have a benchmark price of $398,300, 3.5% higher than last year.

Row Housing Market

The row townhouses saw a 1.24% increase in their selling price, so they're at a $284,700 benchmark selling price. 260 properties were sold, which is an increase of 58.5% year over year.

Apartment Condos Market

The benchmark selling price for apartment condos has finally gone up! Homes in this segment went for around $246,400, a little higher than last year with a 0.78% increase.

With 272 total sales, their year over year jumped by 30.1%.

But remember, these stats are showing year-over-year comparisons. February 2020 was not like this February. This crazy 50% to 60% increase in sales is attributed to the crazy year we just had!

Calgary Market Data for Last 90 Days

According to the Calgary Real Estate Board, 103% of homes listed in the last three months sold! Since November, this is the fourth month in a row that we have seen the number of sales overtaking the number of listings coming on the market.

The City of Calgary is currently sitting at 2.89 months of inventory. There were 4,092 homes in the market, and 4,247 have sold over the last 90 days! Looking at these numbers, the whole city is leaning into a sellers market.

Setting Up for Success!

The market is going up, and we're on an incline. If you’re planning to move in this market, you have to know how to ride to the top. Be ready and set a strategy to win in multiple offers scenarios.

The market data is always changing. The stats are ever-changing. You can’t afford to sit around and wait for the best deal. Call your realtor and start the conversations to prepare a plan because data is not staying the same.

If you have further questions about the market, just let us know. We're here to help, give you get second opinions, be involved in the process as much as we can. Our team is here; we’re ready. You can always reach us at our mainline, 587 316 5400. You can also send an email to info@chamberlainrealestategroup.ca

January 2021 - Calgary Real Estate Market Update

NOW IS THE TIME TO SELL! The Calgary real estate market today is at its peak. The market lacks inventory, and we are seeing multiple offers and prices increasing.

Based on the Calgary Real Estate Market Report, 101% of homes listed have sold over the last three months. That means more houses are selling than what's coming on the market. This is the third month in a row where we see total sales higher than 100%.

Because of this trend, multiple offers have become the new norm. Previously, buyers are the ones who control the game. The market has flipped, and sellers have the power now to select the best deal from multiple interested parties.

Housing Statistics in Calgary

In January 2021, Calgary’s properties had a benchmark price of $423,800. It increased by 1.8% over the last year. A total of 1,208 properties were sold, which is up by 40% compared to the previous year.

Typically, January is not the month people want to go house shopping. Often, this is the time to recover from Christmas, but the holiday season looked very different this past year; hence many were house shopping. We even received emails during Christmas day, so there was not a true break.

The market had 2,246 new listings over the last 30 days. The total inventory now has 4,035 properties, which is 22% lower than last year.

For the whole city to feel like both buyers and sellers are happy, the inventory should be around 5,000 to 6,000. That number provides enough listings to feed the demand. But right now, the demand is way higher than the inventory.

Detached Housing Market

The benchmark selling price for detached homes last month was $492,900, and that was a 2.9% year over year increase. There were 731 sales, which equals to 41.9% increase.

As we traverse through this season, people want more space. Families are having new babies or expecting babies in May, so they need more room.

Most establishments are also limited now, forcing us to maximize our house to support our daily activities. That's why people are moving up to a detached home.

Semi-Detached Housing Market

For semi-detached houses or duplex properties, sales were up by 1.27% year over year, with a benchmark selling price set at $391,300. This category’s sales went up to a whopping 68% because of the 141 total sales recorded last month.

Townhouses

Row townhouse properties have gone up by 0.54%, and they're sitting at a $280,900 benchmark price. Last month, 150 total sales were in this category, which gave it a 33% increase year over year.

Apartments

Unlike the other categories, the selling price of apartment condos dropped. It went down by 0.41%, with a $245,100 benchmark price. But the year over year sales still increased by 26%, with 186 recorded sales.

Condos sales nowadays are interesting. Some people are looking at condos as an investment. Young professionals in their early 20s are looking to own a condo instead of paying rent. This might be a cheaper option because of low interest rates now.

Right-Sizing

There is also a specific market for people who are right-sizing. Some parents are still in a family home, and their kids are gone. Usually, at this time, they would go to a right-sized home for them.

Because as you get older, sometimes you don't want to do yard work or some chores take too much time and effort. You need to have a conversation with your family and partner with realtors who can help you develop a plan.

Now is the Time to Sell

If you're considering selling, this is an excellent time to consider that. There has been a massive price increase, and many buyers are looking at properties. It will help to talk to an agent to understand the current market and create a strategy.

If you have any questions, you can always reach out to us. Send us an email at info@chamberlaingroup.ca or call us at (403) 879-4145.

December 2020 - Calgary Real Estate Market Update 

The real estate market has been very different over the last few months. As we enter 2021, the numbers continue to soar, and things are continuously getting positive.

Our seasoned agents, Jared Chamberlain, Simmi Aujla, Matt Antrum and Alex Weston, talked about their observations in the current market as well as their expectations for the rest of the year.

The Current Trend

The most apparent trend right now is the increase in sales across all market types in Calgary. The number of sales increased by 40% year over year, and the prices have gone up a little bit too.

While sales are increasing, the crazy part is the inventory number is continuously declining. Right now, if the product is good and it's priced competitively, it will sell right away. This has been a consistent theme for the last couple of months.

Because inventory is so tight, multiple-offers-scenario has become a new norm in the industry. Simmi Aujla said it's super critical to have a good strategy when something good comes on the market because it will indeed be gone quickly.

A big part of this trend is the number of buyers sitting on the sidelines waiting for a home to move up to before selling their current place. Everyone is waiting for something, and it's definitely making the market so different from the previous years.

Market Update

In December 2020, the detached house sales increased by 42.5% compared to 2019. That number is super high, and we have never seen such an increase before. Semi-detached houses had a year over year increase of 39% in the number of sales. Townhouses had a 33% increase, and finally, the apartment condos had an increase of 38% year over year.

The December numbers are pretty shocking. It is exciting to see that there is still so much momentum in the market until now. Most people are sitting at home a little bit more and spending less money. This is the reason why people are saving more money for their downpayment fund.

At the end of December 2020, there were only 3,600 listings in the city. Right now, mid-January, we're sitting at 3,733 properties. That number includes townhouses, apartments, condos, detached homes, luxury homes and everything else.

There’s not a lot of inventory, especially for people in the detached home buying market. Only 1,495 detached homes are available, and half of the market is made up of everything else.

Alex Weston observed that many people are taking advantage of this time to move up. Families who have outgrown their condo or townhouse are selling their place to move into a detached home.

The problem is while it's a good time for them to list their house, they've got no place to go. There's not a lot for them to choose from on the buying side.

We harp on this a lot on our blogs because it is so important, you need to have a plan and be ready to go. If you decide on a whim because of the spur of the moment, you will surely be in trouble in a market like this.

Expert Advice

Matt Antrum advises people who are in that move up category to get their pre-approval before anything else. It is important to sit down with your advisor and put a plan in place on how you want to move forward. With a house to sell, the idea right now is to get prepared before you even get on the market.

Ask your agent to get photos done early. Do necessary touchups around the house and get your house staged. This way, when it is time to get on the market you don't have to wait long.

Given the current state of the market, when your house is all prepped up, it can move as fast as 24 to 48 hours. It is really a game of preparation for both buying and selling. Everybody needs to be prepared because the market is intense and it's at a faster pace than what we're normally used to.

The final thing to be ready for is what you can be approved for. Figure that out, and have a preapproval letter. Write a letter about your personal family because you could walk into a multiple offers situation, and you can definitely use that to win.

You can reach out to us if you have any questions about the market in Calgary. Send us an email at info@chamberlaingroup.ca.

October 2020 - Calgary Real Estate Market Update

We reviewed the October 2020 market update, and here are the numbers for all condos and houses.

The benchmark selling price now is $ 422,000, which is up a half percent compared to last year. The total sales number is at 1,764, which is up 22% compared to the previous year.

New buyers come into the market to take advantage of the massive swing in interest rates. Last year’s interest rates at this time were as high as 3.5%, and now it’s down 1.5 to 1.6%. That’s about a 2% difference.

The actual number of new listings went up 3.8%. This is good because there is a momentum in supply and demand. But inventory is not there. We only have 5,800 homes on the market; that's down 12% compared to last year.

There are some opportunities now for sellers. We have some listings with multiple offers. We deal with several backup offers for a single property. It shows that people are looking and wanting to make a move up.

People are not travelling as much, so there’s income that they want to re-allocate for this year.

Builders’ Perspective

An infill builder in our circle raised his concern about the sudden increase in lumber prices.

The cost to build homes now is so much pricier compared to last month. From $40,000 last month, you need to pay $75,000 this month to get a job done. That’s why he decided to hold tight and not build until lumber prices come down because that's eating his profits.

It’s the same thing with siding. The hurricanes took out the biggest North American siding plant. There's a shortage of raw materials; hence, builders are slowing down. They refuse to sell a house with less profit.

Detached Housing Market

The detached housing market is super interesting because the number of sales has increased by 35%. The benchmark price has also increased by almost 2%. This is what's driving our market right now. People are buying into detached homes.

There's a massive opportunity for people coming out of rental situations. They realize that the cost of renting and a mortgage is almost the same and might even be cheaper depending on what they have for down payments.

People make this jump, from that $300,000-$500,000 range to $500,000-$700,000 if things are stable within their household. It's a matter of finding the right home.

Semi-detached Houses

Semi-detached houses are infills and attached type duplex properties. This is another market that increased sales. There are only 174 places, but still, that's 21% more places sold this month versus last year in October.

People want a little more space where they can set up home gyms. They want a yard to sit on while enjoying the sunshine, pretending it’s Mexico.

The prices of detached houses have also dropped down to 395.

Townhouses

The townhouse market value has decreased by about 5%; hence, there's an increase in sales of 8%.

There's a bigger opportunity for people to get into a townhouse right now.

People are interested in townhouses as they usually have three levels, including a basement. It gives a bit more space to spread out versus a condo or apartment-style place.

Apartments

The prices of apartments in Calgary have dropped about 1.3%, and sales have also dropped 5.7% compared to last year.

Some people are rightsizing as life circumstances changed for them. They're going from a house into a condo. The snow flies, and people want to go to different demographics to park underground or be closer to amenities.

Advice to First Time Home Buyers

For first time home buyers, the first thing you have to identify is which community you want to be in. Whether you want a 1960s house or 1990s, both have pluses.

Then, decide on your preferred area. There are many beautiful homes, but you want to be in the right community and want it to serve you well over the next couple of years.

Moving

Buying and selling involve different strategies because the location dictates the process.

Get your house ready to sell and make it look presentable for viewing. Then, work on the timing. You have to balance shopping for a home and selling your house.

The rental market is a lot tighter, as well. For some people who are uncertain about their jobs, they prefer renting for now.

Another reason is migration. Typically, when people move to Calgary, they don't buy homes right away. They'll rent and live for a little while.

Gather Information

Reach out to a realtor to walk you through. It's just right to get information. Everyone's circumstance is unique and different.

Getting a plan is easier when you gather information to move forward. Let us help you figure that out.

It is truly worth having a real conversation with someone you trust, whether we or somebody else. We're not tied to it, but we are bound to make sure you find out information.

Create a strategy with an agent. One of the biggest problems that people can get themselves into is being excited about selling but not knowing where they will go because of the market’s lack of inventory. You need to have a solid plan.

Real estate is one of the people's biggest investments. So why wouldn't you want a plan? We are here to help you create a plan. Email us at info@chamberlaingroup.ca.

 

Calgary Real Estate Market Sources

 

 

Seller Guides

9 Steps to Selling a House

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One of our biggest aids to understanding the housing market in Calgary is the historical data we can see. We can breakdown the home sales in all the 180+ communities of Calgary to determine which areas sell well, where the best affordable options are, and how quickly a house will typically remain on the market.  Read More...

How does Calgary Real Estate Market compare to the rest of Canada 2020 Predictions

We watch the news too. We see what’s going on in the world. Real estate prices in Calgary can fluctuate to favour a buyer’s market or a seller’s market quickly. With careful analysis of the market reports and by keeping an eye on the world trends, we can accurately give you a picture of the current market and how it will affect your decision. Let us take the confusion out of buying and selling your home.  

Check back on this site to see an up-to-date market report that highlights some of the key figures you need to see. This data, direct from the Calgary Real Estate Board, gives you a bird’s eye view of the city and how homes are selling over the course of a 90-day period. That way, you can watch the same figures that we do, knowing that our experience in this market can guide you to the best decision for your family.

Choose the Team with Calgary Real Estate Experience

Here at The Chamberlain Group, our real estate experts will walk you through every step of the way. Our advice and opinions are based on solid facts and evidence of what we see in Calgary’s topsy-turvy market. Come to us for first-hand expertise about buying and selling your home.

The real estate market in Calgary can be fickle. But that doesn’t mean that it is has to be confusing. Let our team walk you through your decision. If you have any questions about the information or you’d like to start a conversation, give us a call at 587-316-5400 or email us at [email protected].

Calgary Information

 • Mayor    Naheed Nenshi
 • Governing body:Calgary City Council
 • Manager    Jeff Fielding
 • MPs:   Bob Benzen
               Jasraj Hallan
               Pat Kelly
               Tom Kmiec
               Stephanie Kusie
               Ron Liepert
               Greg McLean
               Michelle Rempel
               Jag Sahota
               Len Webber   

Area
 • Land    825.56 km2 (318.75 sq mi)
 • Urban  586.08 km2 (226.29 sq mi)
 • Metro  5,110.21 km2 (1,973.06 sq mi)

Elevation
    1,045 m (3,428 ft)

Population
 • City          1,239,220
 • Density    1,501.1/km2 (3,888/sq mi)
 • Urban      1,237,656
 • Urban density    2,111/km2 (5,470/sq mi)
 • Metro    1,392,609
 • Metro density    272.5/km2 (706/sq mi)
 • Municipal census (2019)    1,285,711

 


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