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

October 2020 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

We are currently seeing a decrease in the active listings in Calgary which is a great thing, however, not all buyers are finding what they are looking for. If you live in an area where the average price, or the price of your home is under the $550,000 price point, you could see lots of buyers interested.

As we move into November more, we are seeing many buyers coming out of the woodwork. It is a great time to get your home on the market if you have thought about selling in the past. 

 

Seller Guides

9 Steps to Selling a House

You are thinking of selling your house in Calgary but don't know where to start. Here is your complete guide that is ever growing with everything you'll need to know.

Guide to Selling a House

 

Calgary Consumer Confidence in the housing Market

A big part of the background of our job is to have a good sense of what’s happening with home prices in Calgary. We have to constantly be evaluating and interpreting the data about how the market is moving. Is it trending up or down? When we advise you about what we see happening in the market, it isn’t a guess. Here’s a breakdown of some of the factors that help us give you the expert advice you’ve come to rely on.

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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