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.
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 firstname.lastname@example.org
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.
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.
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.
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 email@example.com or call us at (403) 879-4145.
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.
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.
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 firstname.lastname@example.org.
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.
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.
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
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...
This isn’t restricted data. You can see it too. Below are the latest statistics for all of Calgary’s neighbourhoods. In the Community Statistics infographic, you can click through the data to pick an area of Calgary and browse through the historical listings. Pick a price point, and you can hover your mouse over the individual community to get specific data on that neighbourhood. You can also switch tabs to get to see actual data on days on the market as well as months of inventory. It’s a helpful breakdown that lets you decide the perfect community to buy and sell your home.
You can also click through the listings that are on the market right now. Our Zone Statistics graphic gets into detailed breakdowns by home type and by community. Get up-to-date data on sold and active listings for every available housing option in every community across the city. Again, hover over the graph to see the actual numbers of houses being sold right now. Show Less...
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].
• Mayor Naheed Nenshi
• Governing body:Calgary City Council
• Manager Jeff Fielding
• MPs: Bob Benzen
• 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)
1,045 m (3,428 ft)
• 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
View Larger Map