Here are the numbers you need to put yourself in a position to win.
A lot of people in Calgary are confused when it comes to the real estate market. Should you buy or sell now, or should you just hold on? There’s a lot of conflicting information out there, and most headlines are designed to elicit a strong emotional response. People see what’s happening in Toronto and Vancouver, signs of inflation, disruptions to the supply chain, and more.
What’s the truth? Are we playing a deadly game of “Red Light, Green Light” a la Squid Game? I’m going to go through all of the important info with you today.
The thing to remember with all of these statistics is that they are averages. Averages can be dangerous because your feet could be in the oven while your head is in the freezer.
For example, sales are down in Chestermere by 15%. However, parts of Calgary are seeing an average of a 25% increase in sales. Calgary is up 10% in price, whereas Okotoks is only up about 5%. It really depends on where you are in the Calgary region, what your situation is, and what your style of home is.
From a macro perspective, Calgary saw an increase of 8.9% in price year over year. Most of that average comes from single-family detached homes, which were up by 10.5%. Semi-detached homes were up 8.9%, rows were up 7.3%, and apartments were up 0.4%.
If you look at the district sale numbers, the City Centre only increased 3.9%. With so many people working at home these days, they’re moving into the outskirts. That’s why North West Calgary prices are up 10.5% on average.
Home prices were trending up for most of the year, but the mark has gone a little sideways. However, supply has dropped with it. I expect the strong demand for homes to continue, and I anticipate prices will remain strong for the next few months. We’re not quite sure what to expect in spring for now.
In Airdrie, they had a 14.5% increase in sales, with most of those happening in the $300,000 to $400,000 range. Arkran hasn’t seen as large of a bump. They’re only up about 5%, but the $300,000 to $400,000 price range is strongest. In Chestermere, although sales are down, prices are still up about 10%. In Okotok, prices are up 5.4%.
Just like with any game, there are always going to be statistics and ways of winning and losing based on those statistics. If you have any questions or want to learn how you can win the real estate game this year, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.