We’ll post Calgary real estate market updates here, for 2021.
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Stats are updated the first week or so of the following month.
2023 Stats
2022 Stats
2020 Stats
2019 Stats
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FEBRUARY 2021
So, the news is all about real estate these days.
“The market is HOT!”
“Things are flying.
“Yes the market is a lot busier compared to where things were. But what are the actual drivers of the activity and more importantly, what does that mean?
Let’s talk data, then causes, then ramifications.
Feb 2021 vs Feb 2020
Sales are up 54+%
New Listings up 13+%
Total Listings down 20+%
Benchmark price almost +4%
This is for the whole market.
Of course detached, semi, townhouse and apartment numbers are all a little different.
The really interesting point are the drivers to this re-found frenzy.
1 – The incredibly low interest rate. It is at historic levels and even if it goes up a bit, it will still remain low relative to the past. This is allowing new buyers and those up for renewal to take advantage.
2 – COVID concerns have kept a number of people from selling. This has kept the inventory low relative to the above uptick in buyers.
3 – People are no longer feeling quite so tied to a location (eg. downtown) with the movement to the working from home phenomenon. So many more people are looking at bigger homes farther from the core with a yard, etc. like never before.
4 – There has also been an uptick in people saving money due to the restrictions on lifestyle (less eating out, less travel, and less job expense). This has equated to more money for down payments for some.
5 – COVID showing restrictions are a real thing. In the past, one could overlap showings making accessibility to each property easier. Today, we cannot do that, making access to the properties more restrictive. This creates a sense of urgency in buyers and that urgency is infectious. Add to that, the further time restrictions with people working from home and suddenly you have buyers who cannot get into the homes they really want to see.
Most importantly what does this all mean?
As a seller, things are moving faster, however the homes that are the most well prepared prior to selling are moving the quickest. Still. But, be prepared to leave your home for extended periods of time as the showings get racked up back to back to back. And, please dont think your realtor isn’t working as hard. Fielding more calls, organizing showings etc is at a frenzy too.
As a buyer, if you are serious, you need to be prepared to view a lot of homes and when the “right” one comes along, strike. Also, be prepared to enter into a competition. The odds that you will be competing and therefore have to put your best foot forward with a single shot are higher than they have been for a while. As to your agent, they will be (or should be) preparing with pricing data on every home you visit. And, it might take 10 viewing requests to get 5 in the queue.
If you are looking to move from a townhouse or apartment into a detached home, you might be having to pay a higher than the recent past price at the same time your condo is a bit flat as far as pricing goes.
Through it all, ensure you have your financing in place. It will give you a leg up in the race to find the right home. And remember, as the economy opens up, more homes will hit the market, so try not to panic.
If you want to know how you specifically might be affected by this surge, let us know. We can sit down with you and discuss all of your options.