October 2024 Calgary and region real estate sales see slight gains

The Calgary real estate market experienced some slight gains in October after a couple months of decline. The entry and mid level markets still favors the seller. New housing starts have slowed down which means the market should stabilize somewhat as we head into the winter months. US election day is tomorrow and once the dust settles on that influence on our markets, we will get a better picture of the short and medium term outlook.

As I have felt for years now, High River offers the most to gain in increased real estate values. There is still great value for the $$$ there and the town offers a quieter lifestyle. However, if you commute to Calgary or even Okotoks for work, shopping and play, It makes sense to consider total cost of ownership and consider lifestyle in general.

Inventory Grows and Sales drop off - Seasonal Expectations

It’s that time of year again when we normally start to see sales drop off as we head into the fall and winter months. The overall market has moved into a much more balanced state. The days of the crazy multiple offer are diminishing unless of course, it is a hot property and/or priced aggressively. Approximately 38% of all September sales in Calgary sold for list price or higher. 18% of the properties sold for over list price with the assumption being that there were multiple offers on the majority of those sales. It is a good reminder for sellers as our market shifts downward to price fair out of the gate. A few factors effecting sales and inventory over the next could months is the up coming election in the US, world wide events such as the escalation of war in the middle east, oil prices (Alberta) and interest rate drops expected in the near future.

First time buyers should start to see some relief. For everyone else, it is all relative if you buy and sell in the same market.

Q2 2024 population growth for Alberta

Population growth is a big driver of real estate transactions both for new builds and the residential resale and rental market. Alberta was the only province to register significant net gains from interprovincial migration, adding 9,654 people in the second quarter. Nova Scotia posted the next highest net interprovincial gains at 1,266. This was the eighth quarter in a row that Alberta registered the highest net interprovincial gains. Natural increase added 4,669 people in the second quarter, the balance of 13,004 births and 8,335 deaths. Alberta had the highest natural growth rate amongst the provinces at 0.1% among all provinces.

Your new home awaits.