Apartment sales are the big storey for April 2024. Sales of affordable and downsizing properties have done very well recently. All categories of homes saw an uptick in pricing with sales to listings ratios still favoring sellers in the Foothills region. There are some headwinds to consider though as we move into the summer months and the remainder of 2024. New construction starts are up over 50% in Alberta year over year which will add some much needed product to the real estate market. See Graph. The resale price curves show some possibility of the upward pressure on price slowing down with more moderate gains to be expected throughout the rest of the year. Total resale volumes are still down 50% from 2022 which means that overall many buyers and sellers are sitting on the fence and not buying or selling right now. Interest rates need to come down to get many of the potential buyers out there to commit and for many sellers to be able to afford to sell and buy something else. With a bit of luck, the timing of hopeful interest rate reduction will coincide with all the new home product being completed and coming on stream. More new homes being built correlates to an increase in the number of resale homes available.
Looking to buy or sell or simply want to chat about the market, give me a call, text or email.
