Since 2012, the benchmark price of a detached home in Calgary has gone up $197,000. In Greater Vancouver in the same time frame, the benchmark price has gone up by $1 million. What was $435,000 in 2012 is now $632,000 in Calgary. What was $1,065,000 in Vancouver in 2012 is now $2,037,000. We gained 45% over that time, Vancouver gained 91%. I think the big thing to consider is not just % gain but the actual total price gain. We live in one of the most reasonably priced areas in Canada and Alberta has a great outlook. Just a little positiveness for your day and be grateful you aren’t a first time home buyer in Greater Vancouver or trying to do an upsize of your home there.
Calgary and the Foothills Region Real Estate market starts to level out.
As predicted, the crazy times we experienced this year have started to level out. It is still a sellers market with 1 to 2 months inventory depending on product and area. We were way overdue for a price increase after 15 years of up’s and down’s and basically no growth overall in that time frame. I feel positive about Alberta’s economic outlook in the years ahead and feel Real Estate is a great investment and we shouldn’t fear to media’s “recession in 2023” talk.
Population Projections for Alberta and how it effects Real Estate - Alberta
Alberta is poised for a great future. Our economy will, as always, have its up’s and down’s but over the longer term, the provinces entrepreneurial spirit and quality of life will promote population growth which in turn will be one of the main drivers of a healthy real estate market. Good advice from a professional in the real estate business on buying and selling over the short term will become important as our market shifts to a more balanced one over the course of the remainder of 2022. Please feel free to reach out as I am always happy to help in guidance; be it a renovation project, upsizing, downsizing, buying your first home or simply investing in real estate.
Sales volumes drop from early spring highs and prices level out in May 2022
Demand remains strong with limited supply for buyers, however, price gains have levelled out in Calgary and home inventory is starting to creep up. I predict that the remainder of 2022 will continue to see good real estate volumes and by the fall of 2022 we should start to reach a balanced market for supply and demand.
