Real Estate prices continues to climb in all sectors of the Foothills Region of Alberta. Inventory shortages, lower new building permits being issued, big net migration of people to our region has created the perfect storm for our current real estate market. High interest rates have changed what people buy, however, relative to many other parts of Canada, real estate is still cheap here which is what is pushing up prices. From 2019-2022 our region did not see the price gains that the rest of Canada saw so it many ways, we are just catching up. There is one bright spot for buyers however. If you have over $1.5 million to spend, there are some deals to be had. In the Foothills County, there are 64 acreage homes for sale over $1,500,000 with only 4 sales in June. The city of Calgary has 210 homes for sale over $1.5mil with 52 sales in June. To find out more market specifics as it pertains to you, contact Tim Jones as he would be happy to explain things further.
Alberta welcomes 180,397 new people in the past 12 months!
Wondering why our housing market continues to have tight supply conditions? Consider the fact that Alberta’s population was 4,703,772 as of April 1, 2023, an increase of 4.5% from the year prior. During the last 12 months, Alberta welcomed 123,935 net international migrants and saw a net inflow of 56,462 interprovincial migrants. Many people have chosen southern Alberta, with a good influx from Ontario and BC. The attached housing stats reflect the total provincial gains in price. It should be noted that the Foothills region has fared much better with healthier price gains than Edmonton and many northern communities.
May 2023 Foothills Region Real Estate Prices Continue to Soar.
Calgary and region inventory of homes remains low with prices reaching new highs. Sales volumes are slightly behind last year for May. Demand continues to outpace supply which until that changes, there will be continued upward pressure on price. We still remain one of the most affordable big centers to live in Canada and this is driving net migration. Stay tuned for June results. So far, 3 weeks into June it looks like the trend of short supply vs sales continues.
Homeownership attitudes reflect recent strength of housing market
The following article in the Calgary Herald was originally published May 12th. I was asked to quote on the overall strength of the market and attitudes of Albertans buying this year. 2 min read.
Homeownership attitudes reflect recent strength of housing market