04 Jul Calgary Real Estate Boom Causes Prices to Rise
Home buyers in Calgary who put their real estate goals on hold last year are likely regretting their decision. In a year’s time, the Calgary real estate market has exploded. And, with this explosion came a jump in prices and a decline in inventory. This has left many local buyers unable to find a home that suits their budget. As real estate supply continues to fall, inventory is struggling to keep up with the high demand. In this article, I will be covering the recent Calgary real estate boom and provide you with some tips on how you can find a property when inventory is low. Continue reading below to learn more!
The Calgary Real Estate Boom + How to Move Forward With Your Real Estate Goals
Demand for Calgary real estate continues to grow as statistics show a rise in sales for apartments and condominiums. In fact, in May 2023 residential sales have been on par with those in 2021 and 2022. Unfortunately, this large boom in sales has been coupled with staggeringly low inventory levels. Thus, giving the seller the upper hand once again. Such tight market conditions have driven up the price of real estate.
So, what happens if you’re a buyer who needs to find a home in such a limited market? The first thing you’ll need to do is get some information. Having a good understanding of the market conditions is essential. Especially, when trying to buy in a seller’s market. To get the right information, it is recommended that you work with an agent.
The second thing that you need to do, is get familiar with your budget. How much can you afford? How far are you willing to stretch your finances? These are key questions that you need to be able to answer. Understanding your budget will help you make quick decisions and put in strong offers.
Contact me Today!
For more guidance on what to do when buying in a seller’s market, contact me today. I’d be happy to help guide you through the buying process! For more information on the Calgary real estate boom, be sure to check back next month. Additional advice and support can be found on my social media page here! Feel free to reach out with any questions or concerns about buying real estate in Calgary. I look forward to working with you in the near future.