Real Estate Market Calgary: 2024 Outlook

calgary real estate trends

Real Estate Market Calgary: 2024 Outlook

Happy New Year everyone! The Calgary real estate market is looking promising this year for buyers and sellers alike. To help you get started with reaching your real estate goals, I am going to be going over a market outlook for properties in Calgary. From projected prices to national trends, I’ll cover it all in the article below. Continue reading to learn more about what to expect from the Calgary real estate market in 2024!

What to Know About The Real Estate Market Calgary This Year?

1. Prices Will Be On An Upward Trend

Calgary home prices are rumoured to grow in 2024. National trends indicate a resurgence in property prices, reaching levels seen before the pandemic. Calgary is expected to align with the country’s average in this upward trajectory. At the end of 2023, homeowners and experts both saw steady growth in the price of homes. This trend is anticipated to continue throughout the new year. According to BNN Bloomberg, Calgary aggregate home prices are set to outpace all major markets in 2024, growing by 8%. Thus, reaching an average price of $711,612.

2. Demand is Going to Surge

With home prices going up in other provinces, Calgary is anticipating several move-over buyers to settle in. Even though costs are rising in the city itself, it remains more affordable than other major cities like Vancouver and Toronto. This combined with the opportunity for investors will equate to a year of high demand.

3. Potential for Lower Interest Rates in the Third and Fourth Quarters

Another item worth noting in this year’s market outlook is the change in interest rates. Experts are saying that rates should remain steady throughout the first half of 2024. Thus, allowing Canadians to adjust to the new normal. However, in the latter half of the year, there has been chatter about rates being cut modestly; potentially presenting more opportunities for residents to enter the market!

Contact me Today!

For more information about this year’s market outlook in Calgary, contact me today. I’d be happy to help guide you through the buying or selling process! Be sure to check back next month for real estate-related blog content. 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.