28 Feb Navigating the Current Market With Help From a REALTOR® in Calgary
Just as predicted, the Calgary housing market is off to a busy start. New data from the Calgary Real Estate Board (CREB) has indicated that the housing market will remain in favour of sellers for the majority of the year. If you’re interested in buying or selling a home, knowing how to navigate these conditions will be critical. To help you get a better handle on the current market, your REALTOR® in Calgary will be going over a brief update. Follow along below to learn more!
What’s Happening With Real Estate in Calgary?
As mentioned above, Calgary is going to be in a seller’s market for the bulk of this year. However, CREB has eased homeowner tensions by noting that conditions won’t be as tight as they were in 2023. This is thanks to move-over buyers, a strong workforce, and anticipated listing growth.
For buyers who struggled to enter the market last year, 2024 should present better opportunities. As lending rates come down and inventory improves, room will be made for eager buyers to re-enter the market. However, until the housing supply grows, the seller’s market conditions are likely to persist. As a result, experts are predicting the cost of housing to rise, which will eventually drive supply growth. Moreover, buyers and sellers should prepare for a price growth of just over six percent for residential properties.
In 2024, Calgary residential sales are expected to hit approximately 28,000. This number is slightly higher than last year’s total residential sales of 27,416. The amount of sales and average home price are all riding on the slow-down of interprovincial migration. With so many people moving to Calgary from other parts of Alberta and Canada supply cannot keep pace with demand. Experts warn that this will be the biggest risk to Calgary’s real estate market in 2024.
Contact a REALTOR® in Calgary Today!
If you need help navigating the current market conditions, enlist the help of a trusted REALTOR® in Calgary! For more information about buying or selling in this city, contact me today. I’d be happy to help you achieve your 2024 real estate goals. Don’t forget to visit my social media for the latest updates and more. Additionally, be sure to check back with me next month for more real estate-related information.