Your Calgary REALTOR® Gives a Market Update

calgary realtor miranda moser

Your Calgary REALTOR® Gives a Market Update

If you’ve been keeping up with Calgary real estate trends, you would know that this year is going to be a busy one! For those who are planning to move to Calgary or re-enter the real estate market, it’s important to stay up-to-date with the latest trends. To help you get caught up, your Calgary REALTOR® is going to go over a market update with insights into some of the most prevalent trends. Follow along below to learn more!

February Market Rundown and New Real Estate Trends

During the month of February, the Calgary Real Estate Board (CREB) reported that home sales rose 23 percent from 2023. At the same time, new listings continued to hit the market. This resulted in a 13.6 percent increase to 2,71. However, inventory was down in February from last year by 14 percent. CREB professionals noted that 2,135 homes sold in February. This marked an almost 50 percent jump in sales dollars to $1.25 billion. 

For those looking to buy or sell their homes, it is worth mentioning that properties only lasted 24 days on average on the market before selling. Compared to last February, this is a 27% decrease in days on the market. With such strong demand and decreasing supply, prices are being driven up. As such, many buyers are turning to unconventional methods to buy a home. 

For example, some buyers have found it worthwhile to purchase a home in a rent-to-own scenario. By doing so, renters are afforded the option to purchase the property before the end of their lease. Other buyers have opted to purchase a home with a family member who is not a spouse or partner. This means co-owning a home with a sibling, parent, cousin or other family member. Another common choice for modern buyers is to buy a property with the intention to rent out a portion of the property to a tenant. Having an income helper has been a primary way that Canadians across the country have been able to navigate the higher-than-normal cost of living. 

Contact me Today!

If you’re looking to buy or sell your home this spring/summer, hire the help of a trusted Calgary REALTOR®! For more information about conducting a real estate transaction 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. Be sure to check back with me next month for more real estate-related information.