August Real Estate Market Update 2023

The Calgary real estate show will indeed go on, and let’s delve into the timeline.

You’ve likely encountered the adage: every boom is inevitably followed by a bust. This sentiment holds some truth, yet it lacks specificity. The “when” and “how long” remain unaddressed. We won’t attempt to provide those answers, but we’re committed to enhancing this perspective.

At Plintz Real Estate, we acknowledge the cyclical nature inherent to real estate, with timing the market proving to be an intricate challenge. For now, Calgary’s real estate market remains in the spotlight, and the show, as they say, will go on.

Calgary home prices have risen for seven consecutive months. This may sound impressive, ordinary, or mysterious, depending on how you choose to read it. Yes, seven months of gains are incredible, but they also hint at the beginning of a much longer cycle. In the real estate world, trends often unfold over 3-7 years up and 2-3 years down.  Said differently, the average upside is twice as long as the downside. So get in earlier rather than later while it’s going up and try not to have to get out while it’s going down. Calgary Real Estate Stats August 2023

It’s essential to reiterate that we are presently seven months into this upward trajectory.

When you look at how Calgary’s market has lagged behind other cities in Canada, its potential for growth becomes apparent. All signs, from hard statistics to anecdotal evidence suggest the same.

Still, we urge you to focus on facts, not opinions, and keep a discerning eye on the media – though Trudeau’s separation is indeed noteworthy.

Back to real estate – what factors point to an extended boom? Look no further than net migration, employment growth, strong commodity prices, and the undeniable allure of Calgary’s infrastructure, weather, and culture. These elements collectively hint at the continuation of the current upswing.

With just 1.32 months of supply, the pickings in the market are slim. If you spot a gem, it won’t stick around for long. A valuable find won’t remain available for long. This underscores the pivotal role of a proactive real estate team to guide you, emphasizing the importance of a team that guarantees continuous availability. Rental properties also show great promise given the growing population and a shortage of rentals. But remember: invest wisely, choose carefully, know the rental boom won’t last forever, and partner with experienced real estate professionals.

There is inventory but it keeps getting snapped up. Interestingly, while sales are down by 18%, it doesn’t point to a market cooling off. Instead, it reflects the simple fact that fewer houses are available to sell. So, the prices will climb.

Here at Plintz Real Estate, we stay proactive and prepared for all market conditions. We’re here to help you navigate the twists and turns of Calgary’s real estate market, ensuring your journey is as smooth and profitable as possible.  As always, call anytime!

Detailed market update statistics from the Calgary Real Estate Board for July 2023 are available HERE.

Contact us directly for the stats on Airdrie, Cochrane, Rockyview, Bighorn, or other areas in the Calgary region.