January Market Update
Just a few thoughts, a few predictions, and a few reflections. We’d love to hear yours too!
Good always seems great after things have been bad. And like so many of us, when you’ve experienced the bad, we can better appreciate every little bit of good that happens. As we stop today and look ahead, we will make a few predictions, but only after I say: Holy sh!t, this is awesome because yes, it’s been bad. Bear with me as I explain.
First and most importantly, it’s awesome that we’re connected and that we’ve all come so far in so many areas.
Thinking about last year, and the last few years actually, there were many moments when health wasn’t ideal, finances were tight, and goals faltered, and we all probably fell short it some way. It happens. Sometimes it can become more than we think we can handle, but we do. Lots of those moments in this lifetime, actually.
“Just remember, the sweet is never as sweet without the sour, and I know the sour” – Vanilla Sky, 2001.
I didn’t have it easy growing up and most of what I remember (though I work hard to forget) is that the future and opportunity is sometimes hard to imagine. Calgary had a rough few years around 2015-2021 and if 2020 taught us anything, it’s that nobody really knows what is going to happen in the future. But regardless of not knowing, we still have to plan for the future so here are a few predictions for next year.
- Calgary real estate benchmark price went up 5.77% in 2023
- Prediction: Calgary could climb another 10% in the next year or so.
- Net migration numbers for Alberta in 2023 were over 200,000
- Prediction: 2024 will be even stronger than 2023. The secret is out, Alberta is a great place to live.
- Interest rates climbed in 2023 ending at overnight rate of 5% and prime at 7.2%
- Prediction: no more or minimal increases but rates will stay higher for longer.
- Prediction: when interest rates go down, home prices will rise.
With inventory levels remaining at less than two months supply, which is really like one month of supply as there rest is not-so-good, and with the data above, Calgary should be a solid investment with it comes to real estate.
Our last prediction for the year, predicted with 100% conviction, I predict that our team at Plintz will get out of bed early, be grateful for what we get to do, and will work harder than ever to help you make great decisions if you’re buying, selling, or investing; or anything else that we’ve got within our means to assist you with. That I can guarantee for the year.
Detailed market update statistics from the Calgary Real Estate Board for December 2023 are available HERE.