September Real Estate Market Update 2022

Alberta is booming.

Now is our time.

Real estate will rise. 

Sales and prices are pulling back throughout many areas of Canada but Calgary is not Toronto or Vancouver – we wear cowboy hats and love to drink shafts. In July, year-over-year sales prices went down 5 percent in Canada but in Calgary, we were still up 12 percent. Calgary is thriving and that’s good news. But what’s the deal, why is this happening?

It’s easy to explain as it has not been easy for Calgary or Alberta for quite some time.   We are late to the real estate party. Vancouver and Toronto showed up at noon, their prices skyrocketed quite some time ago. Calgary on the other hand is still getting ready.  We’re still putting the final touches on our outfit and might show up soon.  The bell will strike at some point for every market but we’ve got a bit of time to party yet while other cities are turning out the lights.

Okay, it’s a weird analogy but the point is it has not been easy in Calgary, or for Alberta, for a very long time.  Alberta was feeling the effects of a recession with less construction, fewer jobs, and less spending for many years which lead to lower real estate prices.

Now as we recover, we are back on the map with higher employment, better infrastructure, and more migration leading to a stronger real estate market. And when the other cities became too expensive, want-to-be homeowners were investing here in Calgary.

Other major cities experience a massive real estate boom but now are experiencing the pullback and correction. That’s what happens.  We corrected in 2015 and are now just adjusting to rates, inflation, and all that everyone else is experiencing on top of their corrections.

If Covid taught us anything, it’s that nobody knows for sure what the future will bring but the numbers are painting a pretty clear picture for Alberta real estate prices. 

When we look at the basics around supply, demand, economic indicators, and what makes Calgary and Alberta so amazing it’s not hard to see. 

Prices will go up, they may go up slower, but they are not going down. Homes will be more expensive in the future. Condos & townhomes are catching up too.

This is a great place to be and now is our time. 

If you’re waiting on rates to go down, eventually they will but by then houses are going to be more expensive. This is likely the best price if you’re going to buy a house and when interest rates go down, refinance. But don’t not buy a home waiting on interest rates to come back down because in 5 years, that money would be better spent on equity and interest than on rent. 

With all that said, when it comes to YOUR personal real estate and real estate decisions, we’d love to assist and give you advice on your situation as real estate advice is not a one-size-fits-all. We are here to help you assess what is best for you in regard to buying, selling, and investing.  Let’s connect!