September 2022 Market Update

Watch the Headlines

Before we get into the market specifics, I want to talk a little bit about some of the headlines we have witnessed in the news recently. There has been a lot of talk in the news about the real estate market here in Canada with some headlines referencing market cooling, or that prices are expected to see an unprecedented decline.  

The thing these articles have in common is that they talk about the market on a national level, not at a local level.  Most articles that talk about the Canadian Real Estate market will be heavily skewed toward Ontario and BC and what is happening in those two markets doesn’t always apply to what we are seeing here. Now, there is some great information in these articles, but if you are interested in how changes in the market will impact you,  it's really important to find information that drills down on the stats, trends and economic factors impacting your local environment. Look for local news articles, blog posts and headlines focused on the area you live in as that will be more relevant to you.

For those of you interested in keeping an eye on the Calgary and area real estate market, I send out a newsletter each month with information to keep you up to date. Send me a DM and I can add you to the list. 

The Market Overall:

August sales were comparable to the strong sales levels we saw last year, but we are starting to see a shift in the market towards more affordable options here in Calgary. This is being driven by higher lending rates and the year over year increases in home values.

In the detached segment sales are down compared to what we would have seen earlier in the year, as well as August of last year, while we are seeing sales gains in row homes and apartments.

If You Are Thinking of Selling:

Detached homes priced under $500,000 are likely to sell, and sell quicker due to affordability and lower supply options, while detached homes in the higher price ranges are seeing more balanced conditions. Making your home standout vs the competition will be the key to you selling.

If you have been on the fence about selling your condo or townhome, now is a great time to take action! Current low inventory levels and higher demand are creating tight conditions, which continue to favor those who are selling. These conditions have resulted in year over year price increases of 14% for row homes and 10% for condos.

If You Are Thinking of Buying:

If you are looking to buy this fall, the same information applies to you, but obviously from a different angle. If you are in the market for a row home, condo, or a lower priced detached home know that there will likely be more people for you to compete with, and new inventory will have increased demand, meaning decisions will need to be made a little quicker.

Make sure you have a good idea of what you are looking for, and have your pre-approval in place, so that way when you find something you like, you can act without hesitation.