Calgary Real Estate Market Statistice - 2nd Quarter 2023

Greetings and welcome to our comprehensive overview of Calgary's real estate scene. In this report, we'll be delving into the intricate dynamics that define the city's housing market. From trends in sales and demand to the challenges posed by supply and economic factors, we'll unravel the factors steering the course of real estate in this bustling city. From surprising migration patterns to the resilient demand for upscale homes, join us as we navigate the forces shaping Calgary's real estate landscape, all the while peering into the future of this ever-evolving market.

Sales Trends:

• In the second quarter, home sales were better than expected, though not as fast as last year's exceptional pace.
• The number of sales matches the yearly predictions, showing a steady market.

Strong Demand for Expensive Homes:

• We're seeing surprising interest in expensive homes.
• People moving from Ontario and British Columbia are part of the reason. They're used to higher prices, so they aren't as affected by rising loan rates.
• Calgary's appealing housing market is attracting more of these people, who are looking for stability and growth opportunities.
• Our city's job market is also strong, with many new jobs in various sectors like construction, healthcare, and more.

Supply Challenges:

• Supply of homes is low, whether you're looking at resale, new builds, or rentals.
• Although many new homes are being built, it's not enough to balance the number of people moving here.
• People who already own homes are hesitating to sell, possibly because of higher loan rates and limited choices for new homes.

Market Conditions and Prices:

• Due to limited supply, the housing market is quite competitive.
• Home prices are rising more than we expected, and this is true for all types of properties in the city.
• Although prices went down in the latter half of 2022, they've gone up steadily this year, even reaching a new all-time high.

Economy's Role:

• The city's strong economy is supporting the real estate market.
• Many new jobs have been created in areas like building, healthcare, and services.

Migration Trends:

• More people than expected are moving here from areas with higher home prices.
• These migrants aren't as worried about higher loan rates because the prices here are lower.
• Calgary's attractive housing market is convincing more people to make this city their home.

What to Expect:

• Our housing market is influenced by factors like demand, supply, people moving, jobs, and loan rates.
• As the year goes on, these things will keep affecting the real estate situation.

To sum it up, Calgary's real estate situation is interesting. We're dealing with high demand, limited supply, and changes caused by people moving here. The job market is strong, and this is helping the real estate situation. However, because there aren't enough homes available, prices are going up faster than we thought. As the year goes on, we'll keep seeing how these things come together and shape our city's real estate landscape.

Q22023ForecastReport.pdf by Crystal Tost