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Calgary Market Updates

News and updates on Calgary's housing market. Get the latest market stats and trends, and learn more about where to search great deals on homes for sale in Calgary. For help buying or selling a home or condo in Calgary, contact the Calgary Home Boys today!

Found 26 blog entries about Calgary Market Updates.

 

 

Your Guide to Buying and Selling During COVID-19 

KEEPING YOU SAFE WHILE FULFILLING YOUR REAL ESTATE NEEDS DURING COVID-19

Without a doubt, we are living in unparalleled times and in many cases, living with more questions than answers! It’s frustrating and confusing and at least right now, there’s no end in sight. It really feels like no one, no industry, and no business is safe right now. And, real estate is no exception!

That said, Real Estate remains open for business and we are making the best of a challenging situation! Deemed an essential service, The Calgary Home Boys Real Estate Team is tooled to guide you through this situation! Utilizing technology,  new ways of thinking, and our amazing personalities, we’re paving new and

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Canada Mortgage Deferral COVID 19If you're looking for more information in these uncertain and difficult times, we reached out to our mortgage partner to gather whatever details we could regarding mortgage payment relief for home owners in Calgary during the COVID-19 outbreak. Below is a quick summary.

Insurers (CMHC, Genworth, and CG) already had programs in place with the banks/lenders that allowed them to capitalize up to 4 monthly payments. Today they announced that they will consider extending the program to allow up to 6 months of capitalization provided that:

1. Original insured loan amount is not exceeded
2. Request to cap payments is received prior to Sept 13, 2020
3. Bank/lender confirms the capitalization is being applied reasonably to help mitigate short-term financial difficulty

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Calgary Home Prices Wondering what’s in store for the 2020 housing market in Calgary? Before we look ahead at what to expect, let’s first dive into what we’ve seen over the last couple years…

Home Sales Summary 

Back in 2018, home sales in Calgary only reached 16,142, which represented a dramatic 14.50 percent decline compared to 2017. Last year, 16,365 homes sold in Calgary, up 1.38 percent year-over-year. In 2020, CREB is projecting 16,731 home sales, which would be a welcoming 2.24% jump compared to 2019’s sales volume 

Home Price Summary 

In 2018, CREB’s benchmark price settled at $437,483, a 1.55 percent decline year-over-year. Last year, home prices continued to stumble, falling 3.39 percent to $422,650. Thanks to an oversupply of inventory, CREB is

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Every year the Calgary Real Estate Board (CREB) releases its annual forecast, which talks about what we saw happening with the local housing market over the past 12 months, and also what we might be able to expect over the course of the next 12 months. 

Below are some stats and highlights mentioned in the 2020 CREB Forecast…

Sales activity last year was actually a bit higher than initially projected thanks to steeper price declines and easing mortgage rates. Homes priced below $500,000 saw modest improvements, which offset losses seen for higher-priced homes throughout the area. 

As we transition into the new year, this trend is expected to continue, although even the higher-end market is expected to improve by 2 percent in 2020. This increase in

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Calgary Home PricesA newly released housing market forecast predicts home prices will rise in Alberta in the coming year. According to a market survey forecast from Royal LePage, two major Alberta cities are in line for a slight increase in homes prices for 2020.

The study foresees a 1.5-percent year-over-year increase in the aggregate price of a Calgary home. It’s forecasting a 0.75-percent year-over-year increase in the median price of a condo and a 1.75-percent year-over-year increase in the median price of a detached, two-storey home. Those increases likely won’t be a factor until the second quarter of the year. 

As for Edmonton, the survey predicts a one-percent increase in the aggregate price of a home at the end of the new year. During the same time, the median

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Calgary Housing MarketAn oversupply of homes in Calgary means the market will likely remain a buyer’s market. According to a recent report from the Canadian Real Estate Association, prices fell this past November by two percent when comparing sales to a year ago.

The CREA maintains Calgary’s benchmark home price was just over $419,000. That was slightly lower than the previous month. The association also reports, as of late December, sales were just slightly above last year.

Economists say it will likely take some time to achieve more stability. The report points to varying market conditions due to location, price and type.

In terms of detached homes, November sales were more in line with a year ago, but still well below long-term trends. As for attached homes,

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Calgary Real Estate MarketIf you’re thinking about putting your Calgary home on the market, there’s some good news to report. The city is on its way to becoming a seller’s market.

According to figures from real estate website Zoocasa, year-over-year home sales from July were up more than six percent. Although prices are somewhat lacking, that trend is expected to continue.

Zoocasa predicts an increase in sales and a dip in new listings has put Calgary’s overall housing sector into the territory of a seller’s market. Competition between buyers could heat up as the gap widens between housing supply and demand.

In looking at Calgary’s eight areas, analysts found half of the areas were detached home seller’s markets. In terms of condos, they deemed five areas as seller’s markets.

Zoocasa

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Saving for a house in CalgaryMillennials are facing a mounting challenge when it comes to buying a home in Canada’s largest metro areas. The non-profit group Generation Squeeze suggests that it may take over 25 years to save enough money to buy a home in the current economic climate, according to recent market and economic analysis. Additionally, the report estimates that the average Millennial must save 8 years longer compared to their Baby Boomer Generation parents did back around the mid-1970s.

The grim reality for Millennials living in some parts of Canada is that it may take nearly three decades to afford a home all while living a thrifty lifestyle. Saving for a first home in the Toronto area requires 21 years of penny-pinching, while prospective home buyers in Ottawa or

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Calgary Housing Market 2019Despite sales activity dropping a bit year-over-year, the Calgary Real Estate Board’s latest figures do show some positive signs. According to the most recent states, new listings have dropping by almost 19%, which could suggest oversupply balancing out heading into the rest of 2019 and beyond. 

A housing market recovery is also being driven by homes under $500,000, a segment of the market where demand is stronger and supply has steadily been on decline as more younger home buyers enter the marketplace. 

Even with a higher number of potential buyers looking to make the transition from renting to owning, yea-over-year home sales are still down 6% so far in 2019. 

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Home Buying in the SummerIf you’re looking to buy a home in Calgary, the summer season is a great time to begin your search.

Motivated Seller

To start with, sellers with homes on the market right now may be more motivated, especially if they are also trying to move their families to a new home before the school year starts. 

Strong Inventory 

Another great reason to buy right now is the overall housing supply in Calgary. As long as residential inventory stays high, it means more opportunity for buyers looking for a new home in the Calgary area, and possibly some better deals for buyers.

Perfect Weather

Finally, the third great reason to buy right now is that the weather makes it possible to get out and enjoy the surrounding area. You’ll often be able to see what

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