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Although the housing market has been wild for all of Canada over the last two years: it's not slowing down in Calgary just because the chill has set in. Real estate professionals note a huge late-year surge, which is incredible since Calgary's usual hot buying time is in the spring.
These are the top reasons why there's a surge: and why the average investor may consider Calgary a smart move.
Calgary Home Sales Soared 47% in Late November.
In November, often one of the slowest months for home sales in Calgary, the city saw a 47% increase in home sales. Lending rates were announced to be increasing next year, and many saw this as a reason to quickly pounce on a home and the market as soon as possible.
Because of this, home prices surged along with the sales, and many found themselves paying far more for a property than the lending rates would have added.
Supply Can't Keep Up With The Demand.
Construction of properties in Calgary has been complicated since there were so many delays with the supplies needed to build homes in 2020 and early 2021. Because of this, there's a severe lack of properties available, and buyers are desperate to get whatever they can get their hands on.
Unfortunately, this has led to the length of time for Calgary homes for sale to stay on the market shrinking considerably, leaving people panicking and buying houses that might not fit their needs in the desperation of purchasing any home they could get their hands on.
Owners Are Holding Out for Higher Amounts
Some owners who were considering selling earlier in the year are holding out for higher amounts, meaning that they don't want to sell and then find out they could have made a hundred thousand more just six months later.
This has created an ever-tighter number of homes available, which is driving the buyers to pay more, and making it seem like homes are selling incredibly quickly.
Many Are Moving to Calgary for the Economy
Calgary's economy is better than ever, with the technology industry booming in the second half of the year. Alberta's economy is expected to grow by another 5% throughout 2022, which is prompting many to move to this province in the hope of better jobs or education for their children.
Because of this, far more people are shopping for homes than would be otherwise, which is- like everything else on this list- creating a firm funnel through which only a few houses are staying available at any time. This surge is expected to keep growing, and many aren't sure what to expect for the future.
Late in the Year Sales Are Making Calgary the Place to Buy
Although many may worry about a real estate bubble, the Bank of Canada has declared there are only two real estate price bubbles in the country right now, and neither of those is in Calgary. Consider buying land here and making yourself at home in one of the most incredible cities in the country.
