We had the pleasure of hosting Ann-Marie Lurie, Chief Economist at the Calgary Real Estate Board at our offices on Monday to chat about 1) what's happened so far this year for Calgary real estate, and 2) what we can expect for the remainder of the year. I've included some interesting notes below for your consumption, but please reach out if you have any questions!
#1 – Inventories in Calgary continue to rise: yet we're still below the long-term average of 4,672 units for sale and is a dramatic increase in inventories since last year (+76% YoY).
#2 – Prices have seen an extraordinary increase over the last few years, and we're now starting to see a slowdown in growth (which is healthy for the overall market). Notable, we're seeing the biggest shift in the Apartment sector, where there is increased inventory.
#3 – Detached homes sales have SLOWED, but largely due to limited supply under $700K. Prices have somewhat stabilized after the past 3 years after seeing a ~23% increase.
#4 – Location matters for real estate with the tightest part of the detached homes market being properties in the South priced between $500-600K, and the opposite with a lot of inventory in the NE in ranges between $700-800K.
#5 – What's in store for 2025, you may ask?? Well - there's one thing for sure, and that is uncertainty. Business investment slows when there is uncertainty, particularly around tariffs (on what, for how long, how much?), and the outcome of the Canadian federal election..
For certain, we can expect slower migration rates compared to the last few years, and increasing housing supply as new builds come onto the market. But, the market will ebb and flow as it always has. So long as you're aware of the impacts and trends, and armed with good information and advice, that's the best we can do!
