Have patience. Your Dream Home May Still Be Available, Our Real Estate Team Tells Calgary Buyers Who May Be Priced Out of Single-Family Homes
Buyers who could afford the competitive market have already purchased their homes in order to beat increased borrowing rates, giving patient home buyers a greater shot at their ideal residences.
Calgary, Alberta – With more single-family homes expected to enter the Calgary market this spring and summer, patient buyers who have been priced out for several months may see their dream homes become available.
"Buyers who could afford the competitive market have already purchased their homes in order to beat increased borrowing rates, giving patient home buyers a greater shot at their ideal residences." This is especially true for first-time home buyers who have been financially pushed out of the market."
Buyer weariness has already resulted in a rush on row-townhomes and condo-apartments in Alberta's largest and hottest real estate market, indicating new trends that "will favourably influence both the 'accidental landlord' and the patient buyer," according to Mr. Havre.
'Accidental landlords' are people who ended up with revenue properties they didn't mean to keep or couldn't sell during the prior years of the economic slump when the market was quiet. "If they still want to sell, now is the time to list it for a quicker and easier sale." But, before you sell, make sure you have somewhere to go."
Row-townhouse Year-to-date sales in 2022 have increased by 101 percent compared to 2021, with 1,161 new transactions and 35 percent more new listings. Year-to-date sales in the Calgary apartment-condo market increased by 112 percent to 1,283 units in 2022 compared to 2021. "This new category is still an inexpensive choice for purchasers who may have been priced out of the present single-family house market." Have patience if you wish to wait for your dream home. Those considering selling their homes should do so as soon as possible."
Although single-family houses are still available despite the competitiveness of several offers, the market is demonstrating that it is not a sure thing. "In real estate, every day is a new day." Buyers are beginning to decide what a home is worth as a result of their displeasure, and competition will rise organically."
Even if you can afford a property, there aren't many available in Calgary. While 2022 year-to-date total home sales are up about 70% from a year ago, the median price of a home has increased by 14% to $500,000 from $440,000 during the same period last year. In March, active listings for single-family houses in Calgary are down 21% week over week.
"It's a supply and demand situation." Active purchasers in the market are clearly still far outnumbering available inventories."