Calgary Real Estate in 2023: 2nd Quarter Market Review
The Calgary Real Estate market is so hot right now. Is this still a good time to buy? The interest rate is high. Do you think the market is coming down?
Today I'm here to talk about the second quarter of the Calgary real estate market. Continue with the rising trend in the first quarter.
The second quarter is also doing really good in the Calgary market. For Single-Family Home, right now the benchmark price is $685,100.
Almost 11% increase from the end of December. For Apartment, the price has increased by 12.38%
and Townhouses has gone up almost 13% compared to the year end of 2022.
So this increase causing based on the single family home being so high in price many buyers turn to buy Townhouses instead of Single-Family Home. Right now, the benchmark price for Townhouses is $400,000.
For Single-family Home and Townhouses, right now the benchmark price is the highest ever. So if you're a home seller or investor that you're holding some properties, this will be the best time to sell to capture the highest selling point. For the Apartment pricing, right now the benchmark price is over $303,000.
Calgary condominium pricing has been like a roller coaster. But some of the homeowners, if they're selling this year, they might be still losing money. Because they bought it at the peak market in 2007. So back in 2007, the benchmark pricing for apartment is over $320,000
and then bottom out in 2020 at the value of $240,000.
And right now we recover back to over $300,000.
So if you are condominium homeowners, if you're planning to sell, this might be a good time. We noticed the townhouse price has gone up substantially.
In the beginning of 2022, the benchmark price for townhouse was only $318,000. Today, it is $400,000.
The main reason many first time home buyers could not afford the single-family home anymore when the benchmark price has gone up so much. Therefore, they turn to townhouse living.
In this third quarter, our forecast, the market is going to level off which is very common that many people go on holiday in the summertime. And also many people already bought, they are moving during the summer. So the inventory is increasing. So we're expecting a more balanced market. But I do not expect the market is going to drop. It might be level off till the Fall market.
In the last six months, despite of the high interest rate, the market is still going higher and higher. Mainly because of the influx of people coming to Calgary. We do have many people coming from Toronto, BC or New Immigrants from Asia, from India.
So they need to find their home in Calgary. Also, the rental market is really short of inventory. Therefore, many investors come out to find their investment property.
If you have any questions about Calgary real estate, Call us at 403-241-9800 or email me at [email protected]!