Calgary Real Estate in 2023: 3rd Quarter Market Review
Is Calgary still seller's market? With such a high interest rate, is it still good time for you to invest? Winter is around the corner. Are we expecting the market to slow down? Let's find out in the video.
We finished the third quarter with a record high in sales. In September, 2441 total sales. 548 sales more than last September. Total new listings in September also improved, 21.6% more than last year, but still not enough to take us out of the sellers market condition.
We're still short of inventory. Single detached home benchmark price is at $696,100 very much the same as August, but it is 11.1% higher compared to last September, a slight increase from second quarter of this year. By 1.6% Apartment and Townhouse prices have increased substantially from the year before 14.9% and 17.2 % respectively. Like I mentioned in the second quarter video, single family home prices started to level in the last three months. And it will remain steady in the coming months.
For Apartment and Townhouse prices are still on the increasing trend. Prices are up by 3.16% for Apartment and 4.85% for Townhouse since June. In comparison with other big cities like Toronto and Vancouver. Calgary and Edmonton are the only cities in Canada with an increasing trend this year for apartments. With a pause on the interest rate hikes and the positive migration of people to Calgary, I believe the Calgary real estate market remains steady and strong for this quarter. And we'll finish this year with a good, positive annual increase of 12 percent for single family homes and 15 to 20 percent for apartments and townhouses. Calgary is attracting many investors, either locally or from other provinces, to invest here.
With a low tax rate and lots of good job opportunities in Calgary, young professionals and new immigrants are finding Calgary a good place to call home.
If you have any questions about Calgary real estate, Call us at 403-241-9800 or email me at [email protected]!