Calgary Real Estate in 2024: 2nd Quarter Market Review


Does the Rezoning in Calgary land use affect the home values?

Today I am going to share some valuable information that may interest you regarding Calgary Real Estate.

Calgary Real Estate in the Second quarter remains Strong.  

Despite of a slight decrease in the total sales compared to the strong market last year by 12.8% in the total transactions of 2,738.  

The Benchmark price for single-family home has increased by 12% compared to last year's June and reached $767,600, a 10% increase in 6 months.  

Apartment Benchmark price has reached $344,700, a 17.5% increase from last year's same period, a 10.76% increase in 6 months.

Townhouse Benchmark price has reached $464,600, a 16.9% increase from last year's same period, a 10% increase since the end of December.

    

The inventory level is still on a low side, 1.14 month of supply for single family home, only 0.85 months of supply for townhouses.  The more balanced market should be around 2 months' supply. Multiple offers situations still happen but may not be as crazy compared to the First Quarter period.  

We experience some listings stay on the market longer due to a higher listing price, and may not create multiple offers.  

   

After the rezoning in Calgary, the Inner city lot transaction has increased to a highest level ever, builders and developers will pay $1 million or more for a 6,000 to 7,000 square feet lot for re-development purposes.   

We expect this situation will remain due to the shortage of land availability and the R-CG zoning for most part of Calgary city land, that encourages the builders to re-develop multi family dwellings.

The interest rate decreased one time in June and we expect Bank of Canada will adjust again in the Summer. 

In Calgary, the shortage of supply and influx of people to Calgary is the main cause of the price increase for the last couple of years.  Therefore, a slight decrease in interest rates may not have a big impact on the activity.

My forecast for the 3rd and 4th quarters of this year:

  • The market will remain strong and steady
  • The price increase and the transaction may slow down in the Summer months
  • The market will have another 2 to 3 % increase towards end of the year

If you are thinking of buying your first home, or upgrading to a bigger home, this may be a good time to start your search when the market is calmer in the Summer.

Please feel free to visit our website to learn more about our New Listings.  

If you are thinking of buying or selling real estate, please contact us by leaving your comment below or call us directly 403-241-9800.

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