November 2022 Calgary Real Estate Market Review and Forecast
Today I am here to talk about November Real Estate Market in Calgary.
So after the high increase of our price in back in March to May, Calgary Real Estate Market has been slowing down since September.
The benchmark pricing for November is $619,700, roughly 4.44% drop from the peak.
Contrary, apartment and townhouse sales have been steady.
And the price holding very strong so the apartment benchmark price is $277,000. Pretty much been the same for the last 6 months.
For Townhouses, the benchmark pricing is $358,700, only $5000 less compared to the month of June.
Today’s Prime rate is 5.95% which is almost double from early this year. So this is a huge impact of the slowing down of the market because of the high-interest rate and also the increase in the price early this year.
So right now apartments and townhouses become good choices for lots of buyers because it is more affordable for them.
Another saving grace is there are lots of newcomers, new immigrants coming to Calgary to settle down. So, therefore, I believe the market will remain steady despite the high-interest rates due to the strong demand from newcomers.
Christmas and New Year are coming! In the new year, I will do my new 2023 Forecast for Calgary Real Estate Market. Please stay tuned!