October 2022 Calgary Real Estate Market Review and Forecast
Today I am going to talk about the Calgary Real Estate Market in the Fall season. October statistics came out that the single-family home benchmark pricing is $623,900, a slight drop compared to the peak market in May, 3.79%.
Given the fact, the interest rate has gone up a few times this year, and we also experiencing a slower market in the last few months. This slight drop in the price is actually better than predicted.
For Condo apartments and townhouses, the sales have been steady and the price is holding more or less the same as in the Summer. The benchmark price for condo apartments in October is $277,800, only $1000 off from the peak time in July.
For Condo townhouse, the benchmark price is $361,000, less than a 1% drop compared to the peak market in the summer.
Overall the market is steady and will be for the remainder of the year. There is a possibility of a 2 to 3% adjustment for the single-family home due to a slower market in the Winter.
The ban on Foreigners to buy real estate in Canada may have more impact on B.C. and Ontario markets. This restriction is not going to affect people holding work visas and international students.
If you have any Real Estate questions and would like to discuss your real estate needs, please feel free to call me or email me.
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