Kirby Cox's Calgary Real Estate Blog - Real Estate Market Trends

Calgary Housing Market – What to Expect 2022

As we head into the New Year, we would all like some certainties, to feel the ground under our feet and know where we are heading.

The rollercoaster of Covid continues to take its toll on every aspect of our lives. The one thing that has grounded so many of us throughout the pandemic is our homes. They’ve become our safe harbour in the storm. With a fourth wave of Covid on us, our homes are more important than ever, and this is one of the factors why Calgary’s housing market is forecast to thrive this year. So, what can we expect?

Prices will rise

Yes, prices are still going up but at a slower pace than 2021. Last year saw Calgary’s real estate market make a big comeback with sales coming close to all-time records. Prices too rebounded and…

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Raising The Interest In Housing

The days of record low interest rates are numbered. The Bank of Canada has upped the ante and said interest rate rises could be coming as soon as April next year. So, what will this do to the soaring house prices we’ve seen here in Alberta and across the country? At least one expert believes the Canadian housing market is in for a “soft landing.”

Inflation is now at its highest level in more than a decade, pushed up largely by supply bottlenecks of goods as the global economy restarts. The Bank of Canada aims to keep inflation long term at 2% and is considering raising interest rates next year to help cool the economy.

Higher interest rates mean higher mortgage rates. The major banks are forecasting what they believe will happen next. RBC thinks…

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Housing Affordability

It was one of the hottest Election topics.

Housing affordability and how the parties would help Canadians buy a home in the current high market. Many parts of the country have seen skyrocketing house prices which has made home ownership unobtainable.

National House Prices

Across the country the price of an average home has risen by more than 50% in the past 5 years according to the Canadian Real Estate Association. It’s now at $663,500. Covid didn’t slow the pace of rising house prices and even contributed to it. Lockdowns meant people put more emphasis on their homes. Many chose to upgrade and go for more space. Even as the Canadian economy recovers, spending on housing continues to be a priority. Sales and prices are rising faster than the…

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The Housing Squeeze

House prices and sales numbers usually grab the headlines but there’s another issue in the spotlight and that’s low inventory. The number of homes listed for sale in Calgary and across the country is at near record lows. With less supply comes higher prices.

Inventory Levels

Simply put, housing inventory is at about half its normal level across Canada. The Canadian Real Estate Association says nationally there’s about 2.3 months’ worth of supply available in July. Its chair, Cliff Stevenson warns “it’s record low inventories that should be our focus. We still have extremely unbalanced housing markets all over the country.”

Here in Calgary, there’s been some improvement in housing inventory levels this year. Calgary Real Estate Board figures…

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The Fast Track to Suburbia?

The Fast Track to Suburbia?

It’s been a worldwide trend. Calgary like other cities across the world has seen more and more of its population moving to the suburbs and choosing space over proximity to the office. Calgary’s latest assessment figures show property values have increased by more than 10% in some parts of the suburbs. So far that move seems here to stay.

There’s another trend that’s been quietly taking the world by storm that can make the suburbs even more accessible and affordable. Electric Bikes sales have been on the rise worldwide. Deloitte recently predicted there would be around 300 million e-bikes in circulation worldwide by 2023. Calgary is keeping pace. Bow Cycle’s electric bike store saw sales exponentially boom this year, up…

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Top Real Estate Trends for 2021: Calgary Forecast

What will the 2021 Economic Climate bring to the Calgary Housing Market?

The year 2020 was meant to be a hopeful one for the Alberta Real Estate market. After years of decreasing prices and high inventory levels, it seemed as if Calgary was on an upward trajectory. Then, struck by the global pandemic in Spring 2020, sales ground to a halt. However, it was short-lived, and the market made an impressive rebound as people realized how, and where, they lived mattered.

As we settled into life with Covid-19, our homes became extremely important to us. We often think of Faith Popcorn’s term “Cocooning” coined in 1981, to best describe what has transpired over the past year. This term seemed ahead of its time, but most accurately sums up our pandemic…

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Canadian Bank Offers Mortgage Rate Below 1%

While the pandemic has caused great devastation to the Canadian economy, for those lucky enough to have kept their jobs, they are able to take advantage of record low mortgage rates.

HSBC's variable rate for five-year, closed term mortgage, is the lowest in Canadian history at a rate just under 1% percent. The 0.99% percent rate is available for high-ratio mortgages, meaning a mortgage with a downpayment of less than 20% percent of the purchase price. This variable rate will change as HSBC’s prime rate fluctuates, meaning it could increase over the next few years based on a number of factors, including the Bank of Canada’s rates.

After being stuck at home for months because of COVID-19, many people want bigger homes with more space and home…

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Canadian Vacation Homes Prices Forecast to Rise 4.7% in 2019

• Canmore leads the way with 10.2% price increase
• Prairies see softening in both prices and sales
• Prices in British Columbia to remain stable while sales continue to decline

The Royal LePage 2019 Recreational Housing Report indicates vacation homes in Canada saw healthy price gains going into the 2019 spring market, rising 5.0% to $411,471 compared to last year. As high demand in Ontario and Quebec continue to put upward pressure on prices, Royal LePage is predicting another year of increases (4.7%) offsetting softer market conditions in BC.

Weak demand in British Columbia (mirroring the residential market) and low inventory in Ontario were behind a decline in total Canadian recreational property sales (-8.3%).

Both Ontario and…

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Calgary Real Estate Stats | May 2019

Finally some good news in the Calgary Real Estate market, where we're seeing an improvement in sales relative to the number of homes on the market. The uptick in sales for May 2019 was met with a decrease in new listings, easing the pressure on inventory levels throughout the City of Calgary. Homes priced under $500,000 are the driving force behind this sales growth, which we hope to see continue into the move-up market.

"While sales activity remains low based on historical activity for May, the easing prices have brought some people back to market, while also preventing some others from listing their homes,” according to CREB® chief economist Ann-Marie Lurie, “This has started to push the market towards more balanced conditions. If this trend…

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Royal LePage: Calgary’s Housing Market is Resilient

Amidst the fall of the oil and gas industry that has been plaguing Alberta and the rest of the nation, the housing market in Calgary continues to hold its ground. Phil Soper, President and Chief Executive Officer of Royal LePage, has reported that we are currently seeing numbers that fall only ten per cent below the level of 2014’s peak housing market. Over a five-year period that included economic downfalls largely due to the oil and gas industry, it is incredible to see just how resilient the housing market in Calgary has remained. 

Calgary is currently situated in a buyer’s market with a high supply of properties listed and fewer buyers looking to purchase. While Calgary sits in this market, those looking to purchase a new property have many…

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