The year 2022 has been a whirlwind year for the Calgary real estate market. The year began on a high note and maintained the momentum further.
While many Canadian states saw a dip in the prices and trends in the markets down in the year, the Calgary markets stayed overall positive.
The Calgary markets experienced a surge this Spring. While the sales might have slowed in November a little, there’s still hope. Let’s look at Calgary’s real estate market in 2022.
Real Estate Market in Calgary 2022 Report
In the latest Economic Outlook for the City of Calgary, for the year 2022 to 2027, the city of Calgary seems optimistic about the real estate markets.
Coming to the data, a report by Calgary Real Estate Board states that between September and December 2022, 205.8%of all homes listed have sold in the last 3 months in Calgary.
The city of Calgary is expecting an inflow of newcomers to the city, adding to the overall demand-supply equilibrium.
What To Expect?: A Mixed End To 2022
In November 2022, the total sales dropped by 21.82 percent to almost 1,648 units, along with a sales volume drop of 21.84 percent to $807.74 million year-to-date.
Although, on the bright side, yearly sales still seem to be up 9.71 percent with volumes up 15.07 percent to $14.47 billion. The biggest challenge being faced right now by the Calgary real estate market is the inventory which has dropped by 28.69 percent to 1.67 months of supply, the lowest since 2005.
What’s still keeping the Calgary real estate markets going is the influx of newcomers into the city, mixed with a low supply.
Condo Sales On a Growth Trajectory
Close to 4,600 condominiums were sold in Calgary between January and August, which is up from 2,700 units in 2021.
The sales of condominiums are up 34.94 percent, with benchmark prices for condominiums rising too. It sounds like a piece of positive news for investors, and affordability means the demand might see an uptick as well.
It can be seen that the overall year 2022 has been quite bullish for the Calgary real estate market. This can further seep into 2023, however, there can’t be any strong predictions made at the moment. While the year started on a high, the overall sentiment might have simmered by year-end.
There was the rising condominium sector, and the overall investment did see a high too.
Amidst this real estate rush, it is important to understand that for any home buyer or seller, getting a home survey is equally important. With the assistance of professional surveyors such as Core Geomatics, getting a survey conducted for a property is quite easy and pays dividends in the longer run.
Keeping things like a real property report and a land survey handy can go a long way for a homeowner in Calgary.
Get in touch with Core Geomatics today to know more.