RE/MAX Spring Market Trends Report: Calgary 2017

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RE/MAX Canada recently released their ‘2017 RE/MAX Spring Market Trends Report’, based on survey results, and it reveals some interesting trends not only in Canada, but in Calgary too.

In Western Canada, particularly in Alberta, slowly recovering oil prices, low interest rates, and US approval of the Keystone XL pipeline project have renewed buyer optimism, particularly among move-up buyers and millennial, first-time buyers who are typically looking to buy condominiums. The average residential sale price increased three per cent year-over-year in Calgary to $482,065, up from $467,780 during the first quarter in 2016. [RE/MAX Canada]

The increase of buyer optimism is important, and this is good news since redevelopment is happening all over the city. In prime northwest inner-city neighbourhoods, older properties are being redeveloped, same with similar prime communities in southwest Calgary. This has contributed to healthy increases in property values in those areas. Demand and sales activity keeps rising in detached single-family homes, and while condo activity is still happening, it seems more flat due to the high level of inventory there (which is great news for buyers).

Some notable highlights specific to the Calgary marketplace this spring:

  • Young couples and single buyers make up majority of first-time buyers
  • Single millennial buyers are driving the condo market
  • Move-up buyers are dominating the luxury market
  • First-time buyers are entering in the $350 – $500K purchase price range
  • Condo prices are down 1.5 per cent from last year
  • Average luxury home purchase price is between $1,500,000 to $3,000,000
  • Top luxury neighbourhoods are Rideau Park/Roxboro, Rosedale and Aspen Woods
  • Real estate sales are up 20 per cent in Calgary this spring compared to last year, which equates to 4,192 units sold from January to March of 2017

A recent RE/MAX survey conducted by Leger found that when making buying decisions, over two-thirds of Canadians consider the location of a home to be more important than the style or size of the home. Respondents indicated that beyond price, a number of other factors influence home purchases, including: access to green space (77 per cent), proximity to work (66 per cent), proximity to retail centres (65 per cent), and proximity to family and friends (65 per cent). All of these ranked higher than the style of a home. [RE/MAX Canada]

You can read the full spring trends report from RE/MAX Canada online here. And be sure to check out our website for the latest listings in Calgary, or contact us to ask about the marketplace and your purchase power.

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