Affordability continues in Calgary’s housing market

The start of a new year means reflecting the past twelve months, helping us recognize that 2018’s housing market actually favoured those in search of a new property in Calgary. When making any purchase, buyers love to see and hear the word affordable, especially when making large purchases like a house. In recent years, we know all too well that the economy continuously had its ups and downs, affecting affordability and the buyer’s decision to purchase a home. This fluctuating market actually provided home buyers in 2018 with plenty of great, affordable options as long as you were watching at the right time. The plentiful supply of properties on the market throughout the year up until present confirms that we are currently situated in a buyer’s market.

As 2019 is up and running, we are interested to see how this year’s market compared to last. Market trends from the past year include:

  • Purchase prices declined 3 per cent from December 2017 to December 2018.
  • The annual average benchmark price decrease of 1.5 per cent was seen across all housing categories.
  • Attached home inventory levels remained elevated, maintaining the buyer’s market and the influx of reduced prices.
  • Sellers not only competed in the resale market but in the new home market in Calgary and surrounding communities. This growth is expected to continue in 2019.
  • Overall, year-to-date sales within Calgary totalled 16,144 units.

 

Calgary was not the only city who saw benefits from a buyer’s positioned market; Airdrie, Cochrane and Okotoks each experienced an increase in inventory levels which led to downward pressures on benchmark prices. With a number of new listings continually arising in and around Calgary for both new homes and resale, buyers are more likely to find a home that meets their checklist of requirements, including affordability. For those who already live in or wish to live in neighbouring towns and cities, buying property outside of Calgary is often possible at a lower rate than Calgary prices.

 

As the affordability trend continues in Calgary, why should you buy a property in a buyer’s market?

  • There are more homes on the market than buyers.
  • Prices tend to be lower based on increased supply and less competition.
  • Buyers have more choices when it comes to finding their dream home and more room for negotiation. No need to settle!
  • Calgary is continuously growing with new communities and properties emerging; take advantage of purchasing a property within a buyer’s market so that it can benefit you for years to come in one of Canada’s largest and most desirable cities.
  • Buying a home at an affordable price (possibly lower than your budgeted amount) will allow you to gain equity.

 

If your goals for the new year include buying your first home, purchasing an investment property or wanting to downsize as the kids move off to University, here’s your chance. A buyer’s market is the perfect time to shop around, and with the abundance of properties currently on the market in and around Calgary, your next big purchase awaits!

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