Housing Market Calgary

by Prabal Lahon

As of September 2024, the housing market in Calgary is reflecting several key trends:

Price Stability: After fluctuations in recent years, Calgary's home prices have shown signs of stabilization. While some areas may see slight increases, overall price growth is moderate compared to other major Canadian cities.
Inventory Levels: The supply of homes has improved, leading to a more balanced market. This increase in inventory has given buyers more options, although demand remains relatively strong in desirable neighborhoods.
Interest Rates: Elevated interest rates are impacting affordability, making it more challenging for some buyers to enter the market. This has led to a mix of cautious buying behavior and more competitive offers in certain segments.
First-Time Buyers: First-time buyers are particularly feeling the pressure from high mortgage costs, but there are still programs and incentives available to help them navigate the market.
Rental Market: The rental market is also tight, with demand for rental properties remaining strong. This is partly driven by population growth and a robust job market, especially in sectors like technology and energy.
Economic Factors: Calgary's economy has shown resilience, with job growth in various industries contributing to overall housing demand. Continued population growth, driven by both domestic and international migration, supports the market.

Overall, while challenges exist due to high interest rates, Calgary's housing market remains relatively robust, with a mix of opportunities for buyers and sellers alike. Keeping an eye on local trends and working with real estate professionals can provide valuable insights.