The Calgary Real Estate Market
The summer of 2023 has been interesting, to say the least. Less than one month’s supply of homes for sale at any given time. Sellers have been on vacation. The sellers that were not hanging out at the beach, have had the market to themselves.
Every listing has been pretty much Guaranteed Sold by the market. No need for gimmicks or slick expensive marketing. Just price it right and the buyers are lined up.
Even condos that have gone unsold in the past local real estate markets are finding willing buyers. Condos the former ugly ducklings of the Calgary Real Estate Market are finding new owners at a rate previously unseen.
The demand for homes against the limited supply is wreaking havoc in the Calgary Residential Rental Housing Market. Rents are shooting up to Toronto and Vancouver levels. With so short a supply of resale homes, new construction and rentals, this comes as no surprise.
The supply shortage will continue as long as we keep seeing the active listings number matched by the sales in the past 30 days. Right now that is about 2,800 for both active listings and sold listings in the past 30 days.
A balanced market based on sales would need about 9,000 active listings. We are a long way from that. But we have been there before.
So stay tuned…..