The Calgary housing market reached record sales in 2021, with the seller’s market continuing into 2022 due to low interest rates, provincial migration, and low inventory. Although it is a seller’s market now, these record highs are not anticipated to last much longer and sellers who hold out for better prices may end up losing their advantage. Many people believe that houses sell better in the spring and summer, however that is only a small factor in the real estate market, and waiting for the change of season may leave sellers with regret when interest rates go up and buyers become less abundant. Selling your home now instead of waiting for spring may lead to a higher selling price and negotiating leverage.
Why To Sell Your Home Now
Record Prices. 2021 saw record sales in Calgary and new highs for prices. Now, it is predicted that the market is going to increase even further in the winter months. The average price of a home is expected to rise 10%. These record numbers are fantastic for sellers and likely won’t remain sustainable. The best time to sell is now, while demand and prices are at a high point.
Low Interest Rates Are Incentivizing First Time Home Buyers. Because of these low rates, many young Calgary citizens are purchasing their first homes and, along with move-up buyers, are driving up prices. The most sought after homes at the moment are single-family detached homes, although that will likely alter once interest rates rise.
More People Are Moving To Calgary. There is a trend of cross-Canada migration, as more Canadians moved provinces over the course of the pandemic than they have in the last 3 decades. The already high-priced cities of Vancouver and Toronto are expected to become even less affordable in 2022, making properties either unattainable or with exceptionally high property tax. Housing and cost of living prices appear to be the number one motivator for people to move, with job related moves significantly lower than in past years. Once job related moves become more common after offices are no longer online, we will likely see more people moving back to Vancouver and Toronto.
The Pandemic Has Slowed New-Home Construction. Home developers have not wanted to take on added expenses during the pandemic, leading to fewer new homes being developed. As labourers are supposed to be social distancing on work sites, it limits how many people can work at once and slows home development. The lower number of houses being built is a great opportunity for sellers, as it leads to more buyers for already-built homes. These unexpected benefits are great opportunities for sellers, but they will likely only last as long as this pandemic continues or until workers can figure out a way to get their production rates higher.
Even Those In The Luxury Market Should Consider Selling. The luxury market in Calgary has not yet been negatively impacted by COVID-19, but that is expected to change in the next year or two due to the long term impact the pandemic has had on the economy. The luxury market has been doing very well in the pandemic, to the point where current levels cannot be sustained and a drop is expected in the near future. The luxury market is currently a seller’s market, but it is expected to become a more balanced market by this fall.
Sell Your Home With A Calgary Realtor® From The Mel Star Team
Selling your house now will yield greater benefits than waiting for the spring. The low interest rates, the lack of homes being built, and the trend away from unaffordable cities all equate to a great time to sell in Calgary. If you want to take advantage of this market, contact a Calgary Realtor® from the Mel Star team. As leading Calgary Realtors®, our team has been the #1 Real Estate team with Calgary's RE/MAX Central Office - the world's top-producing single RE/MAX office for 20 years in a row. With over 40 years of experience in Canada's Real Estate industry, we are knowledgeable about Calgary real estate listings and know how to get the best value for your home. If you want to sell your home now, contact us at 1-403-861-9944 or fill out the online contact form.
FAQ
Q: Why should I hire a Realtor® to sell my home?
A: A Realtor® has the negotiating skills that will get you the best price possible, is legally required to put your best interests first, and can assist you with all of the complicated paperwork that comes with selling a home. We may be in a seller’s market, but a Realtor® can make sure you use that to its best advantage and that you don’t settle for a price that’s too low for the current circumstances.
Q: Is a real estate agent obligated to tell me every offer made on my home?
A: Legally, your real estate agent will have to let you know every single offer that is made on your home. This ensures that your real estate agent is honest and open with you and that you can make a decision to accept or reject an offer.
Q: Will a real estate agent be able to determine the sale price of my Calgary home?
A: Yes, your real estate agent will do a comparative market analysis to determine the optimal selling point for your home.
CONTACT US
We are here to help and we'd love to hear from you. Call us at 1-403-861-9944 and we will be in touch shortly!