It’s one of the best times to be a home seller in Calgary! As Calgary homes are in high demand and the supply is incredibly low, prices for homes have skyrocketed in the last year. It’s becoming common for home sellers to receive multiple offers on a listing for any type of home, but especially for semi-detached homes. Other housing is also bringing in great prices, with some detached homes selling for over 20% more than the asking price. Although these prices are ideal for sellers, they won’t last forever, and holding out could leave you with a lower price. If you’ve been considering selling, here’s why now is the time.
Factors Contributing To The Current Market
Low Supply
In December of 2021, Alberta housing sales rose by 27% yet new listings stayed stagnant.
- Lack Of New Home builds. Currently, there are very few new homes for sale, as supply chain challenges and labour shortages plague the construction industry. This limits how many houses can be built and how fast, leading to very few new builds on the market.
- Few Listings. Supply in the Calgary housing market has been decreasing since 2020. Inventory levels have dropped almost 50% from January 2021 to January 2022. Currently, the most desirable homes are semi-detached homes, detached homes, and townhouses, in that order. While condos are in less demand, they are still also on the rise and are profitable.
High Demand
- Affordable Prices. Unlike bigger cities such as Toronto and Vancouver, where the benchmark home sits around $1.25 million, homes are more affordable in Calgary despite the recent price jump. More people are coming from other large cities that aren’t as affordable so they can have a chance at homeownership.
- Low Interest Rates. The low rates are not only encouraging move-up buyers, they are also bringing in many first-time home buyers and creating an even larger buyer base that is driving prices up.
- More People Living In the City. Over the last year, many people who previously lived in smaller towns are flooding to Calgary, driving up home prices as demand for homes increases for all of these newcomers.
Home sellers, remember that this market will not last forever. While these high home prices are great for sellers right now, these incredible prices and home demands are not sustainable for a long period. A dip in the economy is expected to come and housing prices are expected to drop in the future. If you’re interested in selling, now is the time.
Sell Your Home With Mel Star
If you’re ready to list your home during this incredible seller's market, contact a professional Realtor® from the Mel Star team to help you get the best price possible. Our team has been helping Calgary home sellers for over 4 decades and we take the time to get to know each person we work with to understand your needs. The Mel Star team will educate you on our process, determine a price range, and expertly market your home so that you can get the best offers. To speak with one of our Calgary Realtors®, contact our team at 1-403-861-9944 or fill out the online contact form.
FAQ
Q: Why should I hire a Calgary Realtor® to sell my home?
A: A top 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.
Q: What’s the first step in the selling process?
A: Once you’re ready to sell your home, schedule a consultation with a Calgary Realtor® and establish a price.
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!