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Purchasing Your Home

As of the latest update, the Calgary real estate market, as forecasted by CREB, has experienced the impact of rising lending rates. Notably, potential buyers are actively seeking more affordable housing options, while some sellers are holding back to avoid the consequences of higher rates. The decrease in new listings, particularly at lower price points, has affected overall sales activity.

Despite a moderation from record-high levels, strong migration growth, and a robust labor market have kept sales well above long-term trends. International migration has influenced rental markets, resulting in increased gains and heightened demand from investors. Interprovincial migration from higher-priced markets in British Columbia and Ontario has supported sales growth in the higher price ranges, even in the face of higher lending rates.

Looking ahead to 2024, there is anticipation that potential buyers who were previously on the sidelines due to limited supply choices may re-enter the market as lending rates ease and listings improve. Concurrently, as more mortgages are set to renew, there could be gains in resale listings as existing homeowners, previously hesitant to change their housing situation, may be motivated to capitalize on rising prices and favorable seller market conditions.

The combination of improved listings and heightened activity in the new home sector is expected to foster some growth in overall supply. However, persistent strong demand, driven by recent migration and a healthy job market, may take time for supply levels to rise sufficiently to restore balance to the market.

While conditions are not expected to be as tight as in 2023, a seller’s market is projected to persist throughout the spring, resulting in further price growth. CREB forecasts a 6.5% increase in home prices. Additionally, it's worth noting that mortgage rates are set to start lowering from early 2024 into 2025, potentially influencing buyers' decisions and contributing to market dynamics. However, the rate of growth for each property type is anticipated to slow compared to 2023 levels, with supply growth mostly driven by the upper price ranges, likely decelerating the pace of price growth for higher-priced properties. Meanwhile, conditions are expected to remain tight for lower-priced properties, contributing to continued price gains.

CREB Forecast 2024

Home Purchase Cost Estimate

Checklist When Buying a Home

Closing Costs

Housing Taxes and Benefits

 

As your buying agent, we can help streamline the process of buying a home and make it easier for you. We’ve aligned ourselves with the top professionals in the industry, and once an offer has been accepted, we will personally help facilitate the process to close on the home. By working closely with mortgage brokers, title and escrow companies, home inspectors, and home warranty companies I will provide you with the best service possible!

Curious about what’s happening in your neighborhood? You can create a custom market report to see what’s active, under contract, and sold in your neighborhood! 

Considering selling or refinancing your home? Get an INSTANT property valuation now!

Contact us today to find out how we can be of assistance to you!

 

 

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