Calgary Housing Market Exploding! House prices projected to climb 8% next year; median cost of detached home could top $800,000
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Get ready, Calgary homebuyers! The city's housing market is predicted to be the hottest in Canada next year📈, with prices expected to jump 8% by the end of 2024. That's according to Royal LePage's 2024 Market Report, which predicts a median detached home price topping a cool $800,000.
Here's what you need to know:
1️⃣ Overall home price jump: 8% year-over-year, bringing the average to $711,612. This is a significant increase from the current benchmark price of $572,700.
Source: Calgary Real Estate Board (CREB)
2️⃣ Condos leading the charge: Condo prices are expected to surge 9.5% to $286,562, driven by buyers priced out of detached homes. Downtown condos are hitting levels not seen since pre-recession 2014.
3️⃣ Detached homes still strong: The median price of a detached home is projected to climb 6% to $803,692.
4️⃣ Interest rate impact: A potential drop in interest rates by mid-year could fuel a buying frenzy in the spring market.
5️⃣ Calgary bucking national trends: While other major cities like Toronto and Vancouver are seeing slower growth (projected at 6% and 3% respectively), Calgary's market is booming.
Why is Calgary Booming?
Several factors are fueling Calgary's real estate boom:
- Strong economy: Alberta's economy is on the rise, thanks to rebounding energy prices. This is creating jobs and boosting incomes, fueling demand for housing.
- Interprovincial migration: While it's slowed down slightly, Calgary is still attracting new residents from other provinces, particularly those looking for a more affordable housing market compared to Toronto and Vancouver.
- Investor interest: Investors are increasingly seeing Calgary as a promising market, driving up demand for multi-family homes.
What to Expect in 2024:
- The year might begin slow due to potential interest rate drops, but a hot spring market is anticipated as seasonal trends kick in.
- Inter-provincial migration may have slowed, but investors continue to be a major factor in the multi-family market.
Conclusion:
The Calgary housing market is poised for a hot year in 2024, with strong price growth expected across all sectors. This is good news for sellers and investors, but potential buyers may face increasing competition and affordability challenges. Staying informed about market trends and consulting with professionals will be crucial for navigating the Calgary housing market in the coming year.
Sources:
- Calgary Herald: https://calgaryherald.com/
- Royal LePage's 2024 market report
- Calgary Real Estate Board (CREB): https://www.creb.com/
- ATB Financial's latest economic outlook report for Alberta: https://www.atb.com/company/insights/alberta-economic-outlook/
Disclaimer: The content above is a compilation from diverse reliable online sources, including blogs and news articles. The Dolphy content team does not ensure the factual accuracy of the information. The provided information may be outdated, and it should not be considered as advice or a recommendation. It is advisable to consult with a licensed real estate agent or broker for accurate advice and recommendations.
