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:
What to Expect in 2024:
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.
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 The provided information may be outdated, and it should not be considered as advice or a recommendation.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.