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The Time to Sell is Now: Navigating Calgary's Sizzling Real Estate Market
In the vibrant city of Calgary, the real estate market is experiencing an unprecedented boom that homeowners should not ignore. With Calgary homes for sale seeing a dramatic upswing, there's never been a better time for those contemplating listing their properties. Here's why the current Calgary real estate market conditions might make this the perfect time to consider listing your property.

Skyrocketing Demand and Prices

Calgary's housing market is on fire, with homes for sale witnessing a 23% yearly increase in transactions in February 2024. This surge in demand, coupled with a notable lack of supply, has pushed home prices to new heights. The benchmark home price saw a 10.3% year-over-year rise, with houses for sale in Calgary now reaching an average price of $585,000.

Specific property types like Calgary condos for sale and detached homes are experiencing even more significant growth. For example, detached homes now average $777,086, a 14.4% increase. This upward trajectory presents an advantageous moment for sellers, potentially offering substantial returns on their investment.


The Rise of House Flipping and High-Value Properties

Adding to the market's vibrancy, Calgary now leads in house flipping activities, highlighting the market's robustness. Moreover, there's been a significant uptick in the listing and selling of homes priced over $600,000, signifying a market ripe for sellers with high-value properties.


Utilizing Expertise for a Successful Sale

Navigating this bustling market to find cheap houses for sale in Calgary or to list your own can be daunting without the right assistance. Engaging with best realtors in Calgary or utilizing platforms like Realtor.ca Calgary can provide the necessary edge. These real estate agents are equipped with insights into top communities in Calgary and can offer services like free home evaluation in Calgary, ensuring sellers receive true home value for their properties.


Preparing Your Home for Sale

For those looking to list homes for sale in Calgary, enhancing your property's appeal through home renovation tips and ensuring a thorough home inspection are vital steps. These preparations, coupled with strategic listings on Realtor Calgary platforms, can maximize visibility and attract potential buyers.


Conclusion

The Calgary real estate 2024 landscape offers a promising opportunity for sellers. With strategic insights from Calgary Realtors and a focus on top 6 Calgary neighborhoods in 2024, homeowners can navigate this vibrant market successfully. Whether it's 4 plex for sale in Calgary, condos for sale in Calgary, or detached homes, the current conditions signal a beneficial time to sell.

Leveraging the expertise of realtors in Calgary and making informed decisions can turn the process of listing your home into a rewarding experience. As the Calgary real estate market continues to evolve, taking action now could lead to significant financial and strategic advantages.

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Exploring the Dynamics of Calgary’s Real Estate in 2024: Sales Surge and the Rental Sector’s Role

The landscape of Calgary's real estate in 2024 reveals a bustling market that extends beyond the traditional buy-and-sell narrative. Particularly noteworthy is the role of Apartment Real Estate Investment Trusts (REITs) in molding the housing scene, alongside a notable rise in property sales and values early in the year. This paints a comprehensive picture of the city's thriving real estate environment.

Remarkable Growth in Sales and Property Values

Kicking off with remarkable vigor, Calgary's real estate market mirrors the vigorous activity of the previous year. A nearly 38% increase in January sales across apartments, row houses, and single-family homes marks a significant start. This surge in transactions pairs with substantial hikes in property values, notably with row houses and apartments at the forefront with up to 20% and 19% increases in benchmark prices, shining a light on a market in full swing.

Rental Sector Strengthens Amid REITs’ Revenue Uplift

In this vibrant sales backdrop, Calgary’s own Boardwalk Real Estate Investment Trust, along with its peers nationwide, reports a spike in revenues in a notably tight rental market. Boardwalk’s growth, exemplified by a 13% increase in same-property net operating income, is fueled by Alberta's population swell, boosting occupancy rates and negating the need for rental incentives.

This pattern mirrors the wider industry, where the top Canadian apartment REITs enjoyed income boosts thanks to migration, inflation, and the high cost of borrowing, underscoring a trend that’s reshaping the rental market landscape.

The Double-Edged Sword of New Developments

Despite the optimistic financial outlook and the influx of investment, new apartment projects proceed with caution. Sam Kolias of Boardwalk points to the economic hurdles and extended timelines that dampen the enthusiasm for new builds, spotlighting instead the strategic focus on enhancing current holdings.

Nonetheless, the industry recognizes the imperative to contribute to the national affordable housing pool, advocating for supportive policies that could ease the path to expanding and improving the rental housing stock.

calgary real estate 2024 Market Navigation: A Spectrum of Prospects

The current climate spells a bounty for sellers, leveraging the high demand to their advantage. Conversely, buyers face a spirited market, though the promise of investing in a burgeoning city like Calgary holds long-term appeal. Renters are met with a constricted market, a direct reflection of the surging demand against a backdrop of REIT-driven revenue growth.


With a robust kickoff, Calgary's 2024 real estate market, buoyed by strategic shifts in the rental sector, showcases a sector bristling with energy and opportunity. For those looking to engage with this market, be it through buying, selling, or renting, staying abreast of market trends and seeking expert advice are crucial steps in navigating the multifaceted challenges and opportunities of Calgary’s dynamic real estate scene.

Source 1, 2, 3, 4

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Navigating the Shifting Tides: Understanding TD's Prediction of a 10% Drop in Home Prices by Early 2024

The Canadian real estate landscape, characterized by its recent highs and lows, is once again poised for a potential transformation. TD Bank's recent report speculates a significant downturn, projecting a 10% drop in home prices as we enter early 2024. This forecast comes amid a complex interplay of factors, including the aftermath of the COVID-19 pandemic, fluctuating interest rates, and evolving government policies.

Unveiling the Factors Behind the Projections

1. Post-Pandemic Transition

As vaccination rates rise and COVID-19 restrictions ease, a return to normalcy is anticipated. This shift may impact housing demand, particularly for larger and more expensive homes in suburban and rural areas, where a pandemic-induced migration occurred. TD's report suggests that up to 40% of the price growth in 2021 was attributed to pandemic-related demand¹.

2. Interest Rate Dynamics

With the Bank of Canada signaling a departure from the record-low interest rates maintained since March 2020, the economic recovery may come at the cost of increased borrowing expenses. Forecasts indicate an expected rise to 1.5% by the end of 2023, potentially reducing housing affordability and demand¹.

3. Balancing Supply and Demand

A historic trend of demand outpacing supply has created a fiercely competitive market. TD's outlook proposes a reversal of this trend, with supply catching up in the coming years. Factors contributing include increased property listings, completed construction projects, and a surge in immigration, with annual housing starts projected to average 240,000 units in 2022 and 2023¹.

4. Government Policy Impact

Various measures introduced by federal and provincial governments to address affordability issues, such as the mortgage stress test, foreign buyers tax, vacant homes tax, and first-time home buyers incentive, could influence demand and prices, especially in high-priced markets like Toronto and Vancouver¹.

Quantifying the Potential Decline

TD Bank's projections indicate a peak in the national average home price at $678,000 in Q4 2021, followed by a 10% decline to $610,000 in Q1 2024¹. While this would erase 2021's gains, prices would still surpass pre-pandemic levels.

The report acknowledges regional disparities, foreseeing sharper declines in markets that experienced rapid growth during the pandemic, such as Ottawa, Montreal, Halifax, and certain smaller cities in Ontario and Atlantic Canada. These areas might see price drops of 15% to 20% by early 2024. Conversely, underperforming markets like Calgary, Edmonton, and St. John's could witness increases of 5% to 10%, attributed to the recovery in the oil and gas sector, low interest rates, and favorable affordability.

Stable and balanced markets like Toronto, Vancouver, and Winnipeg may experience more modest declines of 5% to 10%, cushioned by strong fundamentals such as population growth, income growth, and job creation¹.

Strategic Considerations for Buyers and Sellers

Given the potential downsides outlined by TD's report, it's imperative for home buyers and sellers to adopt a strategic approach:

1. Realism and Flexibility

Decisions should be rooted in personal needs, preferences, and financial situations rather than current market conditions. Flexibility is key, allowing adjustments based on evolving market dynamics.

2. Caution and Prudence

Avoid overextending budgets and taking on excessive debt. Due diligence, thorough research, and consultation with professionals like realtors and mortgage brokers are crucial before any transactions.

3. Patience and Strategy

Resist hasty market entries or exits, as a long-term perspective and clear goals are vital. Strategic planning can help capitalize on opportunities and avoid potential losses.

Concluding Thoughts

The Canadian housing market, once a beacon of boom, now faces the prospect of a significant bust. TD Bank's prediction of a 10% drop in home prices by early 2024 underscores the need for realism, caution, patience, and strategic planning among buyers and sellers. As the market navigates this potential correction, informed decision-making becomes paramount.


Sources:
(1) Canadian Housing Market Report Nov. 16th, 2023 - WOWA.

(2) CREA | Canadian Housing Market Stats.

(3) Average House Prices in Canada - Stats, Trends and Forecasts - Reviewlution.

(4) Average House Prices in Canada - Stats, Trends and Forecasts - Reviewlution.

(5) The Daily — New Housing Price Index, December 2021 - Statistics Canada.


FAQs

  1. Q: Why does TD Bank predict a 10% drop in home prices in early 2024?

    A: TD Bank attributes this projection to a combination of factors, including the transition post-pandemic, potential interest rate increases, a balancing of supply and demand, and the impact of government policies on housing dynamics.

  2. Q: How might the end of the pandemic influence housing prices?

    A: As vaccination rates rise and COVID-19 restrictions ease, TD Bank suggests a potential reduction in the demand for larger and more expensive homes, particularly in suburban and rural areas, where many individuals relocated during the pandemic.

  3. Q: What role do interest rates play in TD's forecast for the housing market?

    A: With the Bank of Canada expected to raise interest rates in the second half of 2022, borrowing may become more expensive. This shift could reduce housing affordability and demand, contributing to the projected decline in home prices.

  4. Q: How does TD Bank anticipate the supply and demand dynamics evolving in the coming years?

    A: The report anticipates a shift from a historically tight and competitive market to one where supply catches up with demand. Factors contributing to this change include increased property listings, completed construction projects, and a surge in immigration.

  5. Q: What advice does TD Bank offer to home buyers and sellers in light of these predictions?

    A: TD Bank advises individuals to be realistic, cautious, prudent, patient, and strategic. This includes making decisions based on personal needs, avoiding overstretching budgets, and adopting a long-term perspective amid the potential housing market correction.


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