The Calgary housing market continues to face challenges as inventory levels drop and interprovincial migration contributes to the demand for homes.
According to the latest data from the Calgary Real Estate Board (CREB), the city’s housing inventory has fallen by 22% compared to last year. This decrease in available homes has led to a tight market, with buyers facing limited options and increased competition.
One factor contributing to this trend is the influx of people moving to Calgary from other provinces. The CREB reports that interprovincial migration has increased by 20% in the past year, with many individuals and families seeking opportunities in the city’s growing economy.
This surge in migration has put additional pressure on the already limited housing supply, driving up prices and making it more difficult for buyers to find affordable options.
Despite these challenges, the Calgary housing market remains strong. The average price of a home in the city has increased by 6% compared to last year, with the average price now sitting at $468,000.
Experts predict that the demand for homes in Calgary will continue to rise as the city’s economy recovers from the effects of the COVID-19 pandemic. This, coupled with the ongoing trend of interprovincial migration, is expected to keep the housing market tight in the coming months.
In response to these conditions, the CREB is urging potential buyers to be patient and to work closely with their real estate agents to find the right home for their needs and budget.
As the Calgary housing market continues to evolve, it is important for both buyers and sellers to stay informed and adapt to the changing conditions. With the help of experienced professionals and a thorough understanding of the market, individuals can navigate these challenges and find success in their real estate endeavors.
