Calgary’s real estate market is experiencing a surge in home prices and sales, driven by a high demand for lower-priced listings. According to recent data, the average price of a home in Calgary has increased by 6.6% compared to last year, reaching a record high of $485,870.
The rise in home prices can be attributed to the limited supply of affordable homes in the city. With more buyers looking for lower-priced options, the competition for these listings has intensified, resulting in bidding wars and driving up prices.
In addition, the COVID-19 pandemic has also played a role in the increase in home prices. With many people working from home and looking for more space, the demand for larger homes with home offices and outdoor areas has risen, further driving up prices.
The high demand for lower-priced listings has also led to an increase in home sales. In March, there were 2,903 homes sold in Calgary, a 147% increase compared to the same time last year. This surge in sales has also contributed to the rise in home prices.
Experts predict that the trend of high demand for lower-priced listings will continue in the coming months, as the city’s economy recovers from the effects of the pandemic. However, they also caution that the limited supply of affordable homes may lead to a slowdown in sales and a more balanced market in the future.
Despite the challenges faced by buyers in this competitive market, real estate agents are optimistic about the future of Calgary’s real estate market. They advise buyers to be patient and work closely with their agents to find the right home within their budget.
In conclusion, the demand for lower-priced listings is driving up home prices and sales in Calgary. With limited supply and high competition, buyers are advised to be patient and work closely with their agents to navigate this challenging market.
