Calgary is well known for its wild spirit and exciting entertainment: but there was more in this area than the Stampede in 2021! In April, dozens of reports came out about the huge boost in real estate sales, and this city gained global attention for its wild market. So, what caused this?
This is a rundown on everything you need to know about real estate in this amazing city and what effects it’ll have on the future.
What Caused the Boost in Prices
In April 2021, new listings soared by 227%, up to 4,670 from the 1,425 that it saw just a year before. The biggest change was the way people were reacting to the pandemic. At the beginning of the pandemic, many people didn’t want to give up their land; they stayed situated and hoped that waiting would let things pass over, but these last two years have shown that nothing can be quite that simple.
This year when homes started to become available, people who had previously been renters were quick to buy, and many people began leaving busier cities to steal a piece of quieter city life in Calgary. Combined, these boosted house prices and made many properties fly off the market within days of being available.
April to April Sales Tracking
In April 2021, 3,209 houses sold within Calgary: a staggering number compared to the 571 that sold in April of 2020. Chief economist Ann-Marie Lurie stated that she believed this large jump was because of people desperate to enter the market before the prices rose any further. Since the benchmark price rose to $451,400 from $413,200 in just one year, it was clear why they were worried about being left behind.
Which Properties Were Affected Most
As the number of homes that became available rose: the prices skyrocketed as well. Average home prices rose by 20 percent, and detached homes hit a new record as their prices rose 11% higher. Although condos were also popular, people were passionate about getting a piece of land to themselves, pandemic wariness reminding them of the importance of having their own private piece of land.
What’s Expected in 2022
There’s no perfect way to predict how real estate prices will change or what the market will do- from day to day or month to month, but prices are continuing to climb. Although the changes may not be as drastic as Calgary homes for sale saw in 2021, the next year is set to be another groundbreaking one for real estate.
Calgary Real Estate Will Continue to Surprise
Calgary has always had a mind of its own, and nowhere is that clearer than in real estate. If you can stick it through a live show at the Calgary Stampede, you’ll be able to understand the wild turns and changes this city’s real estate market is going through. Keeping an eye on it and investing could be the right move for any market-savvy property owner.