Calgary is one of the largest and most beautiful cities in Canada. It is a diverse city with a diverse population of people from various backgrounds!
Living in a place where the population continues to grow plus immigrants continue to arrive raises the demand for housing, which in turn raises the Calgary real estate market. However, the deadly disease had a long-term impact on the real estate market.
Calgary Real Estate saw a flame burning in the market during the 2020 lockdown. With the timings of oil and gas rising along with the quartine going on, the Calgary real estate market activity was affected heavily. The average sale price rose 0.3% in 2020, higher than the previous year, and raised up to 3% in 2021.
Calgary Real Estate Current State
Calgary’s market is currently slowly reviving, with all si5gns of growth in the city’s real estate market. Starting from a new year, bought a new list of prices in Calgary’s real estate housing market. Calgary real estate is enjoying the sudden uproar in the market, and it is predicted to go up throughout 2022, and the stats prove it. When looking at sales growth compared to last year, Calgary real estate has seen an impressive rise of 66.5%. Following that, if you look at the inventory levels in January 2020 (5,168), you will notice a significant decrease in inventory levels in 2022. (2,620). Because of the low inventory, a competitive environment has emerged.
The Increased sales and lower inventory levels increase competition among Calgary home buyers, as evidenced by higher sale prices linked to list prices. As the revenue marketing ratio for 2022 is 100.51 percent, a house in Calgary gets sold 0.51 percent more than the average price.
Now If comparing the price ratio of three years, 2020, 2021, and 2022, there has been quite an obvious difference. The price ratio was less than 100 percent in the first two years, and while 2020 had a 96 percent price ratio, 2021 had only a percent higher, 97 percent. Unlike the previous two years, when houses got sold for less than the listing price, 2022 outperformed the previous years, with Calgary homes selling for more than the listing price. As a result of all of this, Calgary real estate is the most appealing in Canada.
Compared to 2021, when the market was low, 2022 has passed that line and since then increased 8%, making the price $510,701 for a house. From being 7% higher than December 2021, the prices of Calgary real estate keep rising every month. However, the market did not pause at the old rates or decrease- instead, the prices kept going up as the demand went up. That does not deter citizens and residents from other provinces from investing in the rising costs.
In January 2022, the price of a single-family home has risen 11.6 percent, or 6.2 percent more than in December 2021. On the other hand, Single-family duplexes had to see an increase. Prices increased by $558,094, a 16.6 percent increase. These aren’t the only types of housing that have increased in value. Townhouse prices boosted 11.3 percent to $336,638.
Condominium apartments were the worst hit by the 2020 pandemic. The property that had once led the market had become the worst-performing property ever. In 2021, it all went downhill for condo apartments when the prices went all the way up to 21.65% highest rates in Calgary ever seen. However, currently, they are down to 4% marking as the lowest prices.
A Guide on Appreciating the Value of Your Calgary Home
The market report for 2022 shows about 332.7% of the listed house have gotten sold. Calgary real estate is on the rise and is seeing no signs of crashing down, so this is the best time if you’re looking to increase the value of your home. There is no way that could tell us the exact rate as every property is unique and will value it after looking at the situation. Remember, you have to increase the value of your home, not depreciate. Here are some things to consider.
- The Location of the House: The first thing that the real estate market considers. If many people are living there, this is a good sign. Not only that, but the real estate will consider the behavior of the neighborhood, nearby schools, and a well-developed area.
- The Property Value: Calgary real estate focuses on the area’s property because that is where the real value lies. The higher the worth will get stamped, the better and more property one has.
- Size of The House: Smaller houses, as opposed to larger ones, tend to appreciate more. If you live in a neighborhood where two homes are on the same plot, it is safe to assume that the more expensive one will value more than the less expensive one.
- Local Housing Market: Local housing markets experience ups and downs. Find a well-trained real estate agent who will educate you on the highs and lows of Calgary real estate and assist you in locating a large neighborhood.