The largest city in Alberta, Calgary, has gained tremendous recognition for its dramatic backdrop and the Rocky Mountains.
It is also a popular skiing destination for many. Along with a population of about 1.3 million people, Calgary is one of Canada’s leading metropolitans. It houses arguably the highest number of young Canadians on average. Its natural bounty and beauty are unmissable. Plus, it is also well-known for its healthful and comfortable weather conditions. Some of the top industries include tourism, petroleum, and agriculture. And if you live here, it can be a surprise to know that its real estate market saw a significant jump in 2021.
Experts believe that it is the best time to sell your property if you want to do because the market is witnessing an attractive increase in prices and offers. The reports also indicate that more houses are getting sold out than what the market is producing. It has led to a new trend. Earlier, buyers had a greater say in the dealings. Today, sellers are more powerful as they have plenty of choices to pick. So, if you are interested in selling rental properties, you can reach out to We buy houses Calgary features. Before that, you may want to study the real estate conditions in your city a bit. Here is a quick view of the same to give you a clear picture.
The housing sector in Calgary January 2021
In January, the city’s typical property prices touched $423,800, which hints at an increase of 1.8% compared to the previous year. About 1,208 properties registered successful sales, again helping the market to witness a 40% jump. Those familiar with the city in and out can feel excited that January saw so many property sales. People don’t shop for properties during this time around because of a few factors, such as holiday expenses. However, the recent Christmas season seemed to be different for sellers as they received multiple buying requests.
In January, the housing sector added 2,246 new choices, which took the total inventory to 4,035. The number of properties is less compared to the previous year. The real estate analysts believe that there have to be around 5,000 to 6,000 properties to make both demand and supply sides happy. With such numbers, meeting demands can be comfortable. However, as per the present state, demand is too high for the repository. In this context, let’s take a look at different housing parts separately.
Detached homes in Calgary
A typical selling point for stand-alone homes in January stood at $492,900. About 731 sales happened to take the sales figure to a 41.9% increase. The reason behind such a boost can be people’s interest in buying more space. Many families have welcomed babies, and more are likely to have one in May. Due to this, there is a perceptible demand in this space. Plus, people need more room for their daily activities now, yet another favourable factor for sellers.
Duplex homes see a 1.27% jump annually, with an average price touching $391,300. Almost 141 of these homes closed sales this month, causing 68% more sales.
Compared to others, this category was slightly sluggish. Still, it showed improvement in year over year sales by recording a jump of 26%. In January, 186 apartment condos got sold out. However, condo sales are likely to become better because people consider them as an investment. The 20-something young generation doesn’t want to pay rent. Instead, they want to buy a condo. Do you wonder why? It is critical to note that interest rates are lower in this case. Hence, it makes a wise decision for them.
In 2020, these were hot selling properties because of their affordable prices and low-interest rates. The trend continues even today. The typical buying price for them stood at $280,900. In January, 150 such homes got sold out, taking year-over-year sales to a 33% increase.
If you want to right-size your home, there is again a lucrative possibility for you to enjoy. Some families with just two parents want to right-size their homes as it can be difficult for them to take care of the yard or other chores in old age. They may lack the energy and time for this. Hence, they can also get in touch with realtors or real estate agents to plan things in their favour.
Is it the right time to sell your property?
Like other sellers, you also want to get rid of your old house for an attractive price. Anything less than your expectations can be challenging to agree upon; in that scenario, it is better to look for opportunities when the market is peaking. It can be the best time to sell your property. The prices have increased, and many buyers are showing interest. You have to find a trustworthy realty business to get the most suitable value for your home or rental property.
However, as experts recommend, you have to chalk out a proper plan before entering the market. An advisor can be useful in this case. They can guide you about the entire selling process to help you secure the right price. Besides, you may want to revamp your house a bit and put it in proper order. If your home is ready, you will not have to wait once you enter the market. Going by the nature of demands, some believe that offers may start pouring within one or two days. So it makes sense to do the necessary preparations. Right now, the market is intense and faster than other times. You cannot afford to miss the bus if you wish to get the best returns.
The property market in Calgary has caught pace with buyers out on house hunting. Whether it is for personal use or investment, you cannot precisely predict when the needs are quickly evolving. However, there is a guarantee that if you keep everything ready, you can find yourself at an advantage. So, start the planning now!