While the cost of home ownership in the city is still much higher than at this time last year, the latest report from the Calgary Real Estate Board indicates that there is a change in the ‘horizon.
“The market is not as tight as before. That said, it depends on the type of property you’re dealing with, and while prices are going down a bit, we have to keep in mind that they’re still higher than they are. be last year, ”said CREB chief economist Ann-Marie Lurie.
The average cost of a single-family home is $ 647,500, which is about the same as in May, but is 16 percent higher than in the same period in 2021. Townhouses are priced at $ 581,600, and townhouses are at $ 363,700.
Condo prices were the closest to seeing a decline in prices, but they still rose one percent to an average of $ 277,400.
Earlier this year, Lurie said, prices were up two or three percent each month, but that’s no longer a factor as supply chain problems ease and inventories increase.
However, the unstable economic situation makes buyers have to think hard at the time.
“Ratings are changing, rates are rising. These are also factors when you consider as a buyer the opportunities you have in this market,” Lurie said.
Nor is it prudent to think that you will have the choice of rubbish when you enter the market: other buyers are also competing to get a house. Along with Calgarians interested in new places to live, there are investors who take over properties and people coming from outside Alberta.
“One thing to keep in mind is that we are seeing migratory flows back to the province, something we haven’t necessarily seen before COVID.”
Lurie’s added prices will likely continue to experience a decline during the second half of 2022, but it is still unlikely that there will be a full reversal of the price gains that began this year.