As 2024 unfolds, Calgary’s real estate market continues to be a focal point for both local and out-of-province buyers. The city is experiencing dynamic shifts, influenced by a blend of economic factors, population growth, and changing buyer preferences. Here’s a look at the latest trends in Calgary’s real estate market and what they mean for buyers and sellers.
Increased Demand from Out-of-Province Buyers
Calgary has seen a significant influx of buyers from provinces like Ontario and British Columbia, driven by the city’s more affordable housing market and strong economic prospects. This trend is contributing to a higher demand for single-family homes and condos, particularly in established neighborhoods and emerging suburban areas. The appeal of Calgary’s lifestyle, combined with its relatively lower cost of living, is making it a top choice for those seeking new opportunities and a better quality of life.
Rising Home Prices
With increased demand comes rising home prices. While Calgary remains more affordable than cities like Toronto and Vancouver, the city has seen steady appreciation in property values over the past year. The upward trend in prices is being driven not only by out-of-province buyers but also by a growing local population and strong economic fundamentals. However, compared to other major Canadian cities, Calgary still offers excellent value, making it an attractive market for both first-time buyers and investors.
Shift Towards Suburban Living
As remote work continues to be a viable option for many, there has been a noticeable shift in buyer preferences towards suburban living. Calgary’s suburbs, with their larger homes, green spaces, and family-friendly amenities, are in high demand. Communities like Airdrie, Chestermere, and Cochrane are becoming increasingly popular as they offer a blend of affordability, space, and access to urban amenities. This trend reflects a broader desire for more living space and a better work-life balance, particularly among families and young professionals.
Low Inventory Levels
One of the challenges currently facing Calgary’s real estate market is the low inventory of available homes. As demand continues to outpace supply, buyers are finding themselves in competitive bidding situations, particularly for desirable properties in sought-after neighborhoods. This low inventory is partly due to a slowdown in new construction and a hesitancy among some homeowners to sell in a rising market. For sellers, this environment presents an opportunity to secure favorable deals, while buyers may need to be prepared to act quickly and potentially expand their search criteria.
Sustainability and Green Living
Sustainability is becoming an increasingly important factor in Calgary’s real estate market. Many buyers are looking for homes with energy-efficient features, such as solar panels, advanced insulation, and smart home technology. The demand for green living is influencing new developments, with builders focusing on creating environmentally friendly communities that align with the city’s commitment to sustainability. This trend is not only appealing to eco-conscious buyers but also adds long-term value to properties.Commercial Real Estate and Mixed-Use Developments
While residential real estate remains robust, Calgary’s commercial real estate market is also experiencing growth, particularly in the area of mixed-use developments. These projects, which combine residential, retail, and office spaces, are becoming more popular as the city seeks to create vibrant, walkable communities. The trend towards mixed-use developments reflects a broader shift in urban planning, emphasizing convenience, sustainability, and community engagement.
Calgary’s real estate market is thriving, driven by strong demand, rising prices, and evolving buyer preferences. Whether you’re a buyer looking to enter the market or a seller considering listing your property, understanding these trends is key to making informed decisions. As Calgary continues to grow and attract new residents, its real estate market is set to remain dynamic and full of opportunities.