Calgary real estate is predicted to remain balanced in 2021, despite persistent economic pressures tied to the oil and gas industries, as well as COVID-19.
According to Re/Max, the outlook for Calgary real estate in 2021 is a 3% increase to just over $470,000
Demand for Calgary homes is now driven by upsizing and first-time buyers, and is predicted to continue beyond 2021. These purchasers choose single-family houses.
In Calgary, first-time buyers are mainly singles or young couples seeking for single-detached houses. Due to low borrowing rates, many first-time homeowners have opted to purchase.
Calgary condos average just over $225,000. The supply of condos in Calgary is presently 7 months, and this is not projected to change in the next 1-2 years due to the significant quantity of used properties and new development. The average starting price for a luxury property in Calgary is $750,000.
Northern, Southern, and Northern/Central Western Calgary were the top areas for home sales.
It's close to the airport and downtown, whereas South Central is newer and close to the hospitals. These areas will remain popular in 2021 due to their proximity to amenities and transit. Calgary's new-home sales are slowing, and many developers are seeking for property to build on. A proposal was rejected a few months earlier owing to COVID-19 and the present economic climate. The quantity of new houses being built in Calgary is adequate to fulfil current demand, and new home prices are highly competitive.
Canadians are relocating. The re-location trend across the Canadian housing market is significant, and we expect solid national house price increases.
A persistent and widespread housing supply deficit will certainly persist, posing hurdles for purchasers and driving up costs. Moving-over purchasers from other cities and provinces will continue to drive market activity in early 2022.
Move-up purchasers will likely be a significant driver of property market demand in 2021 In 2021, 52% of Canadians say real estate will be a good investment. We anticipate the supply issue, pent-up demand, and record low loan rates will continue to fuel activity in 2021.