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Calgary Real Estate Market Update July 2024
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- čas přidán 13. 07. 2024
- 👉 Monthly Calgary Market Report: tcgroup.me/z69 Let's chat more: www.chamberlai... 👈
In June 2024, Calgary's real estate market experienced notable shifts amidst supply constraints and rising prices. Sales for the month reached 2,738 units, marking a 13% decline compared to last year's record high. This decline was primarily observed in the lower price ranges, with inventory levels continuing to fall in these segments. Despite this pullback, the market remains robust, with sales exceeding long-term averages by over 15%.
Persistent tight supply conditions have fueled further price increases across all property types and districts, with the unadjusted benchmark price rising to $608,000, a nearly 9% year-over-year increase. These dynamics underscore a competitive environment, particularly for properties priced
below $700,000, where demand continues to outstrip supply, driving many transactions above the listing price.
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What is missing from most RE analyses, including this one, is a consideration of the increasing amounts of debt accumulation among Canadians. With each passing month at high interest rates, many Canadians go farther into debt and have less hope of buying a new home. Interest rate cuts of .25 at a time are not going to help them. They are sinking much faster than that at much higher rates than they ever anticipated. And look at the money bled out of HELOCs. Simply put: the amount of wealth sitting on the sidelines has been diminishing for many months and the “ability to finance” sitting on the sidelines has diminished. And soon, other markets are going to see their prices coming down greater amounts and more quickly than Calgary. So, the slowing is not a sentiment issue; it’s a changing financial landscape reality.
Being debt free is un-Canadian.
Very true. There is growing debt in our country and those in Calgary too. For those who don't own a home, then this is a gap that is growing. For those that do own, there is growing equity in their homes, not that it's accessible easily and for a good price, but it's there. Interest rates dropping isn't going to have a massive impact on many initially, but over time, as we move in a certain direction, hopefully we can see some reprieve.
@@ChamberlainGroup Check what has been happening with HELOCs, and remember that parents have been using HELOCs to finance the buying of their kids. There’s a lot less money available going forward… every day.
Alberta Jobs market is sooo horrible. Don't come. Big mistake if you do. Retirement then maybe if you like the cold weather.
We're full and job market is very challenging. For retirees utilities, groceries and property taxes too high.
Best data analysis! Easily beat all other realtors' biased analysis! Thank you.
Appreciate that! Thank you for watching and taking time to comment✌️😁
How is the 8% unemployment rate going to impact the housing market?
ATB did a great in-depth paper on this. They found that despite that unemployment number, Alberta was adding jobs that matched the immigration to Alberta which is. Very important number. Possibly more important than unemployment they said.
@@ChamberlainGroup can you put the link down for the ATB paper
How many of the new jobs are low paying?
@@ChamberlainGrouphow many of the new jobs are part time? Are the quality of the new jobs matching the quality of jobs being lost?
They are finally admitting to the fact that a lot of the jobs we are have been adding are low pay and part time. A lot of oil and gas related jobs are being shuttered especially ones that are related to pipeline construction. Many many crews have been sitting since Christmas with no new signs of projects. Same can be said for non oil industry jobs that rely on big building projects I know a lot of electricians that typically work on commercial construction that have been sitting for a long time and there are hardly any projects happening around the city.
Could you recommend accounting specialists in Calgary for real estate investors?
10 year avg we had fewer homes and ppl in city. Gross volume should be up but I’m not sure that’s a sign of strength
What’s happening is a slowdown of a market where I think most people are thinking this is a beginning of a shutdown
Well problem is flippers are asking 599k for a bungalow in forest lawn. That's not gonna sell in a down market. Not even close.
Those will probably sit for a while. However that area Forest lawn/Forest Heights has seen some large Y/Y increases.
@@ChamberlainGroupthat’s because realtors are able to sell these to Ontario buyers, little do they know it is the least desirable area and in a slow market these will be under water
I'd never thought I would watch a real estate channel "for fun", but the quality of your channel is world-class. Question: what do you think of honestdoor as a resource for real-estate prices? The most recent monthly update showed a drop in prices in Calgary and Edmonton which seems to affirm what you're saying. But curious, is there a better resource than honestdoor? Thanks!
Appreciate the comment. I have used honestdoor years ago but 'honestly' haven't looked at it in probably 2 years or so.
@@ChamberlainGroup thanks for your reply. Is there a better resource that we can use? Thanks!
@@user-oh1lp7wf3f let’s chat here as we may have some ways of helping out. www.chamberlaingroup.ca/contact/
I need to sell my house in the next couple of months and have been looking at Honest Door. They list your house without all the expensive fees but you don't get the expertise of a realtor who is better equipped to help sell your home. I'd like to find a realtor who would negotiate their fees because giving up $40 grand of equity is a lot of coin.
I’ve seen a tremendous drop off of services the city once provided for our tax dollars. People are rethinking if Calgary is a viable option as a place to invest their hard earned money. Outlying communities like Strathmore or High River are likely going to see a bigger surge in activity especially after the performance of our mayor and city council in the past few months. The people are speaking with their wallets!
Well, Calgarians yell louder about paying taxes, than most places I’ve lived. If the city keeps the taxes from rising to other Canadian cities rates (which they have done)…the services are going to diminish. It’s inevitable. There is no ‘having it both ways’…anywhere. So…people can move to other places - where taxes are lower, but…those services are not going to be provided in those areas, either. It’s all relative. The mayor of Calgary is not the problem. The ‘mayor haters’ are the problem. Spinning toxicity to create an illusion that she is not doing a good job. It’s gotten very old. And it’s not working. Move to Strathmore or High River…no one is stopping you. Bye!!
Try Airdrie it’s the best and close to hospital and all conviences hospitals and red deer
I'm having a new house built in Okotoks. Will be putting my house up for sale in September or October. My neighborhood is turning into Mogadishu. Calgary is no longer the city I grew up in. My property taxes, utilities and insurance will be much lower. "Progressive" governments love to tax us for their woke projects. I don't need rainbow sidewalks or bike lanes to pick up my groceries or go to work. These "woke" mayors and their socialist cohorts need to go back to providing the basics and have some respect for the taxpayer. But when you take campaign money from the city unions I guess you're beholden to them to raise taxes for their increased pay and pensions.
@@Redneckboy991 you are so right on your assessment of Calgary, it is no longer safe and all quadrants are falling quickly.
Completely agree, lived here 35 years and can't wait to leave.
Buyers are fed up with these houses are over priced.
Agreed. Some sellers are realizing this too and need to adjust.
I guess if you're coming From Toronto or Vancouver, Calgary house prices would seem low. My sister sold her house to a couple from Toronto. She was only in her house for just 3 years and made $140 thousand on it. She decided to downsize to one of those 3 story townhouses but is now mortgage free.
You are the best.
My mom thinks so too 😂 (thank you!)
The first half is already 2:0.
29% increase in rental inventory since June 6....
Wow. What’s the actual numbers vs percentages? If there’s a low number to start with and it jumps 29% it still could be low.
From rentfaster 4981units June 6.2024. As of post 6369 units
Also wondering where fall numbers could lead to if another rate drop in Sept? Could it bring more investors? buyers. Speculation…
It's hard to say what it will bring. What I hope it brings is some stability in prices, and opportunities for locals to finally make moves without the influx of people moving here which will remove the crazy multiple offers and allow some negotiation to happen again.
Fixed rates are low as 4.9%. 80% of the buyers are on a fixed term.
Variable is at 6.2%. You are still away by 1.3% lol
Hi, can you please suggest few inspection company name for a brand new home inspection? thanks
Good update
Thank you! Appreciate you stopping by and taking time to comment.
Prices will go up up strong for another 2 years at least. And I like to speculate a little bit because I was right for last 2 years.
2nd highest unemployment rate in the country 😂😂😂
You have NO idea what ur talking about. Everybody is hiring. @@stephenn88
I disagree. I think Calgary has seen 10 years worth of price appreciation in less then 2 years. I believe prices will stay steady if not balance out but drop 10-20%.... Never are we going to see this insane immigration numbers again....never again are we going to see this amount coming from BC and Ontario.....
No we won’t see that number again… I possibly agree… BUT we will see people moving here in a more appropriate rate which will keep our province growing long term. Calgary isn’t the ugly oil town many parts of Canada thought we were.
@@jozefciszewski2074 yes..likly still good growth for another 2 years. A drop of 10-20% citywide is just non sense. Likly for individual cases only. Unemployment rate is such a BS number to begin with. Also with such a huge number of people moving to Alberta, gotta give it some time for them to find a job and work itself out to reflect on the employment numbers.
So the reason calgary prices are insane. Are because of low inventory and insane immigration and insane migration from eastern canada.....are we ever going to see a combination of those 3 variables in the near future again? I think NOT! ESPECIALLY when you factor in tbe Conservative party is almost guranteed going to win next election..
I think prices in Calgary will remain steady before dropping 10-20% and balance out..... We have alrwady passed the top of the market...!
Inventory levels are climbing! Immigration is crashing.
We can only hope!
just imagine though if Mr Trudeau gets re-elected. wow.
is immigration really crashing though? I'm see more and more everyday, everywhere
@@punkfunk212 I just saw a video where Danielle smith said we had over 200,000 people come to Alberta last year and it's not slowing down anytime soon.
@@Redneckboy991 bro please slow it down 😭