Affordable Calgary homes in short supply this fall
If you’ve been struggling to break into the real estate market in Calgary, it’s not just you. A new report says there’s a shortage of affordable homes in the city.
Re/Max released its 2024 Fall Housing Market Outlook, and it looks like things aren’t expected to change anytime soon.
“Calgary is a seller’s market, which is expected to persist into the fall. While buyer demand continues to remain high in the region, inventory is low,” reads the report.
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Calgarians are facing low supply challenges, and the average home price in the city has leaped by a whopping 11.7%. Between January 1 and July 31 of 2023, the average residential sale price in Calgary was $539,648, which has now jumped to $602,653.
It’s homes that are below the average home price threshold that are becoming increasingly hard to come by.
Re/Max
According to Re/Max, there are a few factors to blame.
“The biggest factor contributing to the shortage in the Calgary housing market is that there are not nearly enough new listings. This continues to be an issue, especially in the under-$600,000 range for detached homes and under $300,000 for condo apartments. Sales have also decreased within these price ranges due to ongoing inventory challenges. Interprovincial migration is putting a strain on the market, with out-of-province investors competing with local buyers.”
The report adds that a solution will be hard to come by since when more affordable properties do hit the market, they’ll be met by high demand which will likely push prices higher.
If you’re looking to sell, now is the time, but it might be harder to nab that dream home if you’re looking for anything under $600,000 in Calgary.