Will Calgary Real Estate Prices Drop?
Forecasts for the Canadian housing market in 2021 and 2022 are divided, as there is still a good deal of uncertainty. The various expectations are based on some of the following questions:
- With so many Canadians receiving the COVID-19 vaccine, will Canadians be able to return to the workplace later in 2021?
- When will the restrictions for the third wave of COVID- 19 infections end?
- How seriously will the COVID-19 variants affect timelines and potential future shutdowns?
- With the pandemic and high unemployment rate, will the federal government meet its aggressive immigration targets?
Our real estate professionals constantly monitor the housing market in order to provide you with the latest information.
Are Housing Prices Going to Drop in Calgary?
While confidence has risen since March 2020, buyers and sellers wonder if a drop in housing prices is in Calgary’s future.
Both RE/MAX and Royal LePage expect there to be a rise in prices while Reuters and Moody’s Analytics predict there to be a 10% decrease. But according to CBC News, the Canadian Real Estate Association (CREA) believes that prices across Canada will remain strong. Additionally, CREA predicts that the housing market will cool once we enter 2022. As it stands now, the national average home price increased 25% since last February, and is now at $678,091.
First-time buyers have been lucky enough with Calgary housing prices, but with the changes to the mortgage stress test set for June 1st, the market is expected to stabilize.
Is it a Good Time to Buy a House in Calgary?
As we mentioned in a previous blog post, Is Calgary a Good Place to Invest in Real Estate?, it’s a seller’s market right now, and if the upward trends continue, it’s a great time to invest! There are many places in Calgary to explore that will meet buyer preferences.
These neighbourhoods are among the top areas to live in this year:
Looking for more space and easy access to downtown Calgary? Evanston homes for sale in Calgary NW are the answer! WIth fresh and modern interiors, these luxury houses offer special benefits, including fireplaces, finished basements, and wide garages. Home prices range from 400-500K.
Homes for sale in Mahogany are in a tranquil lakeside community, full of luxurious detached homes, including laned houses and exclusive collection homes. SE Calgary is a place for quiet but active living with many sport-related amenities nearby. Home prices range from $500-600K.
This SE Calgary neighbourhood offers an affluent selection of real estate properties, such as luxury homes, new builds, condos, and townhouses. This lakeside community is near a few schools and offers fishing, picnicking, and other activities. Houses for sale in Auburn Bay range from $400-500K.
Check for new listings, or contact our Calgary House Finder real estate agents.
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