{"id":298998,"date":"2024-02-21T19:05:58","date_gmt":"2024-02-21T19:05:58","guid":{"rendered":"https:\/\/wahi.com\/ca\/en\/?p=298998"},"modified":"2024-02-23T01:47:06","modified_gmt":"2024-02-23T01:47:06","slug":"calgary-sellers-market-conditions-expected-to-persist-into-2024","status":"publish","type":"post","link":"https:\/\/wahi.com\/ca\/en\/learning-centre\/real-estate-101\/buy\/calgary-sellers-market-2024\/","title":{"rendered":"Calgary Sellers\u2019 Market Conditions Expected to \u201cPersist\u201d Into 2024"},"content":{"rendered":"

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According to the Calgary Real Estate<\/a> Board\u2019s 2024 forecast, Calgary\u2019s 2024 housing market may continue to favour sellers and see price increases.<\/p>\n

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By Brett Surbey<\/a> | 4 minute read<\/p>\n

[\/et_pb_text][et_pb_post_title title=”off” author=”off” date_format=”M j” categories=”off” comments=”off” featured_image=”off” _builder_version=”4.18.0″ _module_preset=”default” custom_margin=”||17px|||” global_colors_info=”{}”][\/et_pb_post_title][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||3px|||” locked=”off” global_colors_info=”{}”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” width_tablet=”” width_phone=”100%” width_last_edited=”on|desktop” custom_padding=”0px||9px|||” global_colors_info=”{}” width__hover_enabled=”off|desktop”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@” align=”center” force_fullwidth=”on” _builder_version=”4.18.0″ _dynamic_attributes=”src” _module_preset=”default” custom_margin=”1px||29px|||” border_radii=”on|32px|32px|32px|32px” border_radii_tablet=”on|32px|32px|32px|32px” border_radii_phone=”on|0px|0px|0px|0px” border_radii_last_edited=”on|desktop” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.20.2″ _module_preset=”default” text_font_size=”1.13rem” text_line_height=”1.75rem” custom_margin=”-18px||2px|||” custom_padding=”||7px||false|false” custom_padding_tablet=”||7px||false|false” custom_padding_phone=”|15px||15px|false|true” custom_padding_last_edited=”on|phone” text_font_size_tablet=”1.13rem” text_font_size_phone=”0.9rem” text_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]<\/p>\n

According to the Calgary<\/a> Real Estate Board\u2019s 2024 Market Forecast Report, Calgarians won\u2019t be facing as tight of housing conditions compared to 2023. But that doesn\u2019t mean they\u2019re entirely out of the woods.<\/span><\/p>\n

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Last year was one for the books for Alberta. Record-high interest rates, <\/span>devastating wildfires across the province<\/span><\/a>, and inventory shortages not seen since 2006 were some of the key pressure points from last year in Alberta\u2019s housing market. And boy, did we feel them. Homebuyers and sellers alike \u2014 though sellers arguably \u2014 had the market in their favour.\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

One area that faced many of these challenges was the ever-growing city of Calgary. On January 23, 2024, the Calgary Real Estate Board (CREB) released its much-anticipated 2024 Forecast Calgary and Region Yearly Outlook Report, drawing attention to Calgary\u2019s unique housing situation in 2023 and how things could shape up for this coming year. <\/span><\/p>\n

 <\/p>\n

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“Given the persistent strong demand driven by recent migration and a healthy job market, it will take time for supply levels to rise sufficiently to restore balance to the market.”<\/strong><\/span><\/h2>\n

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A Year Defined by Limited Supply and High Rates\u00a0<\/b><\/h2>\n

Ann-Maurie Lurie, Chief Economist of CREB and creator of the report, summed up the core challenges facing Calgarians in a <\/span>press release<\/span><\/a>. \u201cDespite higher [interest] rates, 2023 was a year of relatively strong sales thanks to a robust labour market and strong migration. The challenge was limited supply, especially for low-priced homes with the strongest demand,\u201d she noted.\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

The report indicated that <\/span>migration to Alberta<\/span><\/a> \u2013 both internationally and interprovincially \u2014 was one of the main contributors to tightening housing conditions. To put it into perspective, Alberta welcomed just over 45,000 individuals from other provinces, almost reaching the record high of 2006 in terms of migration, according to CREB\u2019s report.\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

This spike in Calgary\u2019s population \u2014 along with high interest rates \u2014 then prevented current homeowners from selling out of their housing situation, which led to a large disparity between housing supply and demand. Calgary saw a 26% year-over-year (YoY) drop in housing inventory, and a 20% decrease in months of available supply \u2014 down to 1.34 months\u2019 worth.\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Both of these conditions led to significant price growth in Alberta\u2019s hub: a 6% YoY increase in the city\u2019s benchmark price. All of these events made Calgary\u2019s housing market ideal for sellers, a trend that will likely continue into the first quarter of this year.<\/span><\/p>\n

 <\/p>\n

 <\/p>\n

Sellers Could (yet again) Be in the Driver\u2019s Seat \u00a0<\/b><\/h2>\n

Looking ahead to 2024, Lurie expects Calgary\u2019s market to be in the favour of sellers, due to persisting supply constraints, ongoing interprovincial migration and rates easing up. \u201cWe expect potential buyers, who were on the sidelines due to limited supply choices, to re-enter the market as lending rates ease and listings improve. At the same time, interprovincial migration and a healthy labour market should continue to support stronger sales activity,\u201d she stated.\u00a0<\/span><\/p>\n

 <\/p>\n

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<\/h2>\n

The report noted that there is an \u201cexpectation\u201d interest rates will drop this year, potentially down to 4% by Q4, which bodes well overall. With more mortgages slated to renew this year and more homebuyers potentially jumping into the market seeing favourable conditions, housing supply could see an uptick. But Lurie doesn\u2019t think it’s enough to outpace migration into the city and Calgary\u2019s healthy job market.\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u201cGiven the persistent strong demand driven by recent migration and a healthy job market, it will take time for supply levels to rise sufficiently to restore balance to the market,\u201d she stated in the report. \u201c\u2026Ultimately the level of construction will have to be more in line with the migration figures before we see a substantial adjustment in supply.\u201d <\/span><\/p>\n

\u00a0<\/span><\/p>\n

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We put the real<\/em> back in real estate.<\/span><\/h2>\n

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Join Wahi today and find out how easy it is to get real estate in Canada.<\/span><\/p>\n

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