Strong Condo sales aided by single family sales in the sub $1M range buoyed Calgary real estate market over the summer months. Buyers will appreciate that a gradual increase in inventory levels has created more selection and choice along with a less hectic pace to the process. Overall we are seeing the market calm down from the bell market we experienced over the past few years. While the forecast for jobs and in migration slows moderately over the next few years there still remains plenty of fuel for growth in the real estate market. Sectors that remain in hot demand are moderate priced homes and townhomes in walkable communities or good transit accessible areas. We also witness an increase in demand for moderate homes suitable for retirement lifestyles with amenities such as single level flats, accessibility (elevators), moderate sizes, low maintenance and security.
We also are witnessing a greater demand for green and low energy features that are environmentally sensitive. Expect this trend to continue to grow as utilities consume a greater portion of the homeowner’s budget and concern for the environment becomes mainstream. Areas of the market we witness declining are large homes with less efficient maintenance requirements generally on acreages or not within walkable communities and usually over $1M price range. Looking forward we expect that the greater number of condo starts will begin to over supply this market over the next two year time frame. Also an increase in the cost of construction will place upward pressure on prices squeezing margins for developers. Look for a trend to more compact efficiently designed homes with a green influence along with new solutions for affordable housing including laneway housing, secondary suites and new density options for single family developers.
For detailed information of the Calgary Real estate market or a complimentary consultation call Sano Stante Real Estate at 403-289-3435