CRRA October Key Market Insights
October 2024 - Christopher Kellett, Realtor & Property Manager
During October's Calgary Residential Rental Association luncheon, Ann-Marie Lurie, Chief Economist at AREA, delivered an in-depth update on current market conditions. Realtor & Property Manager, Christopher Kellett, highlights several key takeaways from her presentation on the current state of the market:
High Demand Meets Increasing Supply
While demand for homes in Calgary remains strong, the supply is beginning to catch up. This is an important shift, as it may eventually ease some of the competitive pressures in the market.
2. Interest Rates Set to Drop
One of the more optimistic notes was Ann-Marie’s expectation that interest rates will decrease in the near future. This could be a game-changer for buyers who are currently delaying their purchases in hopes of securing better financing options.
3. Calgary’s Economic Strength vs. National Slowdown
Calgary’s economy, buoyed by the oil and gas sector, remains robust. This strength contrasts with a slowdown seen in other parts of Canada, making Calgary an attractive option for both homebuyers and investors.
4. High Unemployment with a Growing Labour Pool
Although Calgary’s unemployment rate is high, this isn’t due to layoffs. Instead, it’s attributed to a growing labor pool as more people move to the city, particularly through international immigration.
5. Steady Growth in Home Prices
Over the past 25 years, detached homes in Calgary have seen an average price growth of 5.25%. The last year has been particularly strong, with an 8.7% increase in prices.
6. Rental Market Insights
About 38% of Calgary’s condos are being used as rental properties. The current vacancy rate stands at 1.8%, though when new inventory is considered, that figure rises to 4.6%. This stabilized market provides some opportunities for both landlords and tenants.
Final Thoughts
Overall, Ann-Marie’s summary paints a positive picture for Calgary’s real estate market, especially when compared to the rest of the country. With strong demand, a solid economy, and anticipated lower interest rates, the market outlook seems promising for both buyers and investors.
Calgary Real Estate Market Update With:
Christopher Kellett
Realtor & Property Manager
Power Properties
(403) 990-9297
chris@powerproperties.net
Christopher Kellett has been a dedicated member of Power Properties since 2008 and brings a wealth of experience as a seasoned Realtor and Proeprty Manager. With a career spanning several decades, Christopher has encountered and expertly navigated numerous challenges in Real Estate Sales and Property Management, all while honing his skills in client relations and personal growth.
