Calgary Real Estate Market Update - August 2024

[@impactfully5714]

Alberta has seen an influx of people but the job situation is another story. I recently met an Uber driver from Ontario who bought 2 condos in Calgary ( 1 for living and one for investing) . He is living on a prayer that this is the right move. He did mention that his income here is not the same as Toronto and doesn’t know how long he will be able afford to live here with the income situation. Healthcare is also an issue as his child needs it. A lot of people became homeowners in Alberta due to affordable but the jobs and other infrastructure needs to match the demands to continue to make it an attractive option.

[@Pink-Sushi-jp]

In Vancouver and Toronto, investors are unloading condos, so the big jump in inventory. The freeholds are actually doing quite well. Calgary does not have the same overbuild problem in the condos.

[@ChamberlainGroup]

@@Pink-Sushi-jp true.

[@usu336]

That trands move to Edmonton. It is too expensive in Calgary. Also, investors move to Edmonton too

[@Yelllowchild7]

11% y/y over the last 4 years isn’t sustainable, with detached prices catching up to suburbs of the GTA/ GVA and unemployment rising to almost 9%. Calgary isn’t cheap anymore. This wasn’t the case when detached units were $450k. Now it’s closer to $700k

[@bokz4482]

Calgary's hype was caused by Toronto and Vancouver getting ridicoulusly overpriced. But now that prices in those places are starting to crash people who moved to Calgary and experienced extreme cold, hail, power outage and water outage will inevitably would want out, 2025 and 2026 will be fun for Calgary.

[@ChamberlainGroup]

Ahh… see that’s where you may not understand fully what’s going on. Appreciate the comment and you watching! 🙌

[@BowtieJDP]

Toronto can’t handle any rain without it flooding. Van city is still outrageously expensive. Calgary isn’t perfect but it’s a relatively affordable place to live in Canada.

[@erichardca]

Ahhhh ignorance is bliss my friend.

[@bokz4482]

If my livelihood depends on how real estate performs of course I’d like to make it look and sound as good as possible. At the end of the day the major contributor to a stable market is the economy. Keep fooling yourselves for now, we’ll see when mortgages renew in the next two years.

[@ChamberlainGroup]

@@bokz4482 Thanks for sharing.

[@user-iz1uv8jq3j]

based on a machine learning algorithm, expect 20-30% correction in Calgary over the next 10 months. If you are going to buy, just wait and enjoy the discounts.

[@ChamberlainGroup]

Interesting. 🤔 what data are you feeding it? (And what is ‘it’?)

[@mtransport2144]

How many listings got sold out of the 4000? How many relisted? How many overpriced? That are not selling

[@ChamberlainGroup]

Great questions. Don’t have the data in front of me to pull it up.

[@JBM101]

I am taking the course and Raman gill says the data is there… how many were sold and went to pending but dropped and got relisted… can you find that data … that should tell us if the good times are over if the % is gettinghigher?

[@jozefciszewski2074]

It doesn't matter,overall the Calgary real estate market remains strong. Those small details U asking are not important. ​@@JBM101

[@alexandremorales5590]

Thanks for sharing all this great data

[@ChamberlainGroup]

You’re welcome. If we can help you in any way just let us know www.chamberlaingroup.ca/contact/

[@maksingh3513]

Unrealistic expectations of sellers is just funny ATM . And don’t even get me started about condo prices.

[@Yelllowchild7]

Signs are showing that the Calgary market has already peaked in May 2024. Since then, median & average detached home prices have come down. $690k/$790k. Sales has gone down, listings are up. 2 weeks ago, two of my friends listed in the northwest ($770k) a detached unit with peak prices from May 2024, they have had no offers after 2 weeks. If this was listed in May, unit would be gone in less than 5 days with multiple offers. Price drop to $740k… A great leading indicator of housing is rental vacancy, it was 1.4 % in 2023, since then it has gone up to 2%+, compared to chmc forecast of 1%. Many listing on rent faster, and it’s building up with all the new starts finishing. But no one is buying.

[@pumkinliu]

Hi love your videos! A friend of mine just asked me about Arrebella townhouse development. In your opinion is it in a good location?

[@ChamberlainGroup]

Have your friend connect with us here and we can advise properly www.chamberlaingroup.ca/contact/

[@lregier3063]

So everyone is renting is that why rental inventory is up 30% in 70 days....

[@seanpower1595]

Summer slump feels like a summer crash

[@user-rc3pd7hk6c]

Do you cover smaller towns.up to a hour outside calgary?

[@ChamberlainGroup]

Our team has helped in these areas. We can chat here and find out all the details www.chamberlaingroup.ca/contact/ -Jared

[@keeahn480]

Still 2:0 for this year. I wonder what happens next year... 😮😮😮

[@JBM101]

We are slowly coming into a balanced market and a lot of sellers are still trying to get out of the market with high prices…many realtors are not helping.

[@freeaudiobooks7469]

Poojeets will out pace supply. You're a clown if you think balance will ever be achieved

[@ChamberlainGroup]

Yes. Many agents don’t look at the data and where the markets going. But rather focus on what happened

[@billyt3130]

Fomo is dead

[@ChamberlainGroup]

There is still some that have it.. because they think they missed the price increases. There’s more to come.

[@foofighter303]

Will your mayor telling you every day to reduce your water usage affect listings? 😋

[@ChamberlainGroup]

I doubt it. It could become annoying for sure hearing the reminders I’m sure.

[@JakeDoingStuff]

Wait you think people are going to stop coming here? Ummmm. I guess you missed the memo that Danielle Smith recently stated. She wants to double Alberta's population to 10 million. Calgary will no doubt absorb the bulk of that on a percentage basis. Because who the hell wants to live in Edmonton.

[@mstt3530]

Calgary will continue to expand, that’s not a bad thing. Have you seen what going on in Seton?

[@ChamberlainGroup]

Don’t think people will stop coming, I think it will be at a more manageable pace.

[@JakeDoingStuff]

​@@ChamberlainGroupright. I got you. But if the population is going to be purposely planned to double. I'm just not sure how that's going to be manageable. It's definitely going to require some serious planning to be able to absorb that. She wants Red deer over 1 million. That's 10x it's current size. This is a problem that is going to need some serious figuring out. If it's to actualize.

[@mattmclaughlin2504]

I don't want to be that guy but ya we are not different. The Canadian housing market is a house of cards with Vancouver and Toronto pushing prices up around the country. Investors make up roughly 70 percent of the condo market. Investors are leaving as the taxes and foreign buyer ban has tamed the market and if you really want to get to the real catalyst for the house of cards it's Chinese money. I dare you to google "China housing market collapse" This is going to be a quiet revolt against investors until the market becomes reasonable. Why not just rent at this stage when buying high is such a big risk? I'm selling my place next week cause it's too big for me and other reasons but my goodness I feel even better about selling it for the reasons I just listed

[@ChamberlainGroup]

I don’t think you are that guy! Everything you said here could be very accurate. And because of it, it created a slight difference in our market compared to BC and Ontario. Will our market be strong and outlast them forever? No. But it has so far. Appreciate the comment 🙌

[@JeffSSartor]

Lol. If you dont think everyone that uses your services hates you, youre not being honest with yourself as a Realtor Not only do your customers hate you. Every single person does

[@ChamberlainGroup]

I have no clue what you’re talking about here. 🫶

[@2john149]

No jobs available here hahaha . People are leaving, overpriced houses. Can't wait to see 2025. Investors are not investing ...😂😂😂😂😂

[@ChamberlainGroup]

Thanks for sharing. Will this be a good thing or bad thing for you if this was to happen this way?