MORE Price Decreases in Calgary Real Estate Market. Is this it?

[@jonflynn]

Great content, Calgary seems very overvalued by speculative purchases. I'me sure we will see some price declines soon as unemployment continues to rise.

[@Adamcfyfe]

Thanks for the comment my man! Its an honour to see your name here. I agree declines going right through the winter continually but.. I think 2025 we will see a continue on that speculative roller coaster.

[@didafm]

Ontario/BC migrants have slowed down immensely and immigration numbers have been cut a ton....these 2 variables alone will cause a price decline

[@Adamcfyfe]

What about all the people that have moved here who secured 12 month lease agreements and will possibly be in the market next year?

[@didafm]

@Adamcfyfe yeah but that seems like a small % of people. Alot of renters are lifers; meaning they rent for ever. It is a small segment of younger people who are saving to buy

[@canadianamerican90]

prices definitely are coming down now !

[@stephenn88]

Luke has been saying crashh in Calgary for a few years now 🎉

[@robertguay3773]

in 2 years my house went up almost 200k my property taxes are going to sky rocket. I do not even know how anyone is supposed to live in this country anymore a small house should not cost over $4,000 per month on a mortgage.

[@didafm]

That's why you can expect a little bit of a correction in the next year of about 10-15%

[@felipesmwolfe]

Something that is usually missed is that the usual buyer for the 600k and up homes already owns a home. So, when interest rates start dropping, people stay put waiting to see where do they actually land. The question I pose is: if you can wait 3 months and get a 50bps reduction, or more, in your interest rate, then why would you pull the trigger to buy today? I don't see a doom and gloom future for Calgary, quite the opposite. Next year, with 30yr mortgage available for new home and first time home buyers, we'll see an increase in affordability and a bigger pool of prospects looking for houses. Which will put pressure on the demand side and consequently push prices up. New builds with a 10-12 month build time is your best purchase today. Just my two cents.

[@Yelllowchild7]

Calgary went up due to speculation Essentially 70% of home purchase in. Calgary was from investors… now they are are cashing out but no one is buying

[@didafm]

Interest rates reductions are a sign on a bad economy. Especially when your dropping as fast as they are. Alot of people are unemployed or laid off.

[@felipesmwolfe]

@@Yelllowchild7 did investors buy here? Yes. Is that why prices went up? No. Record high population influx is the driving force pushing prices up. There is no doubt about that. Track the price growth and the sales numbers for the affordable portion of real estate ($350k and under) and you’ll see that people that need a house are still buying. The upper portion of the real estate market got a little push back, mainly because (my assumption) people that don’t need to buy, but would like to buy, a property are waiting for rates to readjust to historically “normal” figures.

[@felipesmwolfe]

@@didafm well… not when you’re readjusting rates due to a recent massive increase to control inflation. Jobs are taking a toll now, but within a few months we’ll be back on track.

[@Yelllowchild7]

@@felipesmwolfe rental vacant in Calgary was 1-2% for the last 3 years. Provincial migration was only 30% of the total, rest were out of country immigration. Investors from B.C. and Ontario saw this as an opportunity and bought all the real estate. I have personally seen a house sell 4 times in 6 months in Calgary. Went from $550k to $750k. Now we are at almost 10,000 rental listings, we were as low as 3000 last year. And about 12,000 more rental units are set to finish. Yes the 30% of ppl that moved from other provinces had money, and they bought houses to live. The other 70% can only afford to rent.

[@alastairwheeler3531]

New listings are on the way as toronto (there are 20,000 extra condos for sale) crashes calgary will slowly follow. Just my opinion though

[@stephenn88]

Wrong! Toronto sales are surging and price is up

[@robertguay3773]

Calgary Apartment prices are always very low priced in comparison to Toronto. You can buy a nice apartment here for under 300k in a nice area of town.

[@Yelllowchild7]

@@stephenn88lol in what world is price going up?

[@stephenn88]

@@Yelllowchild7I know it is hard to believe 😂

[@stephenn88]

@@alastairwheeler3531 why sales are surging

[@didafm]

Lowering interest rates is a sign of trouble in the economy. It is comical to me that realtors think lower interest rates is positive news. It lowers your borrowing costs but goverment is lowering because economy is bad

[@denesbastos2001]

Why is fewer new listings a good thing again? Isn’t Calgary still in a very low level of supply? Like sellers or going to balance market? Total inventory seems to be much lower than before the pandemic. months of supply still seems very low, Am I missing something?

[@Adamcfyfe]

Few new listings will mean a softer landing and avoid panic from the general public. Depends where your heads at, if you want a massive drop in price then hope for and encourage more listings to come to the market

[@zomgoose]

the Great Unwinding

[@Adamcfyfe]

I don’t know. I wouldn’t hold your breath quite yet.

[@devinnclarke]

Hey Adam, thanks for the video. I do think that the BOC is going to continue to cut the rates. The end of this year and next year depending on when the election comes will be interesting I can't see the liberals winning again and expect a conservative majority and am interested on your take on what you think they would do with the housing market.

[@akshaygulati2707]

There are lot of variables slow economy, low population growth and this will keep pulling economy back

[@user-iz3wf7ye2z]

Things are heating up if you compare October to September, October had higher median prices and the absorption rate increased. Active listings in Calgary proper have also decreased from about 5,400 to 5,100.

[@Yelllowchild7]

@@user-iz3wf7ye2z many due to sellers giving up and taking it off the market. Sales in October of 2024 went up 0.4% and listings went up 20%

[@MikoSil-h7o]

You should look at something called "terminated listings" a good chunk of that decrease in listings is sellers have given up trying to sell their home because it sat too long and people were offering lower prices. So they are hopeful spring will pick up, but it will be quite the opposite with how things are going in the economy. Also trump wasn't a help in the Canadian economy in the short term, I'll tell you that.

[@billyt3130]

Dec to march is usually slow, this is normal, it will heat up in spring with lower rates it might sizzle

[@MikoSil-h7o]

Except the last 3 years it's been quite the opposite. You're in for a rude awakening. lol.