For being in Canada, Calgary is an incredibly sunny city. It's full of life, different cultures, great food, and it's aesthetically pleasing. After the recession, things have started to look up a little bit; however, regulations are still in place to make sure Calgary doesn't slip back into a crisis.
The housing market in Calgary is trying to become more balanced, making sure rapid inflation and a halt to buying and selling don't happen again. This transition isn't going to be easy, and will probably take a substantial amount of time, but remains necessary for the greater good.
Rising From a Housing Crisis
It's not looking great for Calgary's landlords especially, but everything is looking up for renters or first time buyers. Reports suggest that 2020 might prove to be a challenging year for Calgary's real estate market as the climb out of recession continues.
These reports show that housing prices might drop a little under 2.5% at the end of this year. New mortgage regulations have significant effects on housing prices, and the slow fall of the oil industry is turning Calgary into a less desired city for people to move.
Calgary Is Still Booming, Though
A pioneer in the oil and gas industry, Calgary's economy isn't crumbling, in spite of the housing crisis. It's a "mountain-lined cosmopolitan city" that offers world-class restaurants, a plethora of sports and recreational activities to do.
Its real estate market is now offering a lot of benefits for very competitive prices. If you're a big city person, but still love nature, then Calgary is the perfect place for you. You can enjoy the mountains, the trees, much cleaner air than your average city this size, and a lot of different cultures.
Because fewer and fewer people are buying homes, this is the most opportune time to do so.
Time it takes to sell
In November 2018, a house would take on average 63 days to sell. Today, this has gone up to 65 days. Compared to last month, they're selling 16.1% slower. Compared to last year, they're selling 3.2% slower.
Average home price
In November 2018, the average house sold at $443,533. Today, it's selling at $441,418. Compared to last month, homes are being sold at 2.8% less, whereas they were selling at 0.5% less than a year ago.
Active Home Listings
In November 2018, there were 6,534 homes listed for sale. This year in November, there were only 5,858 homes listed for sale. Home sales have dropped by 9.8% since last month and 10.4% since last year.
Is It A Good Idea To Buy?
The short answer is yes. Find a talented and well-reputed real estate agent, set your budget, explain your needs to your agent, and start looking at homes. It's smarter to buy now, and sell later when the market is standing on its feet again.
Calgary is such a big and influential metropolitan city; the market is sure to kick off again soon. Try to find a gorgeous house at a reasonable price that you will be able to flip for much more in the future.