Calgary Real Estate Market Update - February 2023
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- Опубліковано 30 лип 2024
- Calgary houses are flying off the shelf! In this Calgary real estate market update, we discuss the latest news articles, hear from a mortgage broker with some great news and dig into the data.
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Chapters:
00:00 Calgary Real Estate Market Update
00:27 Articles About Calgary Real Estate Market
09:21 Interest Rates Update
14:20 February Calgary Real Estate Market Data
Great content and the Guide I downloaded is wonderful information.
Thanks!
Amazing. You’re very welcome and thank you for taking the time to comment too! 🙌
Thank you so much for the data in the infographics, it is really much easier to comprehend. Amazing job!
Thank you!!! You’re very welcome. If we can help in any other way you know where we are! 🙏🏼
Just found your channel. I've been missing out. You're pumping out quality. Keep it up!
Welcome to the family! Thanks for taking time to comment.
I look forward to your videos, well prepared and well thought out. Very informative using data to state your thoughts on the market.
Excellent job
Thank you
Thank you!!! And I LOVE your YT name. Lol. 🍻
This comment speaks everything about your great work that you and your team is doing. I love watching your videos and I’m going to download the pdf, so that i remember the facts.
🙏🏼🙌🙌
awesome in depth analysis. i want to see more of your data & chats. this is the best real estate channel by far.
Thank you for watching and the comment!!! You’re welcome.
Valuable information Jared, please continue making these great videos, it helps us a lot.
Amazing to hear. Thank you for taking time to comment and watching! 🙌
Very helpful and well communicated content- keep it coming!
More to come indeed!!! Thank you for commenting and watching!
I'm a licensed agent and house-flipper here for nearly 20 years, and I just want to say that I have come to really rely on your monthly reports as some of the best information available regarding our market. You do a fantastic job of digging deep into these topics without oversimplifying or overcomplicating them. Keep up the great work!!
Oh wow. Thank you for the kind words. There will always be more coming your way!!!
Finally a clean and simple breakdown without all the fluff. Thank you.
The only way it should be done 😂 thanks for the view and commenting!!! 🙌
Thank you for posting
You’re welcome! Thank you for taking time to comment and watch.
This is a great video!!! Thx.
Thank you for the comment and watching 🙏🏼
This is helpful team! Always information is useful
You’re very welcome!
Love this update. Thanks!
Awesome. You’re welcome. Stay tuned… we drop the most recent update this Sunday am! 🙌
Thanks for updating Real States Markets data with us.Great information. Never missed any Episode.
Our pleasure! Glad it's helpful! Thank you for commenting and watching all our episodes!!!
Great video, thanks for the info.
So very welcome Kevin. Appreciate you taking time to comment.
All info is VERY VALUABLE! Explaining mortgage options, interviews & charts are invaluable (I sold out of Calgary last year but live close by) opportunities seem available, just got to feel I know when to pull the trigger - keep up the good work
Thank you!!! We’ll keep it coming and if we can help in any way let us know!!!
We love the data and charts!
Thank you Rylan! Any questions with the report let us know.
Look forward to these updates👌
Thank you!!! Hope you got some great info from it.
I am liking for all the efforts. Thankyou
Thank you for taking time to comment!
Thai is helpful
Great information 👍👍
Awesome. Thanks for the feedback and for taking time to comment! 🙏🏼
Great video!
Thank you for the comment and watching. What was the biggest takeaway?
Amazing market analysis. Thank you for all the hard work that goes into producing these videos.
You’re welcome Matt! Thank you for taking time to comment. Anything we can help with for you or your friends/family let us know.
These monthly updates are a great watch. Thanks for taking the time to do them and providing the data driven info. I just moved here late last year and I am hoping to begin the search for a house in the summer. I had hoped things would "settle" by that time, but simply looking at the low inventory its going to continue to make tough competition when buying.
You’re very welcome. Let’s get searches and conversations started… are you open to chatting? Info@chamberlaingroup.ca or 587-316-5400
@@ChamberlainGroup I'll be looking to make a move late summer, so I will make sure to reach out in spring to start the process :) until then, I'll keep myself up to date with the monthly reports!
You are doing a great job
Thank you Thank you!!!
Excellent video;
Glad you enjoyed it and thanks for taking the time to comment!
Thanks for this insight! I have faith Calgary will be the destination for many new comers.
We agree… and it could be that way for years to come if affordability is still an issue in other cities…
TY
You’re welcome!
I've already bought and settled into a long term investment home but I live knowing what the market is doing, I watch your videos religiously!
Amazing! Thanks Jayden... we will continue to have the content coming your way! If we can help you or anyone you know in the future we are here and ready!
verry good
Thank you for taking time to comment!!!
We really need the stats by list price band and by quadrant - the averages give the big picture but more granularity is necessary to get a sense of what strategy should be for specific prices and locations.
This is true... however, we can't be specific for everyone's needs in a video like this, so if there are specifics that we can help with or dig in with you to help create and execute on your strategy just reach out! We don't bite 🤣 ... info@chamberlaingroup.ca or 587-316-5400
My wife and I are judging an offer to move back from Switzerland to Calgary to go represent my firm in the Calgary market. This is helpful!
Amazing. If you need help or want to discuss things more just let us know! Info@chamberlaingroup.ca or 587-316-5400
Houses under 600k are being sold fast, not over priced but acrually 3% lower, prices between 600 to 800 are sitting there for months, now people are moving to Calgary without thr knowledge of the downtunrs of oil prices, this year Oil will come down significantly and companies are starting to hire freeze.
Homes sitting for months on the market were overpriced to start with.
With china coming back online?
@@joshualamoureux2520 it understanding what you’re trying to say. Sorry.
Ontario prices are way too high, this is coming from someone living in Mississauga and bought a detached house here.
Growth will stagnate, the Calgary average income is already higher than GTA and attractive to both immigrants as well as outer province nationals.
I’d bet on the growth in Calgary outpacing GTA until there’s about a 20% discrepancy then stagnate for the next decade.
Alberta is the Florida of Canada rn.
With that said the supply crunch we see now is reminiscent of spike on price in GTA, and does create some risk in the market.
Thanks for taking time to comment.
Valuable.
You’re welcome. Thank you for taking time to comment!!!
Great data. Please keep publishing the data… would love to also see the data for Calgary satellites Cochrane, Airdrie. Do you know if someone is doing something like this for Canmore?
Thank you. I don’t think there is but we have the data and info to Canmore. Thinking of putting together a monthly report of the surrounding areas and Canmore was going to be in there.
Enjoy your videos, I wonder what will occur if prices in Vancouver/Toronto drop (as they may be more impact from interest rate increases due to larger mortgages). I think that may reduce the demand in Calgary.
What we've seen already, as prices have dropped a lot in some of those areas, is that owners there still have equity to use to buy here. So it's paused some but not many. Also those who couldn't afford there, still can't and are still coming here. So it's hard to fully gauge what will or could happen in the future, but it seems that as of right now, we still are seeing some making changes. Thanks for the comment and watching!
@@ChamberlainGroup Thank you for the reply, appreciate it.
Love this content! I sold my property in 2022 and i’ve been renting since then. Although, i am looking at getting back to owning it makes me so afraid to buy right now knowing the prices are inflated and it may be hard to make the money back later on. All I would love to know is if you think the housing inventory will start increasing again… and if house prices could level off (i know nobody can really say but it would be nice to know 😅) . Or are we going into a market like Vancouver where everything just keeps getting more and more expensive
Thank you for watching and commenting. Let’s chat about this. Info@chamberlaingroup.ca is best way to connect and we can give you specific data to what you’re considering buying in.
Moved from Toronto to Calgary in May-21. I bought my detached at low 4 hundreds. I feel still Calgary or Alberta much better to own house compared to Toronto or Vancouver. If interest rate will stay the same there will not much foreclosure in Alberta where Toronto or Vancouver it will be different story.
Thanks for watching and the comments. Welcome to Calgary!
Hi, did you buy new or existing home at that price?
Do you any insight on the impact of the new, legal secondary suite laws on sale prices compared to last year when there weren't as strict laws on legal vs illegal suites? I'm just about done a legal suite and will be listing in Q1
It depends on the area and in this market there could be the right buyer if marketed properly! We’d love to be considered to help you sell it. Info@chamberlaingroup.ca is best way to get started or head to www.chamberlaingroup.ca/tos and choose Jared/Rebecca in the form.
Keep the Calgary specific data coming. Connect it to the Canadian and US context. Impacts of oil and gas prices, immigration, etc.
Great ideas Mark! Thank you for taking time to comment. 🙌🙌
Hi. I am on my way to Alberta (Calgary) from BC with the main reason being to be in a position to buy a single-family detached home. I'm planning on renting for 6 months (up to a year) just so I can scope out the neighborhoods, etc (I really like Cochrane) before I buy.
Do you think this would be a good idea or rather start looking at buying a house within 6 months to avoid the rising prices?
There are a ton of variables that come into play with this situation. Probably best to chat more. Info@chamberlaingroup.ca or 587-316-5400.
Recently divorced schmo looking to rebuild and buy within a year, cannot tell you how much I appreciate your insights and numbers in these videos.
Amazing. Thanks Scott. Rebuilding can be hard but worth it. You got this. If you need help or want connections to a mortgage broker to give advice for rebuilding and then getting back into the market, just reach out. Info@chamberlaingroup.ca or 587-316-5400
Where can I find listings of houses on sale in calgary. Is there an app or website that lists all the houses on sale
Hello! We have some systems that we can send you listings that match your criteria. You can email us at info@chamberlaingroup.ca your criteria or you can search homes yourself at www.chamberlaingroup.ca
Do you recommend any Alberta/Calgary specific content for new Landlords and Tips/tricks
I don’t know if any specific content around that. We have shot some in the past about rentals which you can search up.
At what point or at what price decrease will it take for everyone to move or invest back into Toronto or Vancouver?
I don’t think everyone has stopped investing there, many probably still are. Thank you for taking time to watch and commenting.
Is there any data out there supporting why the low for sale inventory or why people do not want to sell? … I don’t think people moving to AB buy a house right away specially if they don’t have a job.
If their mortgage term is over this year or even early 2024 they may to think to sell it now if they know they wont afford it, sellers think that this year interest rates are dropping which is unlikely, i have seen houses sitting for months and finally take them out of the market because they could not sell it at the price that the neighboor sold last year, a lot.of sellers think they can still sell the house at a higher price, i put an offer in a house that has been in the market for 4 months and they had to reduce 40k from thr listing (still high) just because their moment is gone
@@Eddyyc well, if they can’t afford their mortgage at a higher rate I think owners will opt in to extend the years left in their amortization, perhaps from 20 to 30 years to keep monthly payments the same.
Great question! There many factors to contribute to the low inventory. Many sellers we talk to are open to moving but won’t list until they find a place, and I can’t blame them… I wouldn’t either.
In the past, people moving to a new city typically did rent first then buy. However over the past 2 years, people were buying without even seeing the homes, and that buyer pressure is still here and contributing to the shortage.
There’s other factors at play too but this is one of the changes that’s different than the past.
Totally agree with people keeping their homes and finding ways to lower payments vs becoming homeless 😂
There is a pretty ambitios redevelopment plan for the next 30 years is in pipeline "Heritage Communities Local Area Planning Project" . Would you be interested to make a review of the plan?
We’ll have to look into it. Do you have any URL’s or articles you can share to start our research?
Hi, I hope you feature Lyalta. Thanks
Hello. What would you like to know about Lyalta?
whats the market in calgary for condominium?
Depends on the area and price, but it’s stronger then it has been in a long time. If you’re thinking of buying or selling one let’s chat more and we can get you specific data! Info@chamberlaingroup.ca or 587-316-5400
At 13:00 mark you mentioned, US will increase the interest rate because of recession. Isn't it opposite of what you mentioned? In my understanding, banks won't increase interest rate if there will be a recession, but in this case they are forced to because of high inflation.
That’s the confusion thing. Watch it again. When they increase their rates it’s lowers the bond rate. When their bond rate lowers so does ours which lowers our 5 year
Jan 2022 there were less than 100 condos for sale in Mississauga ON. Jan 2023 - there were more than 500 and there is fraction of the activity we saw in 2022. Don't get into that supply trap jargon. The supply is there but the speculators are still holding to the properties hoping for higher returns. Once people realize that there was a reason why the real estate in Alberta was always half the price of Ontario's prices, we will see significant declines in prices there.
Thanks for commenting. I don’t think there is that much power in the speculators here in how much property they currently hold… perhaps in the brand new home market from builders there is more speculator held homes but not in resale. Very few speculators wanted resale homes when they were calling and buying over the past couple of years.
My bc family invested in Calgary as speculators in 2021- lots of speculators in calgary from vancouver/ Toronto
@@rachelk8368 but they probably were buying new builds or homes that were no older than 2-4 years old right? Or did they buy older homes?
@@ChamberlainGroup 2012 townhouse in auburn bay for hospital staff to rent
Obviously anyone connected to real estate brokerages would have a strong bias to pump up the market with a positive outlook just to keep food on their table. Although the stats you read are factually correct, it seems as if you're talking like a downturn is impossible which is potentially very bad advise for people. This situation can change very quickly.
If you looked at what we looked at and feel how the market is from our side you’d be singing the same tune we are. Nothing is ever impossible, it for the foreseeable future we are probably bang on. Appreciate the comment and watching.
If I have a fix rate of 1.49 in 2021 for 5 years, there is no way I am putting my property on sale to get a another rate for 5-7% fix rate. This is the reality in the market nowadays. People selling their home is either they absolutely need to make a move or they are selling their investment property.
When you move up, and port your mortgage you actually get to keep the mortgage you have and if you are increasing only the new portion is at todays rate so it can be done and you’re not taking the full hit. Want to chat more just let us know. Info@chamberlaingroup.ca or 587-316-5400.
Yes.. but how many buyers are out there??
In Calgary there are many… so much so that the other day a 1.1 million home in the west end was listed and had 33+ showings booked in the first couple hours. Not sure if you’re thinking of selling or not but we should chat regardless to see how we can help! Info@chamberlaingroup.ca or 587-316-5400
If it’s a sellers market does that mean it’s a developers market too?
Depends on the product and location. Are you looking to buy from a builder?
@@ChamberlainGroup no I want to build a 4plex, but I have a friend who is a realtor he says that townhomes have been sitting on the market. Im talking about inner city style town homes. 550k+
@@atn2666 we’re not here to solicit or step on toes of an existing relationship… but it could be worth looking and talking to lee than one person.
The delinquency rate in 2008-2009 was at a high of 0.45% National. The Arrears data from CBA reports till November 2022. There has been 2 rate increases since then. Looking at Alberta's delinquency rate (% of arrears) for the month of November 2022, it is at 0.36% (2011 was the highest at 0.84%). Compared that to a more expensive market like ON or BC. The highest delinquency rate since 2008 was 0.43% and 0.49%. Currently in Nov 2022, those markets are doing much better at 0.07% and 0.10% respectively. While the delinquency rates are low, interest rates are high, the massive amounts of equity gained (net since COVID), and majority of immigrants reside around GTA or GVA, those markets will always beat AB market. I have more to say in part 2.
Part 2: Just the recent announcement of rate increase in Jan 2023 and the feds eluding to a possible rate freeze or decrease has already caused movement within ON market. House prices have begun to bounce back and there in an increase confidence in the market from the low of Feb 2022. In my opinion, the major factor in Alberta seeing prices increases are 1. Bounce back of oil prices (Ukraine war) 2. Ontario residents moving to AB. With possibility of rate relief, people will less likely to move to AB and the oil prices although may linger at high but if there is a recession coming, oil will plummet
Thanks for the comments and watching. The factor your missing in all of this is affordability. If prices are rising in ON as you say, then affordability is still a MASSIVE issue for many and that’s probably the biggest issue in talking to many who are making the move here.
@@ChamberlainGroup My argument around affordability was that delinquency rate in ON vs AB is a huge figure (0.07% vs. 0.36%). There is a shift in market in the last 10 years to multi-family multi-dwelling houses that across GTA and much of waterloo-kitchener, hamilton and niagra region. In my personal case, my net payment on mortgage is less in ON then when I moved to AB. There isn't that much market for renting (or high rent paying tenets) and that really affects affordability here (explaining 0.36%). In Waterloo Region, the houses are priced similar to Calgary. A detached 2000 sqft house costs around $650-750K with no issues for renting it as 2 unit. I think there is definitely a disconnect between what news reports vs. what the data reports.
I agree with you, much easier to rent out in GTA. Also our economy here is not dependent on oil unlike Alberta and a lot of high paying jobs available.
@@T.dot. Hi. Yes when compared to Edmonton (and AB in general) the shift from Oil and Gas to other industry is true and the numbers show it. 47% of Calgary's GDP in 1987 was Oil & Gas compared to 2021 where it was 29%. Yet still at 29% it is the largest contributor to Calgary's GDP. The second is Finance Insurance and Real Estate at 20%. So I would argue that it is STILL very dependent on Oil & Gas Sector.
It’s evident the Ann Marie Lurie doesn’t have a salary like all the other ppl that are still under 50k yr and that time you still cannot buy a home.
Not sure what you mean by that… can you explain?
Typical Calgary, it goes to the opposite side of the economy because of oil then realtors say it is time to buy because Calgary is the future
Once oil goes down the market will drop to the hell, then, realtors say it is an opportunity LMAO
Feel sorry for those people who invest in real state here
Interesting assumptions here. Where do you live and have invested in real estate?
Lots of healthcare workers from BC are moving to Alberta. Bill 36 is destroying that province. Our gain.
Is Bill 36 introduced by BC govt ?
And we welcome them!!! ❤️
@@pureffecto yes
Lies again? Nashville Dallas Black Red
Lol, our own health workers are moving out. With this government constantly bashing on the public health care system honestly doctors and nurses are burnt out. Speaking as a health care worker myself
There are many people out there saying: I will wait until housing market crashes or there are lots of foreclosures. Ya keep waiting people until the hell freezes over and the cows come home by themselves! 😆Calgary 💪
It’s true. Many are saying that. Thank you for the comment and watching!
That actually always happens in Alberta. 🤷♂️🤷♂️
@@nemanacemu2024 I agree. Why will it be different this time?