January 2023 Market Update

Hey everybody! We hope the new year has been treating you well so far. Our team is excited to bring you a market update for the beginning of 2023.

Across the board in Canada, there’s lots of talk about a looming recession, and how far the real estate market will correct in this next year. In Calgary, our escalation value has been more temperate in recent years — we didn’t grow at the same pace as other jurisdictions in the country. 

Because of this, we’re more balanced out and I feel very confident to predict that prices won’t be coming down in the near future. In addition, inventory is ultra-low but migration into Calgary is very high, which will keep prices from escalating even with increased interest rates. 

We’re thrilled to have a number of sales in 2023 already. We listed one house in Southwest Calgary for $650,000 which was a pretty aggressive price — even still, we had 35 showings in two days and 11 offers. This goes to show just how much demand is out there. 

We also had two $1,000,000+ houses that were listed before Christmas that sold immediately at the beginning of January. We feel this is a great sign considering what’s happening in the rest of the country.

We’d love to discuss any of this with you! Calgary is still a world-class city, and the place to be in the near future. We’re very grateful that we get to work and operate here. 

If you have any questions about what was covered in this market update, or about Calgary real estate in general, please feel free to reach out to anyone on our team. We would love to help!

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This market update was brought to you by Jeff, Rod, Ray, Zoe, Emma, and James. From our team to yours, we’d like to thank you for your continued support.

Click the video above to view the full update for August 2022, and don’t forget to follow us on social media for real-time stats, tips, and new listings. If one of our listings catches your eye or you’re looking for more information on this month’s market, please don’t hesitate to connect with us directly at info@neustaedterteam.com or 403.208.0555.

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DISCLAIMER: The suggestions, advice, and/or opinions expressed in this video are simply perspectives based upon experience, and are not guarantees of set outcomes. Always consult with licensed professionals directly when doing a real estate investment transaction.