July 2022 Market Update

Here we are at the end of July, and it’s been quite the year so far! Our team is excited to give you a quick market update for Calgary real estate in July 2022.

The first few months of the year were incredibly busy with sales activity. We had well over 1,000 sales per week in Calgary — an incredible time.

We’re now in a bit of a sales slow-down that began in mid-May, so while sales activity is currently slower than earlier in the year, we are still considering activity to be very strong. Sales for July are still very strong and inventory numbers are very low, so the market is in a great position.

While there’s been a lot of talk about a North American-wide recession, Calgary is quite insulated from those risks due to our strong oil & gas industry and increasing migration into the city.

In addition, prices won’t go lower, rents have escalated significantly, and building costs are still higher than resale. We’re also starting to see bond rates come down, which means that long-term mortgage rates will also come down eventually.

The pricing we’re at now is the new normal — we don’t think there will be a significant reduction in price.

With all this in mind, we do think the next 3-6 months could be a bit choppy as the market starts to normalize, and as everything settles after a pretty wild time.

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With all this in mind, we do think the next 3-6 months could be a bit choppy as the market starts to normalize, and as everything settles after a pretty wild time.

This market update was brought to you by Jeff, Rod, Ray, Zoe, and Emma. 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 July 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.