November 2021 Market Update

Our team is excited to share our market update for Calgary’s real estate market in November 2021!

It’s been quite a dynamic time lately, and November has been very busy — something we’re not used to seeing this time of year. There are a few reasons why this is happening.

Inventory is sitting at around 3.8k, which is very dynamic and represents a huge shift in recent years (compared to 6k in 2019 and 5k in 2020). Within this, there has also been a shift between the types of homes for sale. Condos currently represent around ⅔ of all inventory, while single-family homes represent around ⅓. Usually, these percentages are reversed.

This is really changing the market. If you’re looking to buy, you need to be prepared for some competition and expect to compete with multiple offers. If you’re looking to sell, now is a really great time to do so.

Another reason why it’s a great time to sell is due to the population growth that Calgary is experiencing. We’re seeing a lot of newcomers to the city from other provinces as people across Canada are realizing what a great place Calgary is to live, with accessible housing prices.

Something else we’re seeing is increased sales of homes over $1M up to $$2.5M — we’ve seen more sales of properties in this price range in the past two months than we usually see in a full year.

Another thing driving the market right now is the interest rate. There’s speculation that interest rates might increase soon, so people are locked in and need to buy a house in the next 60, 90, or 120 days. 

Traditionally, we’d say this time of year is a poor time to sell your home, but with recent activity levels and these possible interest rate hikes, it’s driven a lot of activity and makes it a good time to list.

This market update was brought to you by Jeff, Rod, Ray, and Zoe. From our team to yours, we’d like to wish you a very happy upcoming holiday season and a big thank you for your continued support.

Click the video above to view the full update for November, 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.