End of Year 2022 Market Update
Hey everybody! We hope you’ve had a great start to your December so far, and we’re excited to bring you an update to recap where we’re ending off the year for 2022.
A big takeaway from the last month in the market is that Calgary’s inventory is currently the lowest it’s been since November 2005. Because there’s not a lot to choose from, combined with the hike in interest rates that has happened, sales activity has slowed down. It’s not that people aren’t looking to buy, there really isn’t just much to choose from! We’re optimistic that going into 2023, this will change.
In regards to pricing, things have come down since the market hit its peak in May 2022. Again, this decrease is largely due to those hikes in interest rates.
In addition to the ultra-low inventory we’re currently seeing in Calgary, the region also has such strong immigration which puts further stress on markets. This includes our rental market, which is also very tight and where prices have increased as well. In fact, a lot of renters are now moving into purchasing because it’s a better opportunity for them.
Remax is currently estimating that Calgary’s price increase will be around the 7% mark next year, and we believe that there is lots of reason for optimism and confidence in the Calgary real estate market — from a long-term perspective as well, not just the short-term.
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, 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, 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.