Many buyers are wondering, Is 2024 the right year to buy, or should I wait? Calgary’s market is shifting with changes in interest rates and inventory. Making the right move could save you money, so let’s break down the latest trends.
Market Snapshot:
In August 2024, sales dropped 20% compared to last year. However, inventory is up 37%, which is easing competition. The benchmark price for a home in Calgary is $601,800, a 6% increase year-over-year.
Detached homes remain expensive, with the average price at $762,600, up 9% from 2023.Homes below $600,000 are in short supply, but new listings are slowly increasing
Key Factors to Consider:
Interest Rates:
Rates are around 5.50%. If inflation eases, rates may drop further. Acting now can lock in a good deal before more potential hikesSupply and Demand:
Inventory is improving, but affordable homes are still limited. Listings are up, but Calgary’s market is still 25% below long-term trendsPrice Growth:
Prices have risen 9% this year. Row houses saw the largest jump at 19%, while detached homes grew more modestly
Should You Buy Now or Wait?
Buy Now:
Higher-end buyers may benefit from more inventory and less competition. The market is starting to shift in buyers’ favor.Wait:
If you’re looking for a home under $600,000, waiting might allow more inventory to come online. However, prices may still rise in the most affordable segments
Final Thoughts:
2024 presents opportunities, but it depends on your budget and timing. Inventory is improving, but competition remains for affordable homes. Act based on your readiness and the specific market segment
Call to Action:
“Wondering if 2024 is the right year for your next home? Let Hargun Help guide you through the Calgary market. Contact me today for expert advice!”