Calgary real estate market already set to be one of the strongest in the past decade.
Despite the national sentiment on a crashing real estate market, Calgary is off to a fast-paced start to what is likely going to again be one of the busiest Spring markets we have seen in the province over the past decade.
Steve Phillips, Broker at CIR Realty, Alberta’s largest independent real estate brokerage with over 860 Realtors, says that the company has already seen its second highest transaction count in February over the course of the company's entire forty years in business.
Even with lower inventory levels, the buyer market is strong and becoming increasingly competitive.
“Over the past decade, we are seeing the third best start to the year for sales in Alberta through the first two months. Due to the lack of inventory, homes are once again earning competitive multiple offer situations if they have a compelling price,” says Phillips.
With listing inventory moving quickly, Phillips says that it is more important than ever for both buyers and sellers to be properly informed and in the position to take next steps quickly.
Many people assume that rising interest rates would have had a stronger impact on the number of buyers looking to qualify for a mortgage. Ryan Iannone, Mortgage Broker with Mortgage Connection says this has not been the case.
“After the initial shock of interest rate increases last year, buyers are back and getting pre-approved in very high numbers. I would say we are as busy as we have ever been with preapprovals right now, which is a big change from the fall,” says Iannone.
“At the end of 2022, most active buyers were shopping in the condo market. We are now seeing an active market in all segments from apartment-style condos, to million-dollar-plus homes.”
There has also been a shift in mortgage terms that people are taking. Instead of consumers going with the standard 5-year fixed or variable rate mortgage, many people still want the security of a fixed rate, but not the length of the standard 5-year. This meant a big uptick in 3-year fixed mortgages across the entire industry.
“The consumer seems to be looking for the security of a fixed mortgage but doesn't want to lock in for too long as they believe rates will come down,” Iannone says.
For Albertans, especially Calgarians, in the market to buy or sell this Spring, speaking with a Realtor and a Mortgage Broker sooner than later will ensure they are properly positioned to take advantage of what many industry experts say is going to be another busy real estate season.
CIR Realty wrote over 18,000 transaction in 2022, and has 17 offices across the province.
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Kirsten Smith, Marketing Director, CIR Realty
Direct – (403) 992-6103 / ksmith@cirrealtyca
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