It Depends - Calgary's Housing Market Update

🏠 Calgary's Housing Market Highlights

Calgary's housing market experienced notable fluctuations influenced by 📉 inventory levels and 📈 interest rate changes.

🔹 Sales Activity: December 2024 saw a 3% 📉 decline in sales compared to the previous year. Despite this, 🏷️ benchmark prices improved across all property types by approximately 7% 📈 year-over-year.

🔹 Interest Rates: 💰 Interest rate reductions in the latter half of the year, particularly in Q3 and Q4, stimulated increased market activity, especially for detached homes priced over $600,000.

📈 Price Increase: Home values in this segment rose by 11%. Limited inventory 🏚️ and affordability concerns influenced buyer behavior, with heightened activity observed following mid-year interest rate cuts.

🔹 Limited Inventory: Similar to detached homes, semi-attached properties also faced tight supply.
🔹 Sales Activity: Sales were up 5% 📊 year-over-year, causing prices to increase by an average of 11%. Price fluctuations ranged from 10%-15% across the city.

🔹 Sales and Inventory: Sales activity saw a modest increase, while inventory surged by 18% 📦.
🔹 Pricing: Improved affordability led to a 14% 📈 increase in prices, with variations from 12%-20% across different areas of the city.

🔹 Sales and Pricing: Sales activity declined by 4% 📉, yet prices appreciated by 15% 📈 over the year. Regional disparities caused more pronounced price hikes in certain areas.

🔹 Inventory and Interest Rates: Anticipated interest rate reductions 💳 are expected to boost buyer demand. However, if inventory remains low, increased competition could lead to multiple-offer situations 🏷️🏃‍♀️.
🔹 Buyer Recommendations: Prospective buyers 🛒 are encouraged to enter the market before interest rates drop further. Utilize rate locks 🔒 or consider variable rates with plans to switch to fixed rates when favorable.
🔹 Seller Recommendations: With inventory still not in a balanced range ⚖️, sellers should prioritize securing their next home 🏠 before selling. Prepare your home for sale by decluttering, purging, and cleaning 🧹, and remain ready to list when the opportunity arises.

These insights 📊 provide a comprehensive overview of Calgary's housing market dynamics in 2024 and offer guidance 🛠️ for buyers and sellers navigating the evolving landscape in 2025.