by Jessica Chan
on Thursday, January 7th, 2021 at 12:00pm.
Are housing prices going up or down in Calgary? Is 2021 a good time to buy or sell? Should you be investing in Condo or Single - Family Home? Here is my forecast for the 2021 Calgary Real Estate Market.
Despite the Pandemic, Calgary Real Estate market was doing good in the second half of 2020.
In the month of June, the sales activities already back to 1763 transactions with the benchmark price bounced to $487,300 in July for single family homes.
There were a total of 16,152 transactions in 2020, just a touch lower than 2019.
December sales is much higher compared to the year before, with the benchmark price for single family homes bounced to $490,500.
This gives us a good indication of the demand in Calgary Real Estate remains strong. If the overall inventory remains low that will help to balance the market and the price will go up.
The Forecast for 2021 is a positive growth in price and sales volume in Calgary.
1. Calgary will Attract Buyers and Investors from Other Cities
With the major difference in house prices compared to Toronto and Vancouver, Calgary housing becomes very attractive to buyers and investors from other cities.
2. Immigrants and Return Citizens will Generate Demand in Housing
The possibilities of more immigrants from Hong Kong and other Asian countries, will be another factor for the demand in Calgary Real Estate.
3. Low Interests Rate Revives Good Home Sales
With the low mortgage interest rate and the favourable house pricing, it will encourage the local demand such as First Time home buyers and move up buyers.
4. Single-Family Home Prices will Rise in 2021
My forecast in the single family home price will have an uptrend for about 3 to 5% increase this year. The benchmark price for single- family homes will reach around $510,000.
5. Condo/ Apartments Sales Slow Down Due to Oversupply
Apartment sales will remain slow due to the oversupply in different areas and City Centres. The benchmark pricing is $243,600 in December, 2% lower than the year before. My forecast in the Apartment sales will be steady with the benchmark price holding around $245,000.
If you have any questions in Real Estate, or thinking about buying or selling in 2021, please feel free to call my direct line 403-241-9800 or visit my website www.jessicachan.ca!