If there’s anything that the real estate market taught Calgary in 2021, it’s that there’s no clear way to predict what will happen.
By far, the housing market in 2022 will be calmer, but it’s still expected to change and grow as the year goes on. So here’s what we’re expecting this year.
Expected to Rise Six percent
The average home in Calgary is expected to rise to nearly $700,000 in the fourth quarter of 2022, compared to their prices during the end of 2021.
This rise means that homeowners who bought during the boom of 2021 won’t have to worry about losing out on the investment they put in on their property.
More Homes Being Built
The shortage of goods and materials due to the beginning of covid is vanishing, and instead, many materials are fully available.
This means that many homes that couldn’t hit the market in 2021 will be primed to become available in the spring or summer of 2022. Thankfully this will allow more selection for buyers struggling to view a home before it went under contract in 2021.
Continued Sellers’ Market
Despite more homes being built in 2022, the sellers’ market will continue this year. Many who had thought this was a housing bubble initially are now only pointing out a handful of cities in Canada that are currently in a housing bubble, and Calgary is not one of them.
Calgary homes for sale sold in less than a month on average in 2021, with many bursting into bidding wars. Although there may still be the occasional bidding war, house sales will slow.
House Sales May Slow
Although the price of homes will grow, the market is expected to slow down in 2022, with fewer homes selling.
Although a bump in sales is still likely to happen in early spring, that bump in sales happens every spring and isn’t expected to be as large as the one in 2021. The market will slow further in the fall, although the average home’s value will continue to rise.
Single Family Homes Continuing to Dominate Market
Single-family homes dominated 2021 and will continue to rule the market in 2022. This is even stronger as the Canadian federal government announced it will fund the building of 100,000 single-family homes by 2025.
People are also moving away from city condos and are instead interested in owning land where they won’t have to be in such direct contact with others. This is speculated to be a result of the pandemic and people realizing how important it was to have their land and space sprawl out over.
Calgary’s Housing Market Continues to Surprise
Although there’s never been a clear way to predict what the housing market will do in the future, one thing’s for sure, things will continue to heat up. From the increase of property values and the steady return to city living, Calgary has an interesting housing market ahead of it.
