The housing market in Canada has its ups and down, especially when we look at Calgary real estate, so it’s important to stay on top of the market. Being aware of the market in your area is important to understand what is happening in your neighborhood. Seriously, the market can give you signals with the numbers on the houses around you.
How does the market talk? It shows you the ups and downs of the market value around you, and that can be a good insight on when to buy and when to sell.
When to Buy and When to Sell
There are really two types of markets when it comes to real estate, a buyer’s market, and a seller’s market.
When sales are up, the prices tend to go with them. Since the demand for houses is on the rise, the prices need to rise with them. This is what we call a seller’s market. The reason it’s considered a seller’s market is the high demand lets the seller turn down potential buyers who try to bargain with them on price. Since demand is high for home buying, they can pass on lower deals and hold out for more.
When sales aren’t seeing the numbers they are supposed to it’s typically the result of low demand. When the demand is low, we look at this as a buyer’s market. The reason this is a buyer’s market is that sellers are more desperate during these times. Often times, you can get them to agree to pay on portions of closing cost or have the seller accept lower bids. These markets give the buyer more power.
Although these ideas are a general outlook on the market movement, they don’t dictate the flow of sales for all areas. Sometimes, the price of the area you want just goes up whether the market around them is falling or not. It’s part of the market’s behavior.
Average Housing Prices in Popular Calgary Neighborhoods
The kind of house your money can get you really depends on the area you want to end up. Lucky for you, we have put together the average cost of MLS listings Calgary. We have also included different average home values based on sales for surrounding Calgary suburbs.
Calgary
If you want to be right in the heart of it all, you are looking to live in Calgary. Just a heads up, there is a bigger price to pay for a home in the heart of the city, but that doesn’t mean you won’t find breathe taking listings all over the place. With an average home value based on sales in the market are around $459K, the price in the area is rising. Since the average sale sites well over the mean of $395K per home, you know your investment is going to grow with the popularity of the area. The city has everything you need no matter your needs, so it really comes down to what type of property you are looking for. From simple apartments to extravagant homes, you can find it all in Calgary.
Airdrie
Airdrie is a quaint residential area that is just outside of Calgary. The beautiful area is also on the rise as it’s average sale price is above the median sale price. With an average sale price of $372K, there is a wide variety of homes available. There are brand new constructions that continue to pop up, and many of these are being built beyond the average sale price. If you want to move into the area, but the idea of the average sale price or more is a bit much, you can also look at the slightly older homes. These homes have a few years of love in them and asking prices just below the average sale price for the same amenities as the new houses being built. Sellers of these homes will usually be more likely to barter on the sale price, and that’s good for the buyer.
Beiseker
If you are looking for a place with affordable homes, Beiseker is a really great place to look. Since the area is older, the prices tend to be lower on average than a lot of the other surrounding areas. The houses themselves are smaller, but that makes this a great area for first time home buyers. The average price of sale in the area is $328K due to a large number of elegant homes with enough space for larger families. If you have a smaller family, you can find properties closer to the $150K range as well.
Chestermere
Chestermere is one of those most trending areas to live, and its growth can be seen by its average sale price of $460K. This trendy area is home to tons of new structures and upscale homes. Though it is pricy, the properties are elegant and unique in their own way.
Calgary Housing Market 2019: A Buyer’s Market
We talked about the market and we looked at average prices of some of the popular areas around Calgary. Now it’s time to remind you Calgary is a buyers market right now. The prices have been falling overall on average, and the buyer has a lot of wiggle room for negotiations.
Since sales are low, that means you have a great opportunity to get into the area you truly want to live around Calgary.
If you need help finding properties, or want to find out more about the availability on the Calgary real estate market, you can contact me, Hama Cazac, for assistance. I’m here to help you understand the markets and find the perfect home for you.