Calgary real estate jumped back on the scene of Canadian real estate market in 2021. Usually passed over for cities such as Toronto and Vancouver, Calgary was never really the most sought after market in Canada. That seems to have changed in 2021.
Home to the Canadian oil and gas industry and in close proximity to Banff, a world class mountain resort and natural playground, Calgary usually had low unemployment rates and very attractive prices in real estate.
Due to that, the best way to find property for investment and for living in Calgary is with a real estate agent that can help you navigate and prioritize areas that better fit your needs and wants.
There are about 11 Neighborhoods and nearby towns with Calgarian charm that are considered part of the Calgary Real Estate market. Those areas would be Calgary City Center, North East Calgary, Calgary North, Calgary North West, South Calgary, Southeast Calgary, and Calgary West. It also has the rural areas of Rural Willow Creek, Rural Mountainview county, Rural Foothills, Rural Rockyview, Calgary lake Communities and others.
The market continues to be driven by single-family detached home sales — accounting for 1,333 sales — with supply falling again to 1.55 months, the lowest of all housing segments. But an increasingly spike in condo apartments in 2021.
How a realtor can help you buy your first home in Calgary
Calgary Real Estate market has some unique characteristics and after years of stagnation, Calgary’s housing market is suddenly on fire in 2021. Realtors and buyers tell stories of houses selling within hours of being listed and more. But despite of all that here are some things to know about the Calgary Real Estate profile.
These are some of the most sought after properties in Calgary
Detached homes in Calgary: A typical selling point for stand-alone homes in January 2021 stood at $492,900. The reason behind such a boost can be people’s interest in buying more space. Many families have welcomed babies, and more are likely to have one in May. Due to this, there is a perceptible demand in this space. Plus, people need more room for their daily activities now, yet another favourable factor for sellers.
Semi-detached houses: Duplex homes see a 1.27% jump annually, with an average price touching $391,300. Almost 141 of these homes closed sales this month, causing 68% more sales.
Apartments: Compared to others, this category was slightly sluggish but growing. Still, it showed improvement in year over year sales by recording a jump of 26%. In January, 186 apartment condos got sold out. However, condo sales are likely to become better because people consider them as an investment. The 20-something young generation doesn’t want to pay rent. Instead, they want to buy a condo. Do you wonder why? It is critical to note that interest rates are lower in this case. Hence, it makes a wise decision for them.
Commission fees in Calgary are unique
In the Calgary real estate market, fees are charged and received by brokerages, not individual agents. In most cases, the seller pays the commission fee to the selling brokerage and the selling brokerage pays commission to the buying brokerage. After that, the respective brokerages pay out their agents.
An authorized real estate agent can help you navigate the conventional commission fee structures in Calgary real estate see a charge of 7% on the first $100,000 and 3% on the balance of the sale price, which is evenly split between the listing and buying realtors.
New quality buildings are plentiful in Calgary
Buildings in Calgary are among some of the newest in Canada. Many of the newer neighbourhoods, such as Evanston and Redstone, have been built with ease of access to commercial areas in mind. Planned neighbourhoods offer easier access to public transportation, as well as bike and walking trails.
Local experience agents are fundamental to evaluate the great neighborhoods
Calgary is a big city and the diversity between each quadrant in the city from the northwest to the southeast are filled with their own complexities and unique traits. While there are definitely agents who know the entire city very well, and do transactions throughout, it’s important that you gauge the knowledge of any agent you’re looking to work with. Buyers relocating from many Canadian or American cities are usually pleased with the relatively short commuting times that Calgary offers, regardless of the neighbourhood. One of the major considerations to keep in mind is how many neighbourhoods are designed to connect with key commercial areas. Even rush hour commutes seldom last longer than 45 minutes.