Media Release: Calgary housing market expected to remain strong in 2022 after record-breaking 2021

City of Calgary, Jan. 25, 2022 – Housing market activity in 2022 is expected to moderate relative to record levels of activity in 2021, while remaining stronger than historical levels.

“Despite challenges with COVID-19, we are starting to see a turnaround in our job and migration numbers, and while interest rates are expected to rise, they remain relatively low. All these factors are expected to support strong housing demand into 2022,” said CREB^® Chief Economist Ann-Marie Lurie.

“The biggest question will be whether supply can meet that demand. It will take time for housing to move out of sellers’ market conditions, so we do anticipate prices will continue to rise this year.”

Rising lending rates are expected to cool some of the demand later this year, but rates are still exceptionally low, supporting strong housing sales, especially from those who experienced increased savings and equity gains throughout the pandemic. Economic improvements are also expected to support both job and population growth, adding new sources of demand for housing.

During the pandemic, supply has been a struggle for many industries, including the housing market. New listings have improved, but it has not been enough to offset high sales levels, keeping inventories relatively low and likely limiting sales growth in the market.

As we move through 2022, new listings in the resale market should remain relatively strong thanks to higher home prices. At the same time, the new-home sector recorded a surge in starts last year, and the completion of those starts should help add to overall supply choice in the market.

Supply levels are expected to improve relative to demand this year. However, conditions are expected to remain relatively tight throughout the spring market, supporting further price gains.

As the market balance gradually improves, upward price pressure in the housing market should ease. Overall, price growth is expected to ease to four per cent in 2022.

“While conditions in the housing market are expected to remain strong, there is a significant amount of uncertainty that could impact housing,” said Lurie.

“If supply levels remain low relative to demand, we could see stronger-than-expected price growth. On the other hand, if rates rise much faster and higher than expected, it could cause a more significant pullback in sales.”

Click here for the full CREB^® 2022 Forecast Calgary and Region Yearly Outlook Report.

Winter is coming and so it makes perfect sense to start today on your winter home maintenance list.

Using a simple checklist to get all the tasks organized is easy so here are the essentials to look out for:

Clean Out The Gutters and Downspouts

With the leaves now off the trees in Calgary, it's safe to say that they have either landed on your lawn or in your gutters.  Clearing out your gutters prevents any debris from clogging up your eavestroughs and allows for proper drainage.  *safety is key in this task so call a professional if you unable to use a ladder or access your eavestroughs safely.

Have Your Furnace Checked and Ready

Temperatures are dropping quickly and now is the time to get your furnace in tip-top shape for the long winter.  Call a furnace technician or hire a professional to have your furnace checked and given a proper tune-up.  As a bonus, having your ducts cleaned increases efficiency and reduces the amount of dust that will accumulate in the next few months.

Hibernate Your Air-Conditioner

Admit it, you won't be using your A/C for a good six months so now is the time to focus on tucking it away properly for the winter.  Most A/C units come with an easy disconnect to prevent it from accidently being turned on.  Purchase a cover to protect it from the elements and if it's a window type, you should remove it so it doesn't cause a draft.

Chimney & Fireplace Check

Before you dream of roasting marshmallows or cuddling by the fireplace, it's important to have your chimney and fireplace in good working condition.  Dangerous gasses can build up inside a chimney so be sure to have a professional inspect your chimney to prevent fires and keep you and your family safe.  

Smoke Detector & Carbon Monoxide

It's always good practice to check both your smoke detectors and carbon monoxide detectors a few times in the year.  Before cozy evening by the fireplace happen and the furnace gets set for the winter, be sure to check ever detector on all levels of your home.  If you don’t have smoke detectors and carbon monoxide detectors on each level, now is the time to go shopping for them.

Windows and Doors

Higher heating bills are imminent in the winter months but see if you can help keep them lower by following a few easy steps.  Replace worn weather stripping and fill any gaps your feel near your windows and doors, pipes and faucets.  This not only prevents heat from escaping but can also stop cute little critters from calling your place home for the winter.

Lawn Care

An easy, fool proof way to care for your lawn before snow arrives is this:  rake up all your leaves, mulch them and spread on flower and garden beds for good nutrients or compost them in your green bin.  Putting a fall/winter fertilizer on the lawn before the snow hits is a good idea and can help give you a head start in the spring time to a lush, green lawn.  

Bring out the machines

It's inevitable: shovels are the new fashion accessory.  At our home, we each have one, even the kids.  I suggest for easy clearing to purchase ones with the metal edger to help clear right down to the sidewalk.  Getting an ice chipper is also a good investment since the City of Calgary bylaw requires ice to be cleared down to bare cement. Having a bag of sand or kitty litter and salt to help melt the icy patches is always a good idea too.

Don't forget your vehicle

Now is the time to throw that snow brush and windshield scraper in the trunk and top up with antifreeze washer fluid.  We have a golden rule in our house as well that no matter what, the gas tank must always stay above half in the winter.  You never know in Calgary when you will be stuck in traffic and having your tank filled is a good habit in the colder months.

Last but not least,  enjoy it while it lasts.  Sure, it can be a bit of a nuisance to head out to shovel or feel bundled up for six months of the year, but that being said, winters are beautiful in Calgary.  Wear proper clothing, plan some day trips to the mountains and smile when ol' Jack Frost appears in the early mornings.  Most of all, stay warm!

Cheers,

Steven

Did you know that a career in real estate is one of the most stressful careers there is?!    Well, I sure do!

And recently, Toby Welch of Real Estate Magazine asked my thoughts on how to perform at a high level and manage all the stress that comes along with it.

Remember, this is a commission based career, so I see the way the great Billy Jean King said it, "Pressure is a privilege" .

Take a look and let me know your thoughts....

How to deal with career stress

WORLD'S BEST CITIES

A new report published in 2021 by Resonance Consultancy shows our beautiful city of Calgary in the Top 50 out of 100 best cities in the world.

Is anyone not surprised by this????

Calgary is a fabulous city to live and thrive in and one of the many reason that I have never left!  

Back to the report that was featured in this Calgary Herald news article in September, our Calgary placed 49th out of 100 for best cities, beating out Edmonton, Lisbon, Osaka, and Denver.   

The Consulting organization looks at 6 categories when making the list:  including prosperity where Calgary placed 31st and people where Calgary placed 13th (no surprise there as we Calgarians are a diverse and educated bunch).

It clearly shows how resilient we are, despite a struggling economy and an increase in unemployment rates, there is still plenty or reasons to love and enjoy living in this wonderful city. 

My favorite part of the article was this quote:

"People here walk with the velocity of New Yorkers and cut to the chase like Texans."

If that doesn't perfectly describe this diverse community, filled with entrepreneurialism then my guess is, you aren't from around here.  

READ HERE for the report  

Following record-shattering sales across major markets through the first half of 2021, Canada’s metropolitan luxury real estate markets continue to reflect unprecedented circumstances leading into fall 2021. With an unsatiated undercurrent of demand across every major market and a new wave of prospective real estate consumers imminent, rising prices and steady activity are forecasted for fall.

Key Influences

• Severe inventory deficit sparks price gains, undermines potential sales
• Return to city living ignites urban sales and condominium demand
• Job gains bolster top-tier real estate sales
• Gap between luxury and conventional housing trends widen

READ THE FULL REPORT HERE

Top-Tier Report: 2021 Spring Outlook

Sotheby’s International Realty Canada’s new report, “2021 Canadian Top-Tier Real Estate Spring Outlook” notes that Canada’s metropolitan luxury real estate markets are undergoing an unprecedented phase of evolution and expansion. Canada’s metropolitan luxury real estate market is primed for healthy spring performance, and in most markets, the ceiling for sales activity will be capped by lack of inventory rather than consumer demand.

• Toronto’s luxury condominium market reflected resilience, and early March data reflects a segment poised to gain ground.
• Vancouver’s luxury market gained significant momentum leading into spring as residential real estate sales over $4 million increased 41% year-over-year in the first two months of 2021.
• Montreal’s residential real estate sales over $1 million in the first 15 days of March also indicate an active spring ahead, as sales climbed 93% year-over-year.
• Calgary’s luxury residential real estate market also emerged from previously entrenched buyers’ market conditions.