ESPRESSOLD

24 | Fall Market Update 2024 Summary

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A summary from CREB's Chief Economist, Ann-Marie from October 15, 2024 about the shift in this Fall Market.

  • Buyers Waiting for Rate Drops: Many buyers are holding off, waiting for interest rates to decrease—similar to how people wait for Black Friday sales.

  • Interprovincial Migration Boosting Market: There's a strong influx of people moving to Calgary from other parts of Alberta, supporting housing demand.

  • Impact of International Migration on Rentals: International migration is affecting the rental market first. Average rent in August 2024 was $2,049, a 2% decrease from August 2023.

  • Price Trends:

    • Prices have risen since late 2020 and generally stayed elevated.
    • Spring 2024 saw strong growth, likely a seasonal trend.
    • Market conditions are not balanced yet but are shifting away from extreme seller-favorable conditions.

    • Spring Market Highlights:

      • In Spring 2024, 70% of homes sold over list price, compared to a normal rate of 10%.
      • Conditions are gradually normalizing, but balance will take several months (aiming for 3.5-4 months on market).

      • Overall Market:

        • Despite some price drops, they don’t erase prior gains.
        • There is still strong demand, especially in the lower price range, which remains a seller’s market.
        • The market is transitioning towards more stability but is not fully balanced yet.

          • ...more
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          ESPRESSOLDBy Annie & Paula