South forest hill residences.Demand far exceeds supply. The Calgary Real Estate Board (Calgary Real Estate Board, CREB) released its first-quarter report, which may not come as a surprise to those struggling to find housing in the seller’s market.Please Visit: South forest hill residences to Get Your VVIP Registration Today!
Home sales in Calgary hit an all-time high in the first three months of this year, in part because of a slight increase in the number of new homes listed, but supply in the housing market still failed to keep up with demand.
“record home sales and low inventory levels have led to an average monthly supply of just over a month in the first quarter,” said Ann-Marie Lurie, chief analyst at CREB.
“the situation has not been so tense since 2006, and this is the last time we have seen house prices rise by more than 15 per cent,” Lurie said.
The benchmark housing price in Calgary was C $496767 in the first quarter of this year, up about 8 per cent from the fourth quarter of 2021 and 15 per cent from the first quarter of 2021, according to CREB.
“expectations of higher interest rates and further house prices could push consumers into the property market as soon as possible,” Lurie said. “however, in the past few quarters, demand has increased due to a lack of choice, and demand can only be filled when the level of supply increases.”
Canadian real estate will have about 2 per cent of the year in 10 years, while the long-term price increase will be 3.5 per cent a year. Canada faces a number of structural changes, including an ageing population and an increasing reliance on immigration for population growth. There is no agreement on the relationship between these trends and housing demand. Differences in regional economic climate mean that some big cities will have larger real estate.
There are different trends in the property market, economy and population. Between 1980 and 2012, nominal annual house price growth in Canadian cities was 4.1% of St. John’s and 6.4% of Vancouver’s, while the average was 5.4%. According to our estimates, the property market is divided into three categories: above average, in line with average and below average. House prices in the above-average category have always been growing well, and this trend should continue because of better economic growth and a large number of immigrants. In the case of Vancouver and Toronto, land restrictions may make it difficult to adjust supply. In line with the average are Lezanne, Saskatoon, Winnipeg and Ottawa. In the long run, the population growth of the first three has little support for the property market, and Ottawa should be better in this respect. Halifax and St. John belong to the below-average category, and the trend of population development is flat and not high in the past.
