Hello All;
The main headline for Calgary home prices to the end of July 2023 is that they continue to increase… but at a slowing rate compared to previous months. This price increase is in spite of higher borrowing costs; and is driven by a lack of supply, as can be seen by the attached graph.
This increase in prices is not uniform throughout the city or by property class. The largest price increases have been in areas that traditionally are the least expensive… the North East and the East zones. Likewise, the less expensive condominiums have been doing better than single family properties. Price increases in the city center have stagnated and the amount of inventory here is increasing.
Some classes of property may be entering the “unsustainable” region; especially where bidding wars cause offers to be unrealistic. Caution is advised.
I trust that you are having a fantastic summer!