With 2019 in the past, we’re moving into an exciting new year of real estate for the Calgary area. If you’re considering moving to the Calgary area or trying to sell your property, you’ll want to look at this guide for a better idea of how real estate in Calgary will perform throughout 2020. Keep reading to learn about market trends and what you can expect throughout the year.
A Population Boost
Calgary is an attractive area for growing families, so it’s no surprise that the overall population has seen a boost in recent years. It is expected to see a similar boost in 2020. This boost will help increase the demand for viable real estate in the area, making it a great seller’s market. An excellent area for first-time buyers, Calgary’s real estate market has plenty to offer!
The city gained about 18,000 more residents in 2019, so you can expect some new neighbors.
Greater Availablity of Real Estate in Calgary
With about 2,000 new listings added to Calgary’s market this month, there’s no shorting of housing in the area. The average selling price for a home in Calgary is around $400,000. Two-bedroom detached homes seem to be rising in sales, as are townhouses of all sizes.
If you’re an agent in the Calgary area, 2020 should be a great year for sales, as long as trends continue to improve. With the average sale price up 6.5% from this time last year, some sellers might find it a bit more difficult to close a deal.
Interest Rates for Mortgages
Interest rates have an effect on the housing market, the availability of lending to prospective homeowners, and the sales numbers themselves. It’s expected that the interest rates won’t fluctuate much throughout this year, but it’s expected that Bank of Canada will drop the interest rates to around 1.25% this year to minimize risk on all fronts. This could open up opportunities for lenders and buyers alike. Only time will tell the overall impact this will have on the market.
Focus on Customer Service
As always, the agents that differentiate themselves from the rabble are the ones who really focus on their clients. Housewarming gifts are still an excellent gesture from a real estate agent to a new homeowner. Calling your clients to follow up is another way to show them how much the relationship means to you.
Even with economic stalemates and uncertain interest rates, Calgary’s sales are expected to rise steadily. The market is stable right now, and demand seems to be rising. Calgary is an attractive epicenter of cultural diversity and family-oriented environments. New buyers are looking to move to Calgary’s friendly neighborhoods and experience the best of Alberta.
Homes under $500,000 will likely be the focus of the buyer’s market. Likewise, it was the same last year in 2019. With the average price of a home in Calgary falling around $400,000, this is the perfect sweet-spot for buyers.
The economy’s health has a huge impact on the housing market. There’s an expected growth rate for this year of about 1.7% because of a boost in the real estate market. This boost is helping out communities like Calgary and the economy at large. Most people don’t understand how important real estate is to the overall economic health of Canada. As long as mortgage rates continue to be reasonable, Calgary will be among those areas that experience significant economic and population growth.
The Bottom Line
Whether you’re a buyer or a seller in Calgary’s market in 2020, so you should have no trouble taking advantage of the current conditions. You can find homes for under $500,000 in plenty in the Calgary area. Sellers would do well to keep a close eye on this year’s market trends, as it can always shift as the health of the economy goes one way or the other. If you need a housewarming gift for your clients, try one of our awesome gift baskets!
Our baskets are crafted for maximum satisfaction and priced to fit your budget. Don’t underestimate the power of an awesome gift to solidify a client/agent relationship.