Calgary market is hot for condos

The Calgary real estate market has been on a roller coaster ride in recent years. After a period of strong growth, home values in Calgary declined in 2022. However, there are signs of a turnaround this year, particularly in the condo apartment market.

Home prices have increased due to a number of factors, including the rising cost of rent, the desire to own a home, and the low inventory of homes for sale.

However, budgets for home purchases are under strain due to the significant increase in mortgage rates since their historical lows. This is making it more difficult for some buyers to afford a home.

The Mortgage Sandbox predicts that home prices in Calgary will stabilise in 2023. However, it is unclear whether they will rise or fall in late 2023 and early 2024 as the ripple effect of recent mortgage rate increases sinks into the market. Prospective homebuyers should carefully consider their finances before making a purchase.

Here are some tips for prospective homebuyers in Calgary:

• Get pre-approved for a mortgage before you start shopping for a home. This will give you an idea of how much you can afford and will make the homebuying process go more smoothly.

• Be prepared to act quickly. The inventory of homes for sale is low, so you may need to be prepared to make an offer on a home as soon as you find one that you like.

• Be realistic about your budget. The cost of buying a home in Calgary has increased significantly in recent years, so you need to make sure that you are able to afford the monthly payments.

The Calgary real estate market is a complex one, and it is important to do your research before making a purchase. By following these tips, you can increase your chances of finding the perfect home for you.