Home sales continue to topple records and as they're heating up,
so too are prices.
Hey guys, welcome back to the channel. If you're new to our channel,
my name is Felix Chan - Calgary realtor,
and mortgage broker with the LiveInnerCity real estate team.
We provide monthly updates. So if you want to keep your pulse on the market,
then feel free to subscribe. Okay, let's get right into it.
Detached semi-detached and townhomes did pretty good!
And even though apartments lag behind,
I felt like it picked up in the last half of July.
If you owned a single-detached home sales are pretty strong in certain areas and
their trajectory is still climbing up.
So you can price it at the higher end of the market,
but you can't be greedy about it.
For semi-detached - there isn't a lot of inventory out there.
So just like single detached homes, if you're selling,
you need to apply the same principle. For owners of townhomes and condos.
You do have a lot of competitors and you have to have all your ducks in a row to
ensure that you get traffic through the door. And how do you do this? Well,
you have to have beautiful photos, a staged property,
or decorate it in a very appealing way and pricing has to match market
expectations or beat it.
I did feel that the condo market in the Inner City did pick up in the last half
of July as the eight (8) listings.
I had four (4) of them went conditional during that time for
investors looking to buy in Calgary,
I think you'd be positioning yourself extremely well, getting into the market.
Now, when the masses find out Calgary's affordability,
which is virtually half of the big cities like Vancouver and Toronto,
which by the way,
if you're thinking of comparing Vancouver versus Calgary for the lifestyle,
whether job market education and more Jaz did a video so check it out here.
People will flock to Calgary. Now, I don't know when that will happen.
It could be five years or 10 years from now. I don't know,
but I know it will happen.
For investing tips and properties you can buy here in Calgary as
income properties, check out the playlist here.
Here is the summary for Calgary. For last month, we had a total of
2,319 sales up from 1,835 last July.
But they were down from 2,915 from June.
Average price of a home was $488,501 in
July,
but is down from $494,111 in June.
Supply remains higher than last July,
but most apartment and row townhomes account for most of the available
properties. Property values in suburban communities are more than 10% higher.
Sales.
One of the best July's on record since 2007 sales of
detached properties went up by 52% from a year ago and the pace of sales has
improved over the last few months, along with the pace of new listings growth,
which has had really helped to prevent any further monthly gains in inventory
levels. Inventory, new lists reached
3,296 and that's down from 4,135 in June.
There are 6,678 units in the inventory
for July, 2021. And because of this,
months of supply rose to just under three months,
and there are significant variation on product types.
So for detached we're at - 5.44%, detached -7.23%.
Row and Townhouses at +5.4%
and apartments were +12.76%. Pricing! For detached,
we increased it by 11%.
Row and townhomes by +10.55%
semi detached by 9.7, 6% and apartments +3.93%.
Benchmark prices in the city did
reach $460,100, which is slightly higher than last month.
And 10% higher than last July.
Price that has the highest growth is the detached sector, sitting
at 11% above last year's price a recovery from the previous high in 2014.
Detached
homes below $500,000 still face tight market conditions with less
than two months of supply price is trending up this month and
price it on the rise in every district except for the city center where prices
are reported below 2014 highs. Row and townhouses - price remain nearly
11% higher than last July, but compared to last year,
prices have improved across every district.
Gains range from 6% in a Northwest to 20%
in the east district. Now,
despite these gains prices continue to be well below previous highs.
Semi-detached - benchmark prices continue to rise over last month,
but at a much slower pace.
At a benchmark price of $428,400 in July levels are
nearly 10% higher than last year,
which means it has recovered from its previous highs. Prices, however,
haven't yet fully recovered in the city center, Northeast,
south and east districts apartments, additional supply choices,
having some impact on prices depending on the district while prices have
stalled, strong gains still happened in the south and Southeast districts.
Prices remain higher than levels recorded last July,
but price has remained far from recovery from its previous highs.
Okay! That wraps up our Calgary real estate market update for July.
If you are from out of town and want to know how to buy a property in Alberta,
you first have to know how to qualify for a mortgage.
Because we get tons of you guys calling from Ontario and BC.
I'm going to be coming on a video on what your job situation must be like in
order to buy it. If you don't want to miss out on that,
then make sure you subscribe and hit the notification bell. So, you know,
when that is released! My name is Felix Chan, Calgary realtor,
and mortgage broker with the LiveInnerCity real estate team,
helping you keep real estate simple. And we'll see you in the next video.