The Calgary Beltline condo market hasn't been this hot since
2015. There is a caveat though, which I'm gonna share with you shortly. Now,
this video is really for those who have bought a Beltline condo prior to
2016 and have been thinking about selling.
And it's also for buyers who are thinking of buying a condo in the belt line in
Calgary, but they wanna know where the market is and where the market is going.
Today, I'm gonna compare the difference between today's market to
2015.
So one of the metrics that we use as realtors to determine what kind of market
we're in buyer,
sellers or balanced market is what's called the months of supply. Now,
the definition of months of supply is based on last month's sales how many
months would it take for the market to absorb all of the inventory?
In Calgary between two and a half and four months?
Okay. Two and a half and four months is considered a balanced market.
Anything less than two and a half months is a seller's market.
Anything more than four months is a buyer's market.
Okay. So I'm going to show you what is going on in the Beltline.
So I pulled up the statistics for Beltline condos. Okay.
for the last 10 years.
And what I want gonna show you is this metric right here. Okay.
Now you might see that it is 5.73,
and you might say, well, that's high. Yes. It may seem high,
but comparing it to the last few years is actually quite low.
So I'm looking at the green parts here. And that's just a summary.
So I'm gonna look at, you know, in 2020,
it was 9.95 in in 2019,
it was 7.4 in 2018.
It was 6.96 2017 6.73.
And if we go all the way back to 2016 is 5.97,
and then 2015 was 5.15 months of inventory.
So the market right now is very,
very comparative to 2015 conditions.
Now I wanna show you what's been happening since September. Okay. Of,
of 2021 in September, we started you know,
5.24. We went down to 4.18 3.79,
and then 2.83 in December.
Now remember 2.5 to four months is a balanced market.
If we stay on the same trajectory in January,
then we might end up in a seller's market.
Okay. That hasn't happened for quite some time. Here's the caveat.
If we take a look at 2015,
the average price that we ended off with was
$361,000. Okay. Now,
if we compare that to what we finished off in 2021,
it was $315. So there is a sizable difference.
However,
this information is so important that I want to let you guys know about it
because everyone thinks the condo market is absolutely garbage.
And that is just simply not true for every community. Now,
I know that that is a sizable difference,
but it gives sellers a glimmer of hope that pricing can
improve as we get into a sellers market and
well into the spring market for buyers.
This is very important information to know,
because right now a lot of people are foing into the market.
If you wanna know why check out my November update here,
where I talk about why people are foing in the market. Now,
it's very important for you buyers to make sure that you get pre-approved in
a rising rate environment. Like we have today,
just last week Scotia and TD bank raised all of their rates.
And so it's important for you to get pre-approved because it acts as an
insurance policy. It protects you from rising rates and it rates fall,
which I don't think is gonna happen.
Then you you're gonna be able to get the lower rate as well, too.
So not only are you gonna have to guess how much you qualify for what
your down payments is going to be, or your monthly payments,
you can actually find out.
And the more information you have and the more proactive you are,
you're gonna be in a much better position when it comes to find your dream home.
Now,
if you have been thinking about selling and this video has kind of pushed you a
little bit further into the process,
and you wanna know how much your property is worth,
feel free to give us a shout.
We'll be happy to get in touch with you and do a free home evaluation to see
if the numbers make sense for you. Okay. My name is Felix Chan, Calgary,
realtor, and mortgage broker with the liveinnercity real estate team.
And we'll see you in the next video.