Calgary Real Estate Trends to Explore Before Moving in 2023

    As the world swiftly evolves, so does the real estate landscape of Canada’s cities. Among these, Calgary stands out, with its unique blend of urban charm and scenic landscapes. Those considering a shift to this bustling metropolis in 2023 must be adeptly informed about the Calgary real estate trends. Whether you’re a first-time buyer, an investor, or someone planning a big move with trustworthy partners like Centennial Moving Canada, dive in as we unravel the nuances of Calgary’s real estate market and what prospective homeowners or investors should anticipate in the coming year.

    Calgary real estate trends: Market overview for 2023

    Considering moving to Canada? Five things you should know first include Calgary’s real estate scene. It’s a tale of highs and lows in 2023. Tight supply drives up benchmark prices. But there’s a twist: affordability issues pull the average and median prices downwards. Come August, a typical Calgary home fetches a price tag of $522,548. This figure stands 7.7% taller than the previous August. However, it also shrinks by 3.1% from July’s stats. In this landscape, it’s tough to label the market simply as a buyer’s or seller’s realm. Both sides face challenges: buyers confront rising costs, while sellers see demand waver due to affordability strains.

    person looking at Calgary real estate trends

    As 2023 progresses, Calgary’s real estate is expected to offer both challenges and opportunities for newcomers.

    Impact of economic factors on Calgary real estate trends

    In 2023, the dynamics of Calgary’s real estate market are deeply interwoven with broader economic influences. You must know that if you’re considering moving from Toronto to Calgary. Notably, Calgary, often dubbed the “Energy Capital of Canada,” remains tightly bound to the ebbs and flows of the oil and gas sector. As oil prices waver, so do the fortunes of this city, with fluctuations casting ripples across housing demand and property values. But the energy sector is just one chapter in the city’s economic tale.

    Moreover, a strong job market, buoyed not just by energy but also by diverse sectors like agriculture, manufacturing, technology, and finance, shines as a beacon. The siren call of employment opportunities and affordable housing options has spurred interprovincial migration, providing a fresh tailwind to the Calgary housing scene. Such migration patterns inevitably fan the demand flames of the housing market.

    Yet, it’s essential to recognize Calgary’s resilience. Despite its sensitivity to energy sector tremors – which have the potential to reshape job growth and migration – the city’s multifaceted economy has historically anchored it, ensuring a stable and prosperous economic landscape that, in turn, shapes its real estate market.

    man drinking coffee and looking at lap top

    The city’s diverse economy safeguards it from extreme real estate volatilities.

    Neighborhood spotlights

    Calgary’s real estate landscape is punctuated by neighborhoods that resonate with character and vitality.

    • Situated right in the downtown core, the East Village stands out as a prime illustration. In recent years, it has undergone a notable metamorphosis, seeing an uptick in infrastructure developments, trendy dining spots, and lively public spaces. This urban revival has also led to a seamless blend of residential and commercial spaces, drawing investors eager for city-centric living.
    • A stone’s throw away, Bridgeland emerges with its unique charm. Marrying historical charm with modern-day amenities, it also boasts trendy cafes, boutiques, and eateries like East Village. Proximity to the Calgary Zoo and the serene Bow River pathways make it a haven for families and outdoor enthusiasts.
    • Not to be outdone, Inglewood, the city’s time-honored neighborhood, showcases a renaissance of its own. Revitalized historical edifices now house art hubs, innovative studios, and upscale boutiques. Nestled close to downtown, Inglewood’s community spirit is capturing the imagination of those desiring spirited urban living.

    Calgary real estate trends: Housing market forecast

    As per insights from the Calgary Real Estate Board, the city’s property market is not just on a recovery path post-pandemic but is gearing up to surpass its previous performance. This brings to mind the question, “Where is the most expensive real estate in Canada?” While some cities may claim that title, Calgary stands out for its resilience. Experts, delving deep into trends and analytics, anticipate a stabilization in prices, sidelining concerns of any drastic plunges.

    This relative market resilience has been a talking point among real estate aficionados, marking Calgary as an exception in the broader Canadian housing narrative. The driving sentiment from analysts is one of confidence, suggesting that potential investors and homeowners can look toward the latter part of 2023 with optimism. While uncertainty is part and parcel of any forecast, Calgary’s robust positioning is an encouraging sign for stakeholders.

    New construction trends

    In 2023, Calgary’s communities are evolving with emerging construction trends catching the eye of investors and prospective homeowners alike. A noticeable shift is the rising demand for multi-family buildings—structures that are not just space-efficient but also cleverly designed to maximize utility and aesthetic appeal. These compact spaces, although smaller, resonate with a demographic valuing functionality over sheer square footage. Furthermore, there’s a surge in communities designed for whole families, ensuring amenities for all age groups. Also, one of the standout features gaining traction is the “walk to work” concept, underscoring the value of convenience and sustainability. Such residential and commercial developments are not just reshaping the city’s architectural fabric but also defining a new lifestyle ethos for Calgary’s residents.

    white wooden house

    Outlying neighborhoods are attracting those seeking more space and greenery.

    Housing types and preferences

    Calgary’s housing pulse beats differently in 2023. Detached houses, once the sought-after property type, now take a back seat. Instead, condos steer the narrative in the city’s real estate scene. Over the last two years, a marked shift in buyer preferences emerged. Condos, celebrated for their convenience and urban appeal, surged in sales. This tilt away from traditional single-family homes hints at evolving lifestyle choices among Calgarians. Perhaps it’s the allure of low maintenance or the desire for city-centric living. Whatever the reason, condos are the talk of the town, reshaping Calgary’s property landscape. With these shifts, many are looking to transition within or to Calgary, with cross country movers Canada offers.

    Affordability and entry-level housing

    Calgary grapples with housing affordability. This is especially for those dipping their toes into homeownership for the first time. But there’s a silver lining: the First-Time Home Buyer Incentive (FTHBI). Managed by the federal government, this shared equity program offers a leg-up. Qualifying buyers can secure either 5% or 10% of a home’s purchase price as a government-backed down payment. The catch? The government then holds an equity stake in your property. While this aids initial homeownership, it means sharing a slice of your home’s pie with the feds. It’s a modern solution addressing the age-old problem of property affordability.

    Real estate investment opportunities

    Calgary’s real estate landscape in 2023 is rife with investment potential. As the market continually adapts, savvy investors are eyeing specific pockets of the city and distinct property types to maximize returns. Areas undergoing urban renewal and infrastructure upgrades are top contenders, often promising appreciation over time. Multi-family properties, especially condos in bustling city centers, are seeing heightened demand, indicating a potential for strong rental yields. Furthermore, neighborhoods in proximity to commercial hubs or future transit expansions hold promise. But perhaps the most enticing prospects lie in mixed-use properties. These spaces, blending residential and commercial uses, answer Calgary’s evolving urban needs, promising a unique blend of rental income and capital appreciation. For those considering a move or investment in this burgeoning market, reaching out to a reputable long distance moving company Calgary locals recommend can facilitate a smoother transition.

    Impact of COVID-19 on Calgary real estate trends

    The ripple effect of COVID-19 on Calgary’s real estate trends in 2023 remains evident. The most prominent shift stems from the widespread adoption of remote work. With many Calgarians no longer tethered to physical offices, the demand for homes with dedicated workspaces or home offices surged. Suburban and peripheral areas, which offer larger spaces at more affordable rates, became increasingly attractive to buyers seeking room to both live and work.

    Consequently, the city witnessed a softening demand for high-rise condos in urban cores and a rising interest in properties with outdoor spaces, like gardens or larger terraces. This pandemic-induced shift also sparked an interest in properties closer to green spaces or recreational areas, emphasizing a balance between work and leisure. For those new to the city, exploring the top weekend getaways to explore after moving to Calgary offers a refreshing break from work, enhancing the city’s appeal as a prime residential destination.

    woman wearing face mask

    Remote work trends are reshaping housing preferences, with home offices becoming crucial.

    Sustainable and green housing

    Calgary’s housing scene is turning green. In 2023, the clamor for sustainable housing isn’t just a trend. It’s also a movement. Homebuyers now prioritize energy-efficient homes, pushing developers to integrate green tech. Solar panels, rainwater harvesting, and energy-saving fixtures are no longer the exception but the expectation. Moreover, new developments tout their LEED certifications, highlighting their commitment to reducing carbon footprints. It’s not just about homes either. Green infrastructure, like communal gardens and green roofs, is making headway. The city’s support for green initiatives adds fuel to this eco-drive. Incentive programs reward homeowners for sustainable upgrades. The verdict? Eco-friendly isn’t just a buzzword in Calgary’s property market. It’s the future, and the city’s fast embracing it.

    Buyer and seller tips

    Navigating Calgary’s real estate in 2023? For buyers, it’s all about preparation. Secure pre-approval for mortgages. It not only clarifies your budget but also gives you a leg up in negotiations. Don’t skimp on home inspections. These can unveil potential issues, giving you leverage in price talks. Remember, in this market, sellers often entertain multiple offers. So, make your bid competitive, but stay within your budget.

    Furthermore, sellers, first impressions count. A fresh coat of paint or a manicured lawn can significantly boost property value. Inside, declutter and depersonalize. Potential buyers should envision themselves in the space, not feel like intruders in someone else’s home. And always price it right. Overpricing can deter potential buyers, while underpricing might mean leaving money on the table.

    Lastly, for both parties: negotiation is key. Flexibility can lead to win-win situations. If price becomes a sticking point, try negotiating on terms. Maybe the seller can cover closing costs, or the buyer can expedite the closing date.

    Market comparisons: Calgary vs. other Canadian cities

    Calgary’s real estate stands out in 2023. While cities like Toronto and Vancouver tout sky-high prices, Calgary offers a more inviting entry point. It’s not just about cost. Unlike Montreal’s historic charm or Ottawa’s political heartbeat, Calgary boasts a dynamic energy sector. It pulls in a stream of investors and job seekers. Plus, its doorstep Rockies and expansive greenery give adventure seekers a thrill. Halifax might lure with its coastal appeal and Winnipeg with price tags, but Calgary? It’s the middle ground. A mix of economic promise and outdoor pleasures. In the Canadian property game, Calgary is a unique contender. In case you’re living in Calgary and want to move from this city, make sure to find out how to budget a long distance move from Calgary. With proper planning, your move will be like a breeze!

    Calgary at night

    The city offers competitive property prices when juxtaposed against Toronto or Vancouver.

    Government policies

    In this year, the government’s eyes are on Calgary’s real estate. New policies loom. They’re tinkering with property taxes, making potential homeowners wary. It’s not just taxes. Zoning laws are also getting a revamp. The word is, that they’re aiming to boost urban density. This means more condos and fewer sprawling homes. The goal? A bustling, efficient city. For investors, these shifts are crucial. They dictate where to buy and what type of properties to eye. But it’s not all paperwork and laws. Behind these policies is a vision: a lively, evolving Calgary. Property owners take note: change is on the horizon.

    Calgary is an attractive place to live

    Calgary’s streets are bustling with cafes and fashion-forward boutiques. Got an appetite? The city dishes out varied cuisines. For art enthusiasts, theaters and museums pepper the city. Adventure seekers, the mountains are just a drive away. And for families? Parks are also everywhere. As night descends, the city comes alive, thanks to its buzzing bars and clubs. With the business hub flourishing, it’s no wonder province to province movers are in demand, as professionals flock in. Calgary seamlessly blends its urban heartbeat with serene nature spots!

    high rise buildings in Calgary, CA

    Calgary’s real estate in 2023 showcases a marked shift towards urban living.

    Decoding Calgary real estate trends is a must!

    From the rise of condos, and the influence of remote work, to the allure of its urban and natural blend, Calgary continues to mold its unique identity. For both investors and homeowners, these trends are not mere observations but valuable insights. Staying attuned to these Calgary real estate trends ensures that one can navigate the market with confidence, seizing opportunities and anticipating challenges!

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