02/21/2024
A little Calgary real estate market update for condos: If you are currently holding a condo due to the long haul of price recovery over the last 7/8 years. It may be time to consider selling this year.
To give you an idea of inventory numbers:
2021 February we had roughly 2000 active condo listings
2024 currently 750 active/pending
As rents increase due to higher interest rates and lack of supply, this is assisting in price recovery. It is also encouraging renters to purchase condos because in some circumstances the numbers work more in favour of owning versus renting. Currently condo prices are up roughly 20% year over year.
As we edge into the warmer temps buyers will be actively looking for new homes and the spring market in Calgary tends to outperform the fall.
So, on that note if you are tired of landlord life, it's worth a discussion to see what your condo is valued at currently in this market.