Market Update May 3, 2022

Yesterday, the Calgary Real Estate Board posted this: " Calgary's benchmark price reached $526,700 in April, nearly two per cent higher than last month and 17 per cent higher than last year". This means that home prices (detached homes) have risen 2% in just 30 days. This translates into the price of a Calgary home increasing approx. $175 per day. Do not delay purchasing a home especially if you are looking in the range of $300,000 to $600,000. This steady climb will continue until at least the end of the year. Why isn't the Bank of Canada rate increases making an impact on the hot housing market? Because there are jobs here that pay well and the cost of housing in Calgary is still much lower than Vancouver, Victoria, Toronto and surrounding areas. Also, if the Bank of Canada raises its rate 1% for a house in Toronto, that means buyers will pay that increase on a $ 1M home as opposed to a $500,000 home in Calgary.  The population of Calgary has risen to $1.3 million -  amenities are here - opportunities are here and this is why there will not be a 'bubble' here in Alberta.