Calgary Real Estate Market Update February 1, 2023

What is the latest in Calgary's real estate market?  
 With the Bank of Canada's seven rate increases in 2022, this had an affect on the housing market.  Buyers are seeking out lower-priced homes - primarily because they qualify for a much lower mortgage than they would have just 12 months ago.  The overall benchmark price is $520,900... comprised of the following benchmark prices:  Detached homes $622,800..... Condo Townhomes $361,400.... Apartment Condos $277,600.  Overall, inventory levels for properties under $500,000 remains in high demand.  We expected this.  What does that mean for you?  If you are selling a house and its priced at over $600,000, be prepared to move on your price.   But you can stay closer to list price if you are selling a properly-priced townhome.  And apartment condo price increases are the nice surprise!  There are many owners who need to sell their 1 and 2 bedroom condos and this is probably the best year to do that.  We haven't been able to say that since 2014.  And with any luck at all, the Bank of Canada will hold off with further rate hikes.