As we enter into the Fall season - historically Calgary and Cochrane's slowest Real Estate sales period - it is time to reflect on what has been.
Coinciding with the onset of COVID-19, Calgary and Cochrane Real Estate experienced substantial sales growth - records were set for both pricing and pace of sales. The hectic pace essentially began in June of 2020 and continued on until the local Real Estate market peaked in May of 2022. While the local Real Estate market historically displays a '5 to 7 year sales cycle' (i.e. 4 to 6 years of decline, followed by one year of growth), the recent sales cycle showed almost 2 full years (i.e. 23 months) of unprecedented gains. Uncharted territory.
Now that the market has begun to cool, discerning Buyers are beginning to take their time in viewing the increased level of housing inventory. Inflation (and the resultant Bank of Canada rate increases) have undoubtedly taken their toll on home sales, yet our local Calgary and Cochrane economies remain strong (i.e. unemployment and commercial vacancy is down; oil and net-migration is up). Keeping in mind that there is no crystal ball, experts are stating that while local home prices will inevitably begin to decrease, it will not be to the magnitude that we have experienced in recent Calgary and Cochrane Real Estate sales cycles over the past 20+ years.
When is the perfect time to purchase your Calgary/Cochrane home? When the time is right for You and Your Family.