Welcome to the June Edition of The Monthly Edit – your go-to resource for real estate news, market trends, and expert tips to help you navigate the ever-changing market with confidence.
Let’s dive in! 👇
Calgary’s residential sales dropped 17% compared to May last year, mainly due to slower activity in the apartment condo sector. New listings are up, and inventory is growing, helping shift the market into more balanced territory with 2.6 months of supply.
Prices have held steady for detached and semi-detached homes, which remain higher than last year, while apartment and row homes saw modest price declines as more new builds and rentals hit the market. The benchmark price in Calgary now sits at $589,900, down slightly from April and about 2% lower than May 2024.
What this means for you:
- Buyers: More choice and less competition, especially in condos and row homes. If you’ve been waiting for the market to calm down, now might be a great time to revisit your options.
- Sellers: Detached and semi-detached homes are still performing well, but pricing and presentation matter more than ever in a shifting market.
✨ My take: We’re seeing a soft landing into balance — not a crash. This shift gives you room to make more informed decisions without the intense pressure of last year’s market. Whether you’re buying or selling, having the right strategy and up-to-date advice is key in today’s conditions.
🏡 Market Watch: How U.S. Steel Tariffs Could Impact Calgary Real Estate
US tariffs on steel and aluminum doubled to 50%, a move cheered by the beleaguered American steel industry but worrisome to sectors that heavily use the metals, from car makers to can manufacturers. (CNN)
Potential Impacts on Calgary's Real Estate Market:
- Construction Costs: The increased tariffs may lead to higher prices for steel and aluminum, essential materials in construction. This could result in elevated costs for new home builds and renovations in Calgary, potentially affecting housing affordability.
- Supply Chain Disruptions: Builders and developers might face delays or increased expenses due to the need to source materials from alternative suppliers, impacting project timelines and budgets.
- Market Dynamics: Higher construction costs could influence the pricing of new homes, possibly leading to a slowdown in new developments. This might affect the balance between housing supply and demand in the region.
What This Means for You:
- Buyers: If you're considering purchasing a home, be aware that new builds might experience price adjustments due to increased construction costs.
- Sellers: For those planning to sell, this could be an opportune time. If new home prices increase, your property might become more competitive in the market.
If you’re curious how this may impact your buying or selling plans, I’d be happy to chat!
