By: Doug Cabral

November 2021 Market Report

Tags: Calgary, Real Estate, YYC, Homes in Calgary, Market Report, November 2021, Royal LePage, Doug Cabral, Realtor

With improvements in sales across all product types, we should lead this update with November 2021 was just shy of breaking Calgary’s 2005 record for units sold city wide. A couple of notes from CREB® Chief Economist Ann-Marie Lurie:

“Lending rates are expected to increase next year, which has created a sense of urgency among purchasers who want to get into the housing market before rates rise,” said CREB® Chief Economist Ann-Marie Lurie.

“At the same time, supply levels have struggled to keep pace, causing tight conditions and additional price gains.”

Some interesting stats from last month were the sales to new listings ratio was north of 100% which means supply levels have dropped even further.  In the detached sector sales to new listings was 118%.  This has once again created really tight market conditions especially in the 400-600K range.  We are seeing the return of multiple offers creating some buyer frustration and increasing prices. 

Listing inventories don’t traditionally trend downward at this time of year but buyer activity continues to outpace new listings and the pent up demand for buying still exists. The city could really use more listings. With the detached market’s inventory being consistently below 2 months, we are starting to see buyers shift some of their attention towards the attached and apartment products. This is actually great news for these product types as was evident in their uptick in activity and pricing last month.

Regionally the communities of Airdrie, Cochrane and Okotoks all had record months last month for sales activity. Some of their inventories are sitting below one month which is suggestive of persistent seller market conditions.  

With a market this tight, sellers should be looking to take advantage of these low inventories and might want to consider listing this winter.  Buyers are going to have to make sure they start putting more tools in their offer chest. Pre-approval letters are a good start but making sure the lender or broker has all of your documents as well will help shorten your financing condition period and strengthen your offer.  Other things to consider would be having an inspection pre-booked so you can waive that condition in the 48-72 hours, offering strong deposits, flexible possession dates and expecting to compete on homes with better initial offer prices.

If you or anyone you know is looking to make a move in 2022, it is never too early to start having these discussions.  I have a weekly check in with anyone that would like to book an appt at 10:30am Monday to Friday. Feel free to click or share THIS Calendly link to book! We are here to help.

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