November 2021 Market Snapshot

Benchmark price for detached homes continues to rise, as it has since the beginning of the year. This property type saw more sales than there were new listings, hence the 118% S/NL ratio. There was a slight dip in the number of total sales since the previous month due to limited offerings in the market. Most of this month's sales were in the $400,000-$600,000 price range, again due to supply. There are just more homes to choose from in the higher price brackets than the lower ones. 

Same, same but different. Supply levels for semi-detached homes have also been struggling to keep up with all the buyers that are house hunting right now. With the market conditions being so tight in the detached homes sector, many buyers have shifted their focus towards semi-detached homes but the grass is not much greener in this sector. There were more sales than there were new listings in this sector as well; the S/NL ratio over over 122%. So far in 201, most of the sales are in the $300,000-$400,000 range but there is increased activity in homes above $700,000. There were price gains in all districts around Calgary, pushing the benchmark price up almost 9% compared to last year. 

Buyers shopping for townhomes can catch somewhat of a break compared to the previous property types. Townhomes can be a more affordable option for buyers looking for more space, without the huge price tag - not to mention some other condo-like perks like shared expenses. Because the market conditions are not as tight, this sector saw the largest growth in sales. There were almost 19% more sales than last month, and over 68% higher than November of last year. With increased sales activity, inventory levels dwindled this month, resulting in another S/NL ratio of over 100%.

The loner of the property types, apartments are in the opposite kind of market conditions. There is more supply than there are buyers looking for condos. Although much more gradually than the first three property types, condos saw strong sales growth in the month of November. Total sales were 58% higher than they were this time last year. Sales in 2021 totalled 3,834 - the highest level of activity since 2014. On a YTD basis, prices have improved by over 2% in a reversal of the annual decline recorded since 2015.

It's a tough time to be a buyer right now. Trying to find a home is like playing an expensive game of musical chairs. Not everyone will have a chair to shit on. Many of my buyers are caught in multiple offer situations, or end up having to write backup offers on properties that are already conditionally sold. SELLERS! Now is the time to list your property. There are eager buyers in the market trying to move into their homes before the interest rates go up.