With all of the major political changes taking place recently, it is a bit more difficult to release a firm forecast for the real estate market. CREA Senior Economist, Shaun Cathcart, expects the market to experience a big boom in April. The coming months are also expected to be one of the busiest times for first-time buyers since the increase in interest rates during COVID-19.
City News has also reported that the Bank of Canada had dropped its interest rates to 3% as of January 29, 2025, and it is likely that rates will be even lower by the end of this year. While possible Tariffs being imposed on Canada by the American Administration has left a lot of people uncertain about the stability of the real estate market, experts have speculated that the lowering mortgage rates may offset some of the costs that the tariffs would bring in terms of the real estate market, and in doing so keep the market somewhat stable.
On a brighter note, let’s look at some numbers. Calgary’s prices have gone down again, moderated by recent housing supply increases in the city. The average residential price is at $583 000, while detached homes cost around $751 000, semi-detached homes have a price of $673 600, and Townhomes have a benchmark cost of $445 000. Finally, apartment’s are going for just over $331 000 on average. The Calgary Real Estate Board has reported that the market continues to ease, with a gentle rise in inventory and a gentle fall in sales.
Airdrie prices are a bit lower than Calgary’s, as usual, with an average of $537 300. Cochrane prices are at about $566 000, and Okotoks has an average of just under $615 000. Okotoks alone seems to be falling behind in terms of the inventory increases that the rest of the Calgary-area is seeing. Considering the continuing price drops, coupled with the lowered interest rates, this is the perfect time to sell! You can contact the Dione Irwin Team through This Link to sell your home at this incredibly opportune moment!