For 2020, RE/MAX projects that Calgary will continue to be a buyer's market due to Alberta's economy and higher unemployment rate. Overall housing affordability remains - compared to other major cities - low, as low priced condos allow buyers to enter the housing market. Average home prices are not expected to change from 2019 with the average detached single family home remaining at $460,532.
Calgary's luxury home market in 2020 will be driven by move-up buyers and foreign buyers although the population will increase mostly with newcomers arriving from other parts of Alberta. Condos will continue to be attractive to first time buyers and younger families as inventory increases of quality units under $300,000.
Want to talk more about the Calgary real estate market? If you're considering a move in 2020, call/text Jeff Mikolajow of RE/MAX First 403-852-4222 to discuss the best strategy to achieve your real estate goals.