The snow is about to fly so the real estate market will slow down a bit, but that's to be expected and follows seasonal trends. Our real estate market has been very strong this year with record gains. The pressure is easing somewhat as more inventory has come to market. As a result increases are slowing but it isn't expected for pricing increases to reverse. Inventory should now begin to reduce as we enter winter months. Don't forget that folks are still moving to Calgary so if there are less listings the pressure isn't going to ease too much.
Our rental market is still nutty. I talk to folks all the time who are paying high rents and deciding if they should instead put those funds into home ownership. Even if there is a market adjustment (which is the main fear most folks have) it just can't compare to the funds paid to landlords.
Rent for a 2 bedroom apartment: $1700 per month = $20,400 per year or $102,000 over 5 years.
Typical suburban home: $2400 per month = $28,800 per year or $144,000 over 5 years.
On that note, investors and landlords are a large part of the buyer segment in some markets. Those are big income numbers and it is easy to find tenants for condos or holding properties for future development. Throughout the inner city homeowners are up against developers looking at properties on land with good development potential.
Below is a heat map of inventory for the city for folks who like numbers and stats. There is a whole lot of red out there meaning inventory is low. This isn't 'great deal' time. It is a somewhat balanced market in a popular and vibrant city that is growing to accommodate thousands of new citizens every year. Happy shopping.