It’s been a hot year for Alberta’s real estate market, with many homes selling within hours of being listed. Record-low interest rates and high demand in 2021 drove the value of many homes in cities like Calgary and Edmonton upwards of 100K. While interest rates are likely to fluctuate in the coming months, the real estate market for 2022 continues to be very active. Thinking of buying or selling a home in Alberta this year? Here’s what you should know.
- Spring 2022 real estate market is coming in strong. – The real estate market was showing a significant increase early in the year. According to realtors, these numbers are not usually seen until the spring. In February 2022, there was a 42 percent jump in the number of homes sold in Edmonton, compared to this time in 2021. Experts predict more bidding wars in the coming months, as buyers and sellers are looking to cash in while interest rates remain relatively low.
- Single-family homes are where it’s at, for the most part. – A recent article in the Edmonton Journal forecasts growth as high as 20 percent in single family home prices in Alberta. People in their mid-20s to early 40s are driving the market, particularly those who are first-time home buyers or move-up buyers looking for single-family dwellings. It appears that single family homes seem to be selling even faster this year compared to last year. In Calgary, realtors are even seeing some townhouses begin to get increased market activity because the competition is so high for single-family detached homes.
- Many people have been saving more money in the past two years. – As a result of the pandemic restrictions we experienced in 2020, many people have simply been spending less money. This increase in savings has put more people in a financial position to purchase a new home, further bolstering demand in the real estate market. For those that did not have quite enough surplus savings in 2021, this may be the year that they can afford to enter the market.
- Work from home, live anywhere. – The shift to working from home in the past two years has given people in places like Toronto and Vancouver the ability to move to other cities and find the home they want with a cheaper price tag. It makes sense to purchase a home in Alberta for less than half the price of what it would cost in other provinces. Even locally, many people that were living in the inner city to be close to work have been relocating to larger properties in the suburbs.
- The Real Estate demand is high in Alberta. – Calgary recently surpassed Toronto and Vancouver as one of the most attractive places to live. Compared to other larger cities, Calgary and Edmonton are very affordable to live in. Home prices in Calgary and Edmonton continue to be more affordable and attract buyers from other provinces. Realtors are seeing an increase of people outside of Alberta interested in buying here, with some buyers placing offers before even setting foot in the home.
Litco Law ensures your real estate transaction is a breeze.
Homes are selling at lightning speed right now, and that can put a lot of pressure on someone who is buying or selling. At Litco Law, we’ll make the process quick and virtually effortless – so that you can focus on more important things like packing and moving!
Looking for a Real Estate lawyer in Alberta? Give us a call, send us a message, or fill out our contact form online and we’ll reach out to you.