They Just Keep Coming!
Calgary Real Estate and Rental Market Update
October 1, 2023 - Written by Jamie Palmer, President/Broker of Power Properties
Canada’s population is growing at rates not seen since the baby boomers in the early 1950s’, and Alberta is the fastest-growing province in Canada right now. 52,000 more people moved to Alberta than left this past year, with a majority of those coming to Calgary. 52,000 people is almost a new Airdrie a year!
All of this population growth is of course putting an enormous strain on housing and the rental market in particular. Many neighbourhoods have 0% vacancy. As always, the most affordable properties see the highest demand, but we are still seeing strong demand in the $2000-$2900 range. To qualify for properties over $3,000/month requires a before-tax income of $100,000/year, only 11% of individual Canadians earn that much and only 14% of Canadian households earn more than $100,000/year. So while we do see demand for high-priced properties, fewer applicants can actually qualify for the properties.
Real estate sales remain robust in spite of increased interest rates, with a 31% increase in the number of properties sold in the last 12 months, while at the same time a 25% decrease in the number of active listings in Calgary year over year. This has led to continued price increases with the median price up 10% year over year. Due to low levels of inventory, this upward trend is expected to continue into 2024.
Written by Jamie Palmer, President/Broker of Power Properties Ltd.
Jamie Palmer is the President and Broker of Power Properties. He holds a Certified Property Manager (CPM®) designation, the highest designation in Property Management in North America. He earned an Honors degree from the University of Toronto, and he has over two decades of experience in property management.
About Power Properties Ltd.
Founded in 1980, Power Properties has been providing hassle-free property management services to property owners, property investors and non-residents with homes in Calgary, Alberta for over 40 years. Our full-service property management includes everything from move in to move out, so you don’t have to worry about the day-to-day operations of your rental property. With a team of licensed professionals, years of experience, and award-winning service, you can rest assured that your property is in good hands.
