Alberta’s economy has gone through significant changes in the past few years, and that means the real estate market has also been affected. Here we will take a closer look at the data affecting residential and commercial real estate, and what this means for buyers, sellers, agents, and developers.
Calgary Real Estate: The Numbers
The exodus of corporations from Calgary’s downtown core has been a major source of frustration and concern for several years. Thankfully, it looks like things are turning around. Although the numbers are still grim with an estimated vacancy rate of about 26.5 per cent, this number is an improvement over 2018’s 27.8 per cent.
Marked differences in Calgary real estate can also be seen on the residential side. The number of total homes (including single family, attached, and condo/apartment) plunged 14.50 per cent between 2017 and 2018 (18,880 homes sold in 2017 and 16,142 homes sold in 2018). While fewer homes overall have sold from 2018 to YTD 2019 (as of mid November), the numbers have leveled off to an average of 14,580 sold at the close of 2018, and 14,755 sold YTD 2019 – a nice 1.20 per cent jump.
The Calgary Real Estate Board (CREB®) predicted a difficult year, citing in its 2019 Calgary Economic & Housing Outlook:
“The challenging economic climate in Calgary is expected to persist into 2019. While there was some evidence of stabilization in the energy sector in early 2018, issues surrounding the price differential of oil, falling global prices, a lack of market access and ability to attract investment are placing current and future growth at risk. The economic impact of recent events is not expected to translate into another recession in 2019. However, it will impact employment opportunities, consumer confidence and the housing market.”
CREB®’s 2019 Q3 report backed up this prediction, showing declines across the board in single, multi, and total housing starts to the tune of -10.23 per cent YTD.
The numbers are, quite frankly, grim.
What Do These Calgary Real Estate Numbers Mean for You?
Real estate agents, brokers, property developers and landlords know that the real estate industry is cyclical. Down markets are expected and when met with advanced planning and firm determination, along with the use of available resources, it is possible to not only pull through, but to remain profitable. Right now, more than ever before, everyone invested in the real estate market must do what it takes to be competitive and creative, or their listing will be eclipsed by those that are more proactive.
Urban Measure Gives You the Tools to Excel in Calgary’s Real Estate Market
Realtors must use RMS measurements to ensure uniform measurement standards across listings in Alberta. Failure to use RMS measurements results in loss of confidence from your clients, and possible disciplinary action from the Real Estate Council of Alberta. Just imagine, you tried to cut corners by using non-RMS measurements, only to be called out when a developer, contractor, or the new homeowners run into problems when trying to improve the property. This would damage your reputation and ability to attract new clients, sinking your career in an already extra-competitive market. You don’t have to experience that nightmare scenario thanks to Urban Measure’s RMS measurement services.
Today’s house buying experience is very inclusive. Buyers don’t want to just see the home, they want to experience what life would be like in the community – before they make the purchase. Unlike static ground-level photography that only shows off a home’s best attributes, drone photography shows how the home integrates into the neighbourhood, it’s proximity to amenities, walking trails, schools, and more. You get a much clearer picture of the access routes, alleyways, and even the state of the other properties in your desired neighbourhood.
Twilight and Blue Sky Edits
There are thousands of homes on the MLS. Yours can stand out with our expert twilight and blue sky digital edits. From sweeping outdoor views of the home to the light coming through the windows in interior shots, pictures of homes featuring beautiful skies attract far more attention than a home under gloomy clouds.
Remain Competitive with Urban Measure
These are just three of the many services Urban Measure has so that you can remain competitive in any Calgary real estate market. Contact us today to learn how our tools help lead to your success.