If you’re thinking about buying a home in Calgary right now, you probably have questions.
Is this a good time to buy? Should I wait for interest rates to change? Are prices going up or coming down? Is there enough inventory? Am I going to end up competing with other buyers?
They’re all reasonable questions. The problem is that the answers you hear in the news don’t necessarily tell you what’s happening with the homes you’re actually interested in buying.
Calgary isn’t one real estate market. What’s happening with a detached home in one community can be very different from a condo downtown or a townhouse on the other side of the city.
That’s why I think the better question isn't simply, “Is now a good time to buy?”
It’s “Does buying right now make sense for me?”
Start With Your Own Situation
Before worrying too much about where the market might go next, I like to start with the things we actually know.
Why are you thinking about moving? How long do you expect to stay in the home? What can you comfortably afford? What areas of Calgary work for you? And what do you actually need from the property?
Someone buying a home they expect to live in for the next ten years is making a very different decision from someone who expects to move again in two or three.
Your timeline matters. So does your budget.
Getting pre-approved for a mortgage is an important first step, but I don't think the goal should be to find out the maximum amount a lender will let you borrow. What matters more is finding a monthly payment you're comfortable carrying while still being able to live your life.
Buying a home shouldn't leave you feeling stretched every month.
Interest Rates Matter, But They're Only Part of the Decision
Interest rates have a significant effect on affordability, so buyers are right to pay attention to them.
The difficult part is trying to make a decision based on what rates might do next.
If rates fall, borrowing may become less expensive, but that can also bring more buyers into the market. If you wait for a lower rate, the home you want may cost more or you may face more competition. On the other hand, buying simply because you're worried prices might increase isn't a good reason to rush into something.
Nobody knows exactly what the market or interest rates will do next.
Instead, I prefer to look at what buying would mean for you today. Then you can decide whether those numbers make sense without having to predict the future.
There Isn't One Calgary Real Estate Market
This is one of the biggest things I wish more buyers understood.
You might hear that Calgary inventory is increasing, prices are changing or homes are taking longer to sell. Those statistics can be useful, but they don't necessarily describe the market you're shopping in.
The numbers become much more useful when we narrow them down.
If you're looking for a detached home within a particular price range in two or three communities, we can look at what has actually been happening with those homes.
How many are available? How quickly are they selling? What did comparable properties actually sell for? Are sellers accepting less than asking? Are homes receiving multiple offers?
That's much more useful than trying to make a decision based on a headline about the entire Calgary market.
More Inventory Doesn't Always Mean More Choice
Seeing more homes listed for sale sounds like good news for buyers, and often it is.
But the total number of listings doesn't tell the whole story.
You may find plenty of properties online and still have very few that meet your needs, budget and preferred location. Well-priced homes in good condition can also behave very differently from properties that need work or have been priced too aggressively.
That's why I wouldn't assume that you're in either a “buyer’s market” or a “seller’s market” based solely on a citywide statistic.
We need to look at the homes you're actually considering.
Don't Let a Multiple-Offer Situation Make the Decision for You
Competition can make buying a home emotional very quickly.
You've found the right property, there are other offers coming in, and suddenly the focus can shift from “Is this the right home at the right price?” to “How do I win?”
Those are two very different questions.
Before writing an offer, I want my buyers to understand what comparable homes have sold for, what we're comfortable paying and where our limits are.
Sometimes the information supports making a strong offer. Sometimes there's room to negotiate. And sometimes the right decision is to let a property go.
There will be another house.
My Job Isn't to Convince You to Buy
I think this is important.
My job as your REALTOR® isn't to tell you that it's always a great time to buy a home.
It's to help you understand your options.
That means looking at recent sales, understanding what's happening in the communities you're considering, identifying potential issues with a property, and talking through the advantages and disadvantages before you make a decision.
Sometimes the numbers tell us we should move quickly.
Sometimes they tell us we have negotiating room.
And sometimes they tell us that waiting makes sense.
I'm comfortable with all three answers.
So, Is Now the Right Time to Buy?
Maybe.
And I know that's not the simple answer people are usually looking for.
But buying a home is too personal, and too significant financially, for a one-size-fits-all answer.
If you're financially comfortable, expect to stay in the home for a reasonable amount of time, and can find a property that works for you at a price that makes sense, buying now may be the right decision.
If those pieces aren't in place yet, there's nothing wrong with waiting.
The goal isn't to perfectly time the Calgary real estate market.
It's to make a well-informed decision that you're comfortable with.
If you're thinking about buying and aren't sure where to start, I'm happy to sit down with you, look at what's actually happening in the areas you're considering, and talk through your options.
No pressure. No obligation. Just useful information to help you decide what makes sense for you.