As reported by Chris Varcoe in the Calgary Herald on January 2, 2024, Alberta has witnessed its most significant population increase in over four decades, and this trend has profound implications for the Calgary real estate market.

The Numbers Tell a Story

In a span of just one year, Alberta's population has ballooned by about 194,000, reaching over 4.7 million. This 4.3% growth rate, the fastest since 1980, is not just a statistic. It's a harbinger of change, especially for the housing market in Calgary.

What This Means for Homebuyers

For potential homebuyers, this population surge is a double-edged sword. On one hand, it speaks to the attractiveness and vitality of Calgary as a destination. On the other, it signals a tightening market. With more people vying for the same number of homes, prices are inevitably pushed upwards. The benchmark price for a home in Calgary already topped $570,000 in December 2023, a 10% increase from the previous year.

The Rental Market Squeeze

The rental market isn't immune to this pressure either. Apartment rents in Calgary jumped 10.4% to average $2,081 in December, as per rentals.ca. This trend is more than just a fleeting concern; it's a clarion call for those on the fence about buying a home.

The Future Landscape

As Alberta continues to attract skilled workers and families, the demand for housing will only intensify. The Conference Board of Canada projects a 3.9% increase in Alberta's population in 2024 alone. This influx, while a testament to Alberta's allure, also means that the window for finding an affordable home in Calgary is narrowing.

A Call to Action

For those contemplating a home purchase, the message is clear: the time is now. Waiting could mean not only higher prices but also a more competitive market. As your guide in this journey, I, Michael Newton, am here to help you navigate these waters. With over 11 years of experience in the Calgary real estate market, I understand the nuances and can help you find your ideal home before the tide rises further.

Don't let this wave of change sweep away your opportunity. Contact me at (403) 512-9825 or email michael@michaelnewton.ca, and let's discuss how you can secure your future in Calgary's evolving landscape. Visit michaelnewton.ca for more insights and assistance.

Source: Chris Varcoe, Calgary Herald, January 2, 2024.