When will home prices finally DROP?!? - Calgary Real Estate Market Update - August 2023
Aren’t rising interest rates supposed to bring down the price of real estate? Where is all the money coming from?!
In our August Monthly Update, I breakdown what’s happening, why it’s happening, and where I believe the market is going, and the hidden market force driving prices.
Thinking of buying or selling? Give us a call for a zero pressure, informed experience. :)
Brad McCallum // REAL Broker // McCallum Group
587.441.4045 // office@mccallumgroup.ca
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Пікірлер: 42
Your videos are amazing ! every detail, love the cut away side shots and the information. BRAVO
@PalmBeachesPaul
10 ай бұрын
I've known Brad for a long time and he is an amazing videographer and I was just thinking the same thing those cutaway side shots are brilliant.
Thank you for this video. Very informative.
Great presentation and this one is informative.
Great insight! You should do a property tour of my penthouse for sale currently! ;)
@BradMcCallum
9 ай бұрын
Well, if it doesn't sell, let us know, we'd love to feature and sell it!
this is very interesting
It's crazy how much of a difference there can be niche to niche too. We're waiting for the right place to come on the market (4 bed/bath, 2 office spaces, with a nice south facing backyard) in Marda Loop and prices seem to be trending down slightly. Always enjoy your videos. Would love to hire your editor.
@BradMcCallum
10 ай бұрын
Thanks a lot Justin!
@codylittlefield7885
10 ай бұрын
Hello competition! Haha I hope you can find what your looking for. This is pretty much exactly what we're looking for too.
Bossman Brad
Good analysis. Maybe they meant Lethbridge! It's dead. The big cities seem mildly immune to the current fluctuations in sales. Come sell my house. LOL
We love your channel! A question please, will foreignor buyers need to pay extra tax in Calgary?
@BradMcCallum
10 ай бұрын
Absolutely not! :) Let me know if we can help!
@sovereignty14
10 ай бұрын
Foreign buyers should be _heavily_ taxed! Canada is a sovereign country!
I noticed about 5-10% drop in land value properties - I think due to cost of hard money and infill builders struggling with liquidity
@BradMcCallum
10 ай бұрын
Yep, the cost of private lending is quite high - 14-16% for a lot of these infill projects - meaning that they could easily have some high borrowing costs if the properties linger. Plus its been tough to manage the budget when supply/demand on materials and labour is still pretty funky.
just change taking only days to sell to hours. Swear people were buying houses only looking at pictures and not even visiting the property to place an offer
@BradMcCallum
11 ай бұрын
Truth. A lot of people from out of province are buying virtually.
@stephenn88
10 ай бұрын
@@BradMcCallumBrad, who is buying up all condos right now at this high interest environment? 😢
@BradMcCallum
10 ай бұрын
@@stephenn88 Investors. Paying cash.
I guess it depends. In some of the newer communities (far far far SE or SW) I'm seeing well over 40 places for sales and many are being reduced at a weekly/monthly rate. But again new communities and little amenities
@BradMcCallum
11 ай бұрын
The homes that sit are the greedy sellers. BUT - the market's moving toward them, and many of the homes that were overpriced just a month or so ago are starting to look more and more reasonable.
So glad this is happening in calgary. Long overdue. Almost no house price appreciation from 2013-2020. Finally people are making some decent return. Hopefully price per sq ft go to $500 by 2030.
@sovereignty14
10 ай бұрын
COVID-19 government-lockdown-mandate insanity made it happen; there are still many people in Ontario & BC who are fed up with their province. Now, all attention is on Calgary.
When will housing prices drop/stabilize? When we don't have 1.2 million people a year coming to Canada.
@BradMcCallum
10 ай бұрын
You could be on to something...
@sovereignty14
10 ай бұрын
#1 problem, negatively affecting everything.
Prices increase but the demand is still there 😅
Imagine purchasing a place for 3 million and losing half of the value just so someone else can afford a place hmmm
Home price won't drop in Calgary for sure, and I do believe average price for detached homes in good communities (NW & part of SW) will even hit 1million in the near future.
@user-ft6bu8ih4e
9 ай бұрын
famous last words...
RAISE THE FN RATES WAY HIGHER PRICES WILL COME WAY DOWN FAST JUST DO IT 🐷
@BradMcCallum
10 ай бұрын
If they did this we’d have a lot of people going homeless. We have a severe housing shortage in this country for the population growth. If we raise the rates it wouldn’t solve the supply issue - in fact it might make it worse because no one will build
@abdulhai93
10 ай бұрын
@@BradMcCallumthe BoC missed their inflation target, and the latest data shows inflation in fact increased. Does that mean the BoC will increase again? Lets see in september
@BradMcCallum
10 ай бұрын
@@abdulhai93 my guess is that they will