Almost all industries are struggling with disruptions in the supply chain – and the Canadian housing market is no exception, where purchaser demand is easily exceeding the housing supply.
Buyer demand is extremely strong right now. In fact, it’s reported that in February 2022, the national average home price broke an all-time record as home prices in Canada continue to increase across the country. The average home price in the housing market for Canada was $816,720 for February 2022, which is up by a whopping 20.6% from last year.
Inventory is at an all-time low
Since purchaser demand is remarkably high, the market doesn’t have many available homes for sale.
The inventory of homes is currently at an all-time low because the inventory of homes on the market remains woefully depleted.
Over the last 4 years, new listings coming on the market have decreased. In addition, carry-over inventory has also plummeted. This is because listings are now sold so swiftly, they don’t remain on the market long enough to carry over month-to-month. Simply put, homes aren’t staying on the market for months as they did before COVID-19.
What does this mean for a seller?
Well, if you’re looking to put your bungalow for sale in Calgary, don’t wait. Sellers will always negotiate the best deal when supply is limited, and demand is high – that’s exactly the situation in today’s
real estate market.
Later in 2022, inventory (and your competition) will increase as a lot of homeowners are waiting to put their homes on the market in early summer.
With the completion of these newly built homes, they’ll also become competition for your house. Thus, you have a huge opportunity right now. There’s no point in waiting for that increase in competition in your area. If you’re ready to start the process and want to sell your house in 2022, today is the day to list your house.
Contact the Kernick Home Team to get your house on the market at this optimal time to sell.
Explore bungalows for sale in Calgary through the Kernick Home Team
The agents at the Kernick Home Team are always studying weekly Calgary housing market numbers. They remove the guesswork and offer you daily market trends and current sales numbers.
Get in touch with them directly for more information on Calgary duplexes or infills in Calgary!