April 3, 2025
In this episode, Marko Gelo and Joe Oulovsky (of Coldwell Banker – Mountain Crest) discuss Calgary Real Estate and other surrounding factors that are influencing it. Here’s a summary of the discussion:
Calgary Market Overview:
General Market Overview
- Many buyers are now engaging due to interest rate drops after waiting on the sidelines.
- Realtors are reporting increased client activity and optimism heading into spring.
- Migration and Market Pressure
- Continuous influx of buyers from Ontario and BC due to Calgary’s relative affordability.
- Average detached home price in Calgary: ~$800,000, which is low compared to Vancouver/Toronto.
- Incoming buyers view Calgary as a “gold mine”, driving prices up and increasing competition.
- International and out-of-province interest is high
Market Conditions by Area
- Calgary remains broadly a seller’s market, but conditions vary by neighborhood.
- Some areas (e.g. northeast Calgary) saw price surges due to relative affordability.
- Downtown condo market is seeing slight price softening due to higher inventory.
- Property Types and Affordability
- Many buyers pre-approved for $450K–$500K struggle to buy detached homes.
- Townhomes and condos are in higher demand due to price points within those ranges.
- Detached homes now mostly start above $600K, and true deals are rare unless they’re fixer-uppers.
Client Demographics
- Serving a wide variety: first-time buyers, growing families, and retirees looking to downsize.
- Key focus is matching clients with properties based on their approval amount and lifestyle needs.
- Outlook for 2025 and Beyond
- Calgary Real Estate Board (CREB) predicts 3% price growth in 2025 and a move toward a balanced market.
- A more balanced market might relieve pressure on first-time buyers struggling with bidding wars.
Mortgage & Purchasing Power Strategy
- Constant policy and lending rule changes make it crucial to revisit old pre-approvals.
- Example: Moving from 25- to 30-year amortization can increase purchasing power by 15–20%.
- Market shifts + lending tweaks can swing affordability by 30–40% for some buyers.
- Strong recommendation: refresh your mortgage pre-approval every 3–6 months.
Key Advice
- Stay in close contact with your realtor and mortgage broker.
- Subscribe to market updates, emails, and podcasts to stay informed.
- Avoid major purchases before securing a property to prevent surprises during approval.
For a deeper dive into their discussion, tune into the episode in the link above!
Call Joe Oulovsky at 587-969-7694 for his expert real estate advice and service.
Download my amazing Mortgage App…it’s loaded with calculators and tons of useful information!
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CONNECT WITH MARKO:
604-800-9593 cell/text | 403-606-3751 cell/text | Schedule A Call | WhatsApp | Marko’s App | mortgages@markogelo.ca
