Prices will continue moderate rise in 2022, CREB forecasts

The Calgary real estate market is expected to remain strong for 2022, with an increase of 4.6 per cent year over year.

The projection was announced by the Calgary Real Estate Board's chief economist Ann-Marie Lurie at the board's annual forecast on Tuesday.

Interest rates are expected to rise in 2022 and slow activity, Lurie said.

“Despite challenges with COVID-19, we are starting to see a turnaround in our job and migration numbers, and while interest rates are expected to rise, they remain relatively low. All these factors are expected to support strong housing demand into 2022,” said CREB® Chief Economist Ann-Marie Lurie.

“The biggest question will be whether supply can meet that demand. It will take time for housing to move out of sellers’ market conditions, so we do anticipate prices will continue to rise this year.”

Sales in the Calgary area were up more than 71 per cent year over year, CREB revealed on Tuesday.

The final quarter of 2021 real estate market in Calgary and beginning of 2022 has been highlighted by increase demand with a limited amount of new listings coming on the market, which along with lower interest rates has brought a rise in prices.

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Who pays for realtor fees and what are they?

I remember when I bought my first home with my wife — a townhome in Inglewood — we both weren't quite sure how the realtor fees worked. It was no biggie, because it was explained to us.

Still, now that I'm in the business I am very conscious of explaining it right away so there's no confusion. I'm dealing with a lot of first-time home buyers these days and they are naturally wondering about how much this is going to wind up costing them.

Typically, realtor fees are seven per cent of the first $100,000 and three per cent of balance of sale price and those fees are split between the buyer's realtor and the seller's realtor.

That's normally how it works and so there's no confusion when I'm dealing with buyers I write an extra line into our agreement that all fees are paid by the seller.

If you are thinking about buying a home and are curious about something please call or shoot me an email.

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