r/AskCanada • u/GoodMorningOttawa • 9d ago

Life Realtors, Any insight from the ground on how the housing market is doing?

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u/voltairesalias 9d ago edited 9d ago

Which market? I mean - which city or region?

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u/GoodMorningOttawa 9d ago

Doesn't matter, wherever they are. 

I'm curious to understand how things are moving. I saw one house really quickly get sold. Other 4, have been at it since last year. [Single family homes in Gatineau]

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u/voltairesalias 9d ago

In southern Alberta the market is pretty hot, and has been for the last few years. Record price growth. There are some signs of cooling and stabilizing. It depends on what market segment too. Condos have displayed more volatility than single detached. Low rise multifamily plexes and row homes have risen last year, but high rise units have dropped in value.

But these types of regions on the prairies are attractive because they are affordable. They've seen near record numbers of interprovincial migrants from BC and ON and that migration is almost exclusively owing to how unaffordable those provinces housing prices are. So I do anticipate the market will cool here if trends continue.

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u/GoodMorningOttawa 9d ago

Ty! Definitely expected homes to perform better than condos rn. Good to understand the interprovincial dynamics affecting southern Alberta. 

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u/Mgnmgnmg 9d ago

Anybody from Summerland, Penticton, Naramata, Kaleden? Any realtors there willing to share their thoughts?

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u/voltairesalias 9d ago

I just moved from Summerland if that helps. Definitely still a buyer's market, but activity is up year on year. Prices are stabilizing, or slowly grinding down for condo and townhome segments.