Between May and July, Calgary saw homes selling for above list price in over half of its neighbourhoods (54 per cent), marking a 13 per cent jump in overbidding since the first quarter of this year (41 per cent), Wahi reports.
Clearly, homebuyers in the market haven’t been waiting for further interest rate cuts. In fact, buyer competition intensified even before the Bank of Canada cut interest rates in June.
Demand is strong for Calgary real estate
As well, the share of neighbourhoods selling at-asking increased quarter-over-quarter to 18 per cent (compared to 17 per cent in the first quarter).
This past quarter, 102 neighbourhoods were overbid and 34 sold at-asking, up from 76 and 31, respectively.
“Whether it’s buyers from other provinces attracted by Calgary’s relative affordability or locals benefitting from Alberta’s resilient economy, demand remains strong for Calgary real estate,” says Wahi CEO Benjy Katchen.
Top overbidding neighbourhoods
Overall, the top five overbidding neighbourhoods were priced lower than the top underbidding neighbourhoods, with median overbid amounts between $26,000 and $50,050.
Three were located in the Northwest quadrant, and Deer Ridge was the only neighbourhood to make the top five for overbidding in both quarters of the year so far.
Top underbidding neighbourhoods
Upper Mount Royal was the only Calgary neighbourhood to make the top five underbidding list in both quarters of the year so far.
