With a thriving economy, vibrant communities, affordable homes, and plenty of natural beauty, Calgary has become a popular place to settle down over the last few years. That said, the city’s recent growth has also made the process of finding and buying a home a little more competitive.

Whether you’re purchasing your first property or upgrading to your dream home, being a strategic and competitive Calgary home buyer is an essential part of finding success. In this blog, we’ll help you become exactly that!

What’s Happening in Calgary’s Market Today?

As a buyer, it’s important to be aware of current market conditions before you start house hunting. That said, in a market that’s not always black and white, having a grasp on how certain trends could influence your purchase is easier said than done.

For a few years now Calgary has been one of the fastest growing cities in Canada. As you might expect, this expansion has had a big impact on local real estate. While it might not be as cut-throat as other major markets like Toronto or Vancouver, home buyers in Calgary have definitely been feeling the pressure that comes with an uptick in market activity.

That being said, the market is once again starting to move in a new direction – which isn’t exactly unprecedented. Historically speaking, Calgary’s housing market has long been influenced by its economy (including strong ties to the energy sector), its growing population, rising housing costs in other markets, and its unique quality of life.

These factors are always shifting, creating a sort of ‘boom and bust’ cycle for Calgary real estate. With that in mind, Calgary’s slow transition from an ultra-competitive seller’s market to more balanced conditions is completely normal and to an extent, expected.

Curious about how Calgary compares to other cities in Canada? Explore these related readings.

Start By Finding an Agent

In Calgary, there are a lot of real estate agents to pick from. However, no two professionals are the same, and the degree of knowledge, service, and results that an agent can provide will vary widely. The right agent can help you identify the best opportunities, structure your offers effectively, and navigate the complexities of the buying process – helping you get an edge over other buyers.

Always interview potential agents to ensure their communication style aligns with your needs and that they understand your goals before you make a decision. For instance, if you’re moving to Calgary from outside of the city, province, or even country, you’ll absolutely want to choose an agent who directly specializes in supporting relocators.

Want to know more about Dolce Real Estate’s buying services? Click here.

Understand the Full Cost of Buying a Home in Calgary

In Calgary, buying a home comes with other costs than just the property itself. In fact, there are a number of closing and accessory costs – all of which can add up fast. Big expenses include legal fees, land title transfer, title insurance, and home inspection. These can add up to several thousand dollars, depending on the property value and characteristics of your new home.

The good news is that as a Calgary home buyer, you don’t need to pay a land transfer tax like you would in other provinces. You’re also not on the hook for paying your agent’s commission – that’s (usually) covered by the seller.

If you’re coming from out of town, moving expenses, including transportation, packing supplies, and if needed, temporary storage, should also be factored into your financial plan. You also may want to consider whether you’ll want to make a few renovations or upgrades when you move in. If so, set aside funds for these improvements as well.

Maintaining a strong financial buffer is crucial during the home-buying process. It’s a good idea to avoid taking on new debts around the time of your purchase, such as car loans or major credit card purchases, as these can impact your mortgage approval and overall financial stability.

Buying a home in Calgary soon? Check out these blogs for helpful tips.

Get Pre-Approved for a Mortgage

One of the most effective ways to be a competitive Calgary home buyer is to a) know your budget and b) have proof of your financial capabilities. Bar none the best way to do this is by getting pre-approved for a mortgage.

Pre-approval ensures you know exactly how much you can afford to borrow towards a home, helping you set a realistic budget. In Calgary’s competitive market, where high-quality homes can attract a lot of attention and sell quickly, it allows you to act decisively without delays. Having a mortgage pre-approval in hand also shows sellers that you’re a serious and financially capable buyer – which can help you stand out from your competition. At the end of the day, a seller is more likely to choose a buyer who has financing secured over one who hasn’t completed this step.

Know What You’re Looking For

In a competitive market, efficiency is key. With that in mind, one of the best ways to set yourself up for success as a Calgary home buyer is to outline what you’re looking for in a home before you head to market.

Take the time to narrow down your preferences and know what features are non-negotiable in a home. For example, if proximity to good schools is a priority, focus your search on family-oriented communities like Aspen Woods, West Springs, or Discovery Ridge. Or if you’re looking for a more urban and transit-dense community, you may want to look at areas like Sunalta, Beltline, or Sunnyside.

Make a Strong Offer

When it comes to standing out in a competitive market, a well-crafted offer can make all the difference. While your offer price is a major factor, it’s not the only consideration.

Sellers often prioritize offers with fewer contingencies, flexible timelines, and reliable buyers. To make your offer appealing, consider waiving non-essential conditions and being open to different closing and possession dates. However, be cautious about skipping major protections like a home inspection. You could also make a larger deposit to demonstrate financial strength.

In some cases, adding a personal touch to your offer can make a big difference too. One common example of this is writing a letter that explains why you love the home and how you envision your future there. This can create an emotional connection between you and the seller, letting them know that their home will end up in good hands. Sellers who feel their property will be well cared for may choose your offer even if others are slightly higher.

Be Ready to Act

In a competitive market like Calgary, timing is everything. Homes in sought-after areas often receive multiple offers shortly after being listed, so being prepared to act quickly is essential. However, making a rushed decision without thorough consideration can lead to regret. The key is to balance decisiveness with diligence. This is where knowing what you can afford and what you’re looking for comes into play.

As a serious home buyer, you’ll need to be ready to make decisions at a moment’s notice. This may seem daunting, but it could be the difference between landing your dream home or missing out.

If you see a home you like or a new listing that meets your criteria becomes available, get in touch with your agent as soon as possible. When the time comes to place an offer, be ready to conduct inspections, review documents, and address contingencies promptly. Your ability to act efficiently while maintaining thoroughness will be a big part of your success in the market.

Consider Every Option

If you’re not finding success in the resale market, exploring new construction and pre-sale options can be a great alternative. Buying directly from a builder often means less competition and the ability to tailor the property to your preferences.

Inspired by the city’s ongoing growth, Calgary has a number of newly built, master-planned communities. In contrast to the resale market, these neighbourhoods are primarily made up of modern homes.

Pre-sale homes, where you purchase a property before it’s built, can also be advantageous.
While these homes require patience due to construction timelines, they often come with the benefit of lower upfront competition.

That being said, it’s essential to research builders thoroughly to ensure they have a solid reputation and track record before you commit to a purchase. If you’re considering buying a new construction home, you’ll want to partner with a real estate agent who specializes in these types of homes and the communities they’re found in.

Thinking about making a move to Calgary? Explore these blog posts for important information about the local market.

Don’t Give Up!

Even in a more balanced market, the process of buying a home can feel competitive and emotionally taxing – especially if you’re continuously facing rejection on offers. Remember that even though it can sting, offering rejection is totally normal.

It’s important to stay resilient and adapt your strategy as needed. Each unsuccessful offer provides an opportunity to learn and refine your approach. For instance, if you repeatedly lose out to higher bids, consider adjusting your budget or targeting less competitive neighbourhoods.

Patience is also crucial. Avoid compromising on essential features or overextending your budget out of frustration. A home is a long-term investment, and settling for a home you don’t love can lead to all kinds of headaches long term. Work closely with your agent to stay focused on your goals and explore creative solutions, such as expanding your search radius or considering new construction options.

Find Your Perfect Calgary Home With Dolce Real Estate Group

If you’re thinking about buying a home in Calgary, you’ll want to work with an experienced team of professionals, like us – Dolce Real Estate. Whatever you and your family may be looking for, we can help you find a great home in a neighbourhood you’ll love. Not to mention, our unmatched local expertise and time-tested buying systems make navigating the market a breeze.

Looking to find the perfect home for you and your family? Our dedicated team of Realtors can turn your dreams into a reality! Call 403.999.5882 to get in touch – or send us an email at info@dolcerealestate.ca.

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