Rental Rates

• Metro Vancouver continues to record the highest average rent per square foot rate in Canada for the second quarter in a row.

• The lowest average per square foot rental rates among major cities tracked in Canada are in Edmonton despite rates in this market consistently increasing. Overall average rental rates for newer purpose-built rental buildings in Edmonton are up 34 percent from three years ago.

• Metro Vancouver was the only market to experience a decrease in per square foot rental rates, however only a modest decline. Most major markets in Canada experienced an increase in average rent per square foot values in Q1 2024.

• Downtown rental rates in the first quarter of 2024 were the highest in Metro Vancouver at $5.01 per square foot.

• Both Calgary and Ottawa continue to experience some of the strongest growth in downtown rental rates in Canada.

Vacancy

• Vacancy among stabilized projects in the first quarter was the lowest in Metro Vancouver at 1.2 percent with Calgary having the second lowest at 1.5 percent.

• Stabilized vacancy was highest in the GTHA and Kelowna at 2.8 and 2.7 percent, respectively.

• The GTHA continued to record the highest overall vacancy at 10.8 percent for the second quarter in a row as more than 1,700 units have been recently added to the market. Overall vacancy did go down in the GTHA, indicating strong rental demand and the ability to absorb new product in this market.

• Edmonton and Calgary were the only markets where overall vacancy increased in the first quarter of the year, which can be attributed to seven and eight new project launches occurring respectively over the past three months.

(By Zonda Urban)

Seton Community Market Report

Overview: Seton continues to experience a dynamic real estate market as of March 2024. The area has seen significant growth over the past year, driven by new developments, an increase in demand for housing, and a vibrant community atmosphere.

Market Trends:

1. Home Prices:

   • The average home price in Seton has risen by approximately 8% year-over-year, currently sitting around $470,625. This upward trend reflects both demand and a limited inventory of homes.

   • Detached single-family homes are particularly popular, with prices averaging $712,433, while townhomes are averaging $468,698.

2. Sales Activity:

   • March saw a notable increase in sales activity, with approximately 31 homes sold, increased from last year.

     6 SOLD Detached houses $610,000 - $950,000.

     1 SOLD Duplex house $595,000.

     7 SOLD Townhouses $268,000(Bungalow style) - $569,900.

     17 SOLD Apartments $288,000(1-bed-1-bath) - $469,900 (3-bed-2-bath).

   • The average days on market for homes decreased to 25 days, indicating a competitive environment where homes are selling quickly.

3. Inventory Levels:

   • The inventory of available homes remains low, with only about 58 properties listed for sale in March.

   • New construction continues to contribute to inventory but has not yet fully met the growing demand.

4. Buyer Demographics:

   • First-time homebuyers make up a significant portion of the market, drawn by affordable options in townhomes and smaller single-family homes.

   • There’s also a noticeable interest from young families and professionals seeking proximity to amenities and schools.

5. Market Outlook:

   • Analysts predict that the demand for homes in Seton will continue to rise throughout 2024, driven by ongoing economic development and an influx of residents.

   • Interest rates, while fluctuating, remain historically low, which may further stimulate buyer interest despite concerns about inflation.

Community Developments:

• New retail spaces and community centers are in the works, enhancing the overall appeal of Seton. These developments are expected to attract more residents and increase the demand for housing.

Conclusion: Seton’s real estate market in March 2024 is characterized by rising prices, low inventory, and strong demand, particularly among first-time buyers. As the community grows and new developments continue, Seton remains an attractive option for both buyers and investors in the Calgary area.

For more detailed insights or specific property listings, feel free to reach out!

Contact us for a Free Home Evaluation.

For latest community market report, SIGNUP HERE.

March 2024 was a dynamic month for the Auburn Bay real estate market in SE Calgary, reflecting continued interest in this family-oriented community. With its array of amenities and recreational opportunities, Auburn Bay remains a sought-after location for buyers.

Market Highlights

• Sales Activity: In March, there were approximately 52 residential sales in Auburn Bay, a slight increase compared to February. This uptick indicates a growing momentum as the spring market begins to unfold.

• Property Types:

  • Single-Family Homes: Started as low as CAD 555,000 to highest $1,280,000. These homes are popular among families seeking spacious living and access to community amenities.

  • Duplex houses: SOLD between CAD $557,000 and $664,000.

  • Townhomes: SOLD between CAD $340,000 and $520,000, townhomes are gaining traction among first-time buyers and young families looking for affordable options without compromising on space.

  • Condos: The condo SOLD prices were between $277,000 AND $449,900, appealing to those seeking lower maintenance living and proximity to amenities.

• Days on Market: Homes in Auburn Bay sold relatively quickly, with an average of 30 days on the market. This indicates a competitive environment, where well-priced listings are attracting buyers swiftly.

Buyer Trends

• Demographics: The buyer pool in Auburn Bay remains diverse, comprising first-time homebuyers, young families, and investors. The community’s recreational offerings, including parks and the lake, appeal to families seeking an active lifestyle.

• Property Preferences: While single-family homes dominate sales, there is notable interest in townhomes and condos, particularly among those looking for more affordable housing options.

Economic Factors

• Interest Rates: Stable interest rates have provided favorable conditions for buyers, encouraging them to make purchases without the pressure of rising borrowing costs.

• Employment Landscape: Continued job growth in Calgary’s economy has bolstered consumer confidence, allowing more potential buyers to enter the market.

Outlook

As we move into April and the spring market heats up, the Auburn Bay real estate market is expected to remain active. With demand still strong and inventory levels stabilizing, price growth may continue, particularly for desirable properties.