Here we are at the end of the year, and I wanted to share how this year’s market has performed and what I predict for our market moving forward. First things first, let’s address what we are all hearing on the news – They are talking a lot about how the market is down because of interest rates rising. Sure, there’s no question, we have definitely dropped in volume. But year over year, we only had a 22% drop in sales. But what they aren’t telling you is that the inventory has ALSO dropped. What you have to know is that when it comes to prices, whether they drop, increase, or stay the same, it’s always based on SUPPLY & DEMAND. Right now the demand has dropped… but so has the supply! And for that reason alone, is why our market is staying so strong. Homes in the 500k-600k price range take up about 25% of our market. There’s our sweet spot for Calgary. Compare to Toronto or Vancouver, that’s nearly impossible to find the kind of home you can get in Calgary. We don’t have overinflated prices in Calgary and that’s a big reason why people are moving here. Our net Migration is incredible right now. A lot of the immigrants that are coming to Canada are actually coming to Alberta. And I think part of that is what’s keeping our market stable and the fact that our oil prices are high. We have jobs, and our economic environment is pretty good. It just costs a little more to buy a house but at least we’re Affordable. MY PREDICTION FOR 2023 **quick disclaimer first** No one can truly know what the market will do, but I will share my educated opinion on what I think will happen in 2023 Based on the net migration coming to Calgary, rental prices going up, higher interest rates, we will continue to stay pretty affordable compared to the other big cities in Canada. I don’t believe that we’re going to see any major price corrections. Our fundamentals are so strong, the only negative is the interest rates and rents are high. This put-together should equate to a pretty good market. One thing to consider with the current interest rates, the people with variable mortgage rates could end up in trouble and needing to sell. These motivated sales could get picked up super quickly! Definitely, something to keep an eye out for. All in all, I’m pretty optimistic for 2023. If you are looking at selling and you want to take a really good look at whether this is the right time. I can help you investigate what the current market will do for you and what the value of your home is. I always have good ideas on how to increase the value of your home. I don’t get too caught up on timelines, I’m in this for the long haul and will still be around when you’re ready to make a move, so whenever is right for you – is right for me! Have yourself a very merry Christmas, and happy holidays!!