In 2024, the Calgary real estate market will provide a wide variety of residences to suit various requirements and price ranges. You may find a property that suits your lifestyle, get a firsthand look at what's available, and keep up with market trends by going to open houses. Look for elements that can increase the value of your property, such as smart technology, flexible living arrangements, and energy-efficient amenities.
As usual, seek the assistance of an experienced real estate agent who can help you navigate the process and is familiar with the Calgary market. For purchasers prepared to enter Calgary's thriving real estate market, 2024 offers exciting prospects, whether they are looking at large suburban homes or condos in the inner city.
In 2024, the Calgary real estate market is still changing, and one of the greatest methods for prospective buyers to view properties, learn about local trends, and picture their future in the city is through open houses. Whether you're thinking about investing in real estate, upgrading, or buying your first home, going to open houses may give you a wealth of information about what's available and what the market is likely to bring this year.
In this blog, we'll examine the major trends influencing Calgary's real estate market in 2024 and provide guidance on what prospective buyers should look for at open houses.
Calgary's Top Real Estate Trends for 2024:
1. A Greater Emphasis on Sustainability and Energy Efficiency
Calgary residences are increasingly being developed or retrofitted with eco-friendly features as homeowners' concerns about sustainability grow. Many homes in 2024 will have energy-efficient additions including smart thermostats, energy-saving windows, solar panels, and improved insulation. More open houses showcasing residences with high Energy Star ratings and eco-friendly construction materials should be more common, buyers should anticipate. These improvements can drastically cut energy costs while simultaneously lessening their negative effects on the environment.
2. Technology-Integrated Homes
Smart homes are becoming the norm, not just a fad. Smart kitchen appliances, security systems, and voice-activated lighting are just a few examples of how technology is revolutionizing Calgary homes. This year's open houses will often showcase residences that have the newest advancements in smart home automation. This gives buyers more control over their living areas and more convenience. Look for homes with integrated technology systems, as these can enhance your quality of life and increase the property's market value.
3. Multigenerational Living Spaces
In Calgary, multigenerational living is growing in popularity due to the rising cost of living and the desire for homes that are geared toward families. Flexible living spaces, such as self-contained apartments with separate entrances or twin kitchens, are now common in many homes. Look for open houses that have these well-considered ideas when you're looking at properties, particularly if you intend to house extended family members or want to build a rental suite that can generate revenue.
4. Work-from-Home Optimization
There is no indication that the work-from-home movement, which peaked during the pandemic, is abating. Buyers will be able to view open houses in 2024 that have been created with useful home office areas. Homes that support remote work are highly sought after, whether it's a dedicated space, a repurposed den, or a peaceful alcove. The arrangement and placement of these areas should be taken into account as a buyer; during your open house visits, privacy, illumination, and internet access will be important considerations.
5. Luxury Features in Suburban Areas
Luxury home features are becoming more and more common in Calgary's suburbs. Suburban homes with features formerly only found in urban luxury condos are being constructed as more people look for larger living areas without compromising conveniences. Homes with upscale finishes, gourmet kitchens, spa-like bathrooms, and even home theaters are to be expected. You might be surprised by the amount of luxury offered by open houses in Calgary's outside communities, which are more reasonably priced than those in the city center.
Things 2024 Buyers Should Consider During Open Houses
Here are some things to consider this year when you visit open houses now that you are aware of the trends.
1. Examine the flow and floor plan
Take note of the house's flow as you move through an open house. Does the arrangement suit your way of life? Families, for instance, might want open-concept living areas that link the dining, living, and kitchen areas, whereas people who work from home might prefer residences with a clear division between the living and office spaces. Choose a design that will work for you now and in the future.
2. Assess the Neighborhood
The area around the property is just as vital as the house itself. Spend some time exploring the neighborhood, looking for parks, schools, public transportation, and other amenities. Inquire about the neighborhood's development plans with the real estate agent because future changes may have an effect on home values and the standard of living.
3. Verify the Upgrades or Renovations' Quality
Examine the craftsmanship if a house has just undergone renovations. Inadequate modifications may eventually require expensive repairs. Asking questions regarding who performed the work and whether warranties are in place is quite acceptable. Ask about the state of major systems like the roofing, electrical, and plumbing in older properties. A careful examination is essential to preventing unexpected expenses.
4. Examine Features of Energy Efficiency
As energy costs climb, homes with energy-efficient features might save you money in the long term. Seek out residences with solar panels, double- or triple-pane windows, improved insulation, and energy-efficient appliances. These residences have a smaller environmental impact and lower utility costs, which increases their appeal for potential resale.
5. Think About Resale Value Over Time
Consider the home's possible selling value even if you want to stay there for many years. Properties in developing neighborhoods with top-notch schools, convenient access to transit, and other amenities tend to appreciate more quickly. Furthermore, homes with energy-efficient features, contemporary additions, and adaptable layouts (such as suites that generate revenue) tend to be more valuable than those without.