There has been a lot of talk about Calgary’s detached market booming this year (which is very true). The less talked about story of the year has been the townhouse market, especially in the Northwest. Royal Oak Townhomes are up 19% compared with the same time in 2021 (January 1st-May 31st).Over the past five months we have also seen all-time record prices in three different townhouse complexes in the neighbourhood: Royal Cascade, Outlook at Royal Mews and Royal Oak Estates.
What’s driving the townhouse market? Two things:
- Drastically increased prices in the detached market have pushed many buyers (especially first timers) to take a closer look at townhouse options.
- A continued lack of inventory has led to increased competition for buyers. On average townhomes in Royal Oak have sold for 3% above their asking price this year
If you’ve been thinking about selling your townhome or have tried to sell in the past but been unsuccessful, now is an excellent time. Inventory remain low across the Northwest and with the recent increase in interest rates buyers will be looking to buy before their pre-approval runs out.
If you are thinking of selling, we would love to talk with you. We live, work and play in Royal Oak and because of this we understand the small details of our neighbourhood that can make the big differences for our clients. We look forward to hearing from you, Craig + Allison