This week I was helping buyer clients purchase a brand new home. We set up an appointment for a home for $430k. On the day of the appointment the sales rep let us know their prices have increased to $470k because of lumber shortages. This is the same story all across the board in Calgary - Home builders have increased their asking prices to cover their material costs.
I believe that buyers looking for a new build will consider the resale market because of this price difference until resale home prices catch up to the brand new builds.
With the market changing so quickly this year, it's clear that now more than ever you want to work with an active real estate agent who's plugged into current news.