At the start of every month we go over what happened in the world of the Calgary real estate market in the previous month. This enables you as a buyer, seller, investor, renter, leaser, etc. to stay up to date on exactly what is happening.
Market conditions are constantly shifting and evolving. They provide crucial information regarding a sector that involves major financial decisions. Keep yourself informed so you can be educated and informed!
So, what did the market look like in April? We’re turning to the Calgary Real Estate Board (CREB®) to find out.
The market is finally starting to shift. Inventory remains high, but prices are starting to decline as sellers become more realistic about the market they are in. Prices have been slowly falling for seven months now, which sellers are starting to understand.
This is good news for anyone looking to purchase a property! Real estate is moving into a strong buyers market right now, with benchmark prices landing around $441,000.
CREB® president Cliff Stevenson says, “From re-considering the listing of their home to lowering expectations on price, sellers are beginning to adjust to the current market reality. However, some buyers in the market are still not willing to pull the trigger because they expect even bigger discounts. And so that gap between buyers’ and sellers’ expectations still persists across many product types and locations.”
Buyers being somewhat hesitant is a fair response. After all, the market has been very shaky and uncertain for the past year and a half. Predicting what will happen when the energy sector (and thus the economy) is so up and down is very difficult. However, buyers can be sure of one thing: right now the real estate market is perfectly poised to provide them with a great opportunity to invest in housing while prices are lower than they have been for a number of years.
For more information, head to CREB®’s website!
Your Real Estate Professional,