April was another great month for Calgary real estate! We have continued to see stability in the market, leading to better prices and inventory levels. The success of the real estate market relies heavily on the economy, so as long as our economy continues to get stronger, so will market conditions.
CREB® president David P. Brown had good news to report this month: “More jobs [in Calgary] means less uncertainty for people who are sitting on the fence [about entering the real estate market]. There also tends to be fewer people who need to sell when employment improves, and that can prevent inventory gains and further price reductions in the market.”
CREB® president David P. Brown adds, “it’s a good scenario for sellers who are entering a spring market that’s in better shape than anything we’ve seen in recent years.”This is also a great place for buyers to be in. With a healthy amount of inventory to choose from, prices will not be blown way up, making it more affordable to buy a home.
This is the kind of housing market equilibrium that Calgary has been patiently waiting for and working hard to get to. This is not only thanks to the economy, but thanks to consumers such as yourself who have held tight and made informed decisions. It is market conditions like these where your diligence will pay off.
What can we expect this spring? Chief CREB® economist Ann-Marie Lurie notes, “the relationship between sales and inventory will be a key driver for pricing in the months ahead. Total transactions improved to 1,917 units in April, while inventories totaled 5,495 units, pushing months of supply below three for the second consecutive month.”
Although these conditions are great news, do not get lazy. Keep doing your research, keep a close eye on conditions, and keep asking questions. Remember that we are always here if you are looking for answers. We would love to partner with you and make our experience your advantage.
For more information on what April looked like for the Calgary Housing Market, check out the full summary HERE.
Your Real Estate Professional,