Every month the Calgary Real Estate Board (CREB®) publishes a monthly housing summary. These summaries go over what happened in the real estate market, how trends shifted, what to expect moving forward, benchmark prices, information behind changes in the market, etc.. This is a fantastic resource that we highly recommend! The most successful kind of buyers and sellers are the kind of buyers and sellers that are informed.
Most recently CREB® divided their report into two parts: the Calgary statistics and the Calgary region statistics. In our monthly summaries of the CREB® report, we focus specifically on the Calgary statistics. However, if you are interested in knowing about Calgary and its neighbouring areas, check out the full Calgary region statistics at this link.
As for August, there were some interesting shifts in the market…
1567 units were sold in August. The attached sector of the market stayed on trend with inventory and purchases dropping in an equalizing but not particularly great way.
CREB® chief economist Ann-Marie Lurie says, “While overall sales have eased for detached homes, so too has the amount of new listings on the market preventing inventories from reaching previous highs and limiting the downward pressure on pricing. This is not the case in both the attached and apartment sectors which have recorded inventory levels near August highs.”
These inventory gains in the apartment sectors are an important reminder to not make blanket assumptions about the market. Things vary between sectors which affects the decision you’ll make.
“It is very important for both buyers and sellers to pay close attention to the data in their particular area, segment, and price point,” says CREB® president Cliff Stevenson. “We are clearly seeing a significant difference in the performance between our detached, and our attached and apartment segments of the market, making it very difficult to use city-wide housing data for decision making purposes in today’s market.”
Overall, if you’re in the market for an apartment you are going to have lots of options!
We’ll keep you updated on trends. Check back here at the start of every month for our summaries.
Your Real Estate Professional,