Every month we post the real estate market statistics from the previous month. This is a good way for us to summarize city-wide activity in the market and also give you some insight into what is predicted for the current month. We recognize that not everyone is numbers focused, but here are two good reasons why you should be reading these posts:
1). The housing market is a reflection of the city’s economic condition, so you gain insight into that sector, too.
2). They enable you to be an informed buyer / seller / investor.
So, without further ado, here is the January housing market statistics summery:
2016 has started off as a buyers market, just like this time last year. CREB® chief economist Ann-Marie Lurie explains this by saying, “The recent slide in energy prices has raised concerns about near- term recovery prospects for the city. Energy market uncertainty and a soft labour market are weighing on many aspects of our economy, including the housing sector.”
Essentially, with so few jobs there are not many people who can afford housing in Calgary right now. With fewer buyers and people selling their homes to find jobs elsewhere, those who are staying in Calgary have more inventory to choose from at lower prices.
Inventory is widespread with all property types being affected by this downturn in the economy. The one sector that has experienced the biggest decline in prices is apartments. There was already high inventory, so with the recent economic shift that inventory is starting to see lower and lower prices.
What’s the biggest thing you should take away from this all? High inventory + slow sales activity = lower prices.
If you want to read more on what is happening in the real estate market (something we would highly recommend) head to CREB’s website at THIS link. There are resources available for everyone, all of which are worth a read.
As always, schedule an appointment with us here at Team Ken Richter so we can help you make the most out of these real estate conditions.
Your Real Estate Professional,