It has been a long time coming, but we can finally say with certainty that the Calgary Real Estate market has finally stabilized and is back to where it once was. For some, this is incredibly surprising considering the fact that the overall economic market of Calgary nearly plummeted back in January when the oil sector crashed. For the optimists, this in an unsurprising result of a city who has fought through way too many things to be thrown off track for long. Welcome back, Calgary. We missed you.
While transaction levels this June were 5% below the average, this is completely consistent with trends we’ve seen over the past 10 years.
“We’ve seen less concern from consumers lately. Consumers who were waiting for wide-spread price declines have been surprised to see that it just hasn’t happened yet, and so they’ve decided to take advantage of the improved selection and lower lending rates,” says CREB® president Corinne Lyall. “One of the main reasons is that we haven’t seen the worst case scenarios play out in the energy and housing sectors.”
The market has gained back the trust of Calgarians, and that is seen in a number of ways: 3,122 listings entered the market this past June, which was the second month in a row that listings have increased. This has reduced the pressure on inventory levels, meaning that a healthy amount of units are on the market to provide buyers with good selection without an overwhelming amount of selection. The average time units are on the market now is 2.5 months, which is a very healthy amount of time. Benchmark prices showed a small gain, averaging at $455,400. Considering the quality of the units, location, and all the other factors that go into pricing a home, this truly is a great deal for buyers and sellers.
“The housing market is showing some signs of stability right now,” says CREB® chief economist Ann- Marie Lurie.“However, there are several risk factors that could influence the market in the second half of the year.”
Do not let this news frighten you. Even in a Golden Age there are risk factors. CREB will be releasing a mid-year forecast at the end of the month which we will report on to discuss more of what Lurie alluded to. For now, June and July are always great months to enter the market, so send us a message here at Team Ken Richter and we’d love to explore your options.
More information can be found at www.creb.com.
Your Real Estate Professional,