May Statistics

Spring is all about fresh beginnings, and that is what is happening in the Calgary real estate market: Calgary is finally recovering from the hit it took back in January when prices in oil fell. Against all odds, Calgary is coming back out on top.

While doomsday forecasters predicted an economic crisis to rival that of America’s crash, the Calgary Real Estate board held onto hope. That hope is starting to pay off. It has taken some time for the real estate market to stablilize after January’s economic hit frightened citizens away from being active in the market, but as the economy gets its footing once more, so has the housing market.

CREB® chief economist Ann-Marie Lurie reports, “For the third month in the row, new listings have eased compared to last year, helping push the market toward more balanced conditions, despite the current environment of slower sales activity. This has helped prevent further declines in the unadjusted benchmark price.”

What does this mean? The amount of inventory is starting to match the amount of interest, which means the prices will stabilize rather than being thrown in favour of one party or the other. If there were more houses than buyers, sellers would take a financial hit by having to compete to sell. If there were more buyers than houses, buyers would have to take a financial hit by having to compete to buy a property. We’ve said it before and we will say it again: the real estate market is all about balance.

What is forecasted for June? More healthy progress for the Calgary real estate market! June is always a busy month in the industry as it is a popular time to buy and sell, so there will be lots to report come the end of the month.

If you want more specific numbers and extra information, take some time to explore CREB’s® official website at the following link: http://www.creb.com . CREB® is an organization that is dedicated to helping Calgarians understand the real estate market and get plugged in so that they have the best possible experience. They are highly knowledgeable and are constantly updating their material so it is relevant and helpful. It is definitely worth it to do some research on their site so that you can make more informed choices regarding all of your real estate options.

Check it out!

Your Real Estate Professional,

Ken Richter

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