Calgary has received its first official dump of snow. As of today, Starbucks has rolled out their holiday drinks and Christmas lights are starting to join the city skyline. It is time to say farewell to crunchy leaves and pumpkins, which we hope you did by taking them to the city wide recycling centres. For more information on that, check out the following link: City of Calgary Leaf and Pumpkin Recycling.
As our final goodbye to crisp autumn days, we have the CREB (Calgary Real Estate Board) October statistics summery. Want to learn more about real estate market conditions so you can be an informed buyer/seller/investor? Read on.
Elevated inventory levels continue to dominate the market in the resale sector which is significantly effecting the cost of properties. Benchmark prices have continued to decline to an average of $453,100.
CREB® chief economist Ann-Marie Lurie had this to say about the situation: “Persistent weakness in the overall economy continued to impact housing demand in Calgary as October sales were nearly 16 per cent below long-term averages. In addition, new listings did not decline enough to prevent inventory gains and, ultimately, price contractions.”
The steepest decline was seen in the apartment sector. Benchmark prices dropped to $288,300. “That sector is facing added competition from several new apartment projects, improved vacancy in the rental market and more supply in the attached sector,” says Lurie.
So, if you are looking to buy right now you will have lots of options at a reasonable benchmark price! If you are trying to sell, keep in mind that there is a lot out there so your offer needs to be competitive in order for your property to stand out. CREB® President Corinne Lyall says, “If sellers are serious about selling, they need to consider how they are positioning their home on the market. Buyers, meanwhile, have to consider whether that home satisfies their lifestyle needs.”
Investors, this is also a good time for you to swoop in and snag some great properties in the resale sector.
The housing market is seeing the effects of a previously unstable economy, but things will get stronger as the economy continues on the upward swing. For more detailed information on housing statistics, visit CREB’s website! They are a fantastic resource for anyone looking for more information. Click HERE for the link.
As always, remember that all of us here at Team Ken Richter want to help you, too! Send us an inquiry and we would be happy to partner with you in finding or selling a great property.
Your Real Estate Professional,