This month the Calgary Real Estate Board (CREB®) had some good news for us: “For the first time in two years, sales activity in October resembled normal levels. City-wide sales totaled 1,644 units, which is an increase of nearly 16 per cent over last year.”
This is fantastic information for all of us who have been carefully watching the market as it has navigated turbulent economic conditions. We have always believed in Calgary’s ability to fight hard times with strength and perseverance. As Calgary’s economic confidence has begun to recover, Calgarians are starting to make confident real estate moves that are positively influencing the market.
The detached sector saw major sales in October. Sales are what have been preventing the market from making any real strides, so this came as a relief to sellers.
“This year has been a challenge for many sellers,” reported CREB® president Cliff Stevenson. “So when we have a rise in sales, it means more buyers got into the market and more sellers got out, which is a positive for consumers on both sides of the transaction. Sales activity changed direction in October, but we need to see some consistency next month and the month after to call it a trend”
October kicked off what could be a great trend in the market. If sellers are able to sell faster and buyers are able to actually buy, the market will become more equal and will continue to benefit all consumers. These conditions can be rare, so if they become a trend Calgary will be in a great spot.
The city-wide unadjusted benchmark price for October was $438,900. This is 0.34 per cent below last month and four per cent below last year’s levels. This is a great benchmark price because it is not too low that sellers are walking away with nothing, but it is not so high that it is out of reach of buyers.
Overall, the real estate market is doing really well and we are hopefully that October is the start of a long trend of a thriving market.
Have a great November!
Your Real Estate Professional,