CREB®, the Calgary Real Estate Board, did not have the best news to share during October's market statistics summary.
October’s housing market conditions closely echoed previous month’s trends with easing sales, rising inventories and downward price pressure. Like last month, the monthly activity was not enough to derail gains that occurred earlier in the year.
So what exactly were the stats? Here are some highlights to know:
- October Sales: 1,467 units
- Inventory: 6,463 units
- Most Inventory: Detached homes under $500,000
- City-wide Unadjusted Benchmark Price: $438,900 (this is 0.6 % below last month)
CREB® chief economist Ann-Marie Lurie says, "while economic activity has improved in 2017, it will take some time for this to translate into housing market growth. There have been employment gains, but most of this has occurred in areas with traditionally lower income. We also continue to face weak migration, higher lending rates and changes to lending policy. The combination of these factors is impacting housing demand, which is prolonging the pace of recovery.”
While this is not the best news for everyone, those who are looking to buy something in the under $500,000 range will have many options. “There is far more product availability in the lower price ranges now compared to several years ago,” says CREB® president David P. Brown. “This provides more options for potential buyers concerned about their purchasing power given all the changes in the lending market.”
Confused? Concerned? Excited, even? Call Ken Richter today at 403-630-6363. With 30+ years in the industry serving Calgary, his experience is your advantage.
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