by Ken Richter
on Tuesday, May 5th, 2020 at 3:45pm.
The Calgary Real Estate Board has released the Calgary housing market statistics for the month of April. The biggest takeaway is that coronavirus put everything on hold, including the real estate market. Here are some highlights from the Calgary Real Estate Board’s report:
“April sales hit 573 units, a decline of 63 per cent over last year… Sales activity eased across all price ranges, but the largest declines were for homes priced above $600,000. New listings this month totaled 1,425 units, a decline of 54 per cent compared to last year. Inventories also declined, but with 5,565 units available, they remained high enough to push the months of supply above nine months.” - Calgary Real Estate Board April Report
“The decline in home sales does not come as a surprise. The combined impact of COVID-19 and the situation in the energy sector is causing housing demand to fall. Demand is also falling faster than supply. This is keeping the market in buyers’ territory and weighing on prices.” - Calgary Real Estate Board Chief Economist Ann-Marie Lurie.
“The economic impact of the situation is significant and early indications point toward more job losses and higher unemployment rates. Several government incentives will help cushion the blow, but challenges in the housing market are expected to persist throughout this year.” - Calgary Real Estate Board April Report
Remember that in any market, you need an experienced Real Estate Professional on your side. Call me directly at 403-630-6363 so we can discuss your options and begin to strategize how best to sell, buy and invest during this challenging market. We remain hopeful that as the pandemic eases and quarantine is lifted, the summer market will be busy!