The forecast is in! The Calgary Real Estate Board (CREB®) reports, “increased sales and easing new listings reduced housing inventories in August. Sales were primarily driven by homes priced below $500,000.” The sale of homes priced under $500,000 kept the market from suffering, even though higher price range homes didn’t experience as much activity.
CREB® chief economist Ann-Marie Lurie reports on the economy, “employment numbers have been improving, but mostly in industries that are traditionally lower paid. This is contributing to the shift that we are seeing in the housing market, with growth being limited to product priced below $500,000.” The jobs available are not ones that afford people the luxury of buying a home, but typically once these entry level jobs start to see growth, so do higher level jobs.
Overall, August sales improved by six per cent compared to the stats reported at this time last year. These sales came from all different types of homes, but the majority were from attached and apartment-style properties. Again, this emphasizes the lower budget of the average buyer at the point in the year.
Fun fact: “Attached sales increased for the sixth consecutive month compared to the previous year. This is also the only property type with year-to-date sales higher than last year’s levels” (Calgary Real Estate Board).
Some other important notes from the Calgary Real Estate Board:
- "New listings continued to ease this month, which caused inventory to decline. This is helping the market shift toward more balanced conditions."
- "At $426,000, the unadjusted citywide benchmark price this month remained comparable to last month, but 2.6 per cent lower than last year’s levels."
- "Despite improving sales and reductions in inventory, housing market recovery will take time."
- "Inventory levels remain elevated and sales activity is still well below historical norms. The market continues to favor the buyer, with over four months of supply."
Questions? Read more at www.creb.com and call me directly at 403-630-6363.
Your Real Estate Professional,