It's that time of the month again! The Calgary Real Estate Board has released their monthly statistics summary going over what happened in the real estate market in Calgary, Alberta for the month of July. Sometimes people can find statistics like this boring, but here are three reasons why you should know what is happening in the Calgary real estate market:
- The Calgary real estate market and the Calgary economy are directly correlated. Wondering how our economy is doing? Check out the real estate statistics.
- The most successful buyer, seller or investor is the most informed one.
- If you're not buying, selling, or investing anytime soon, these stats can show you how things are trending so you can strategically plan your future moves.
All that being said, here are some highlights from the Calgary Real Estate Board's latest report:
- "With higher sales for both detached and semi-detached product, July sales totals rose above last year’s levels. Despite the improvements in July, year-to-date sales remain 15 per cent lower than last year’s levels."
- CREB® chief economist Ann-Marie Lurie says, "there have been improvements relative to the lowest sales levels caused by COVID-19, but it is too early to say things are shifting back to pre-pandemic levels. We are still facing record high unemployment rates, significant government aid, and uncertainty throughout the business community. This will continue in the coming months.”
- "Inventory levels trended up over the previous month, offsetting some of the sales growth. Higher-density row and apartment products have supply/demand ratios that are well above traditional levels."
- "Tighter market conditions for detached properties supported some upward price trends and year-over-year prices were stable compared to the previous year. However, on a year-to-date basis, detached prices remain nearly one per cent lower than last year’s levels."
For more information you can read the full report by clicking here. And as always, if you have any questions, please contact Ken directly at 403-630-6363.
(Photo via Canva)
Posted by Ken Richter on
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