It is always important to understand the housing market if you own property or are planning to own property. If you currently own property, knowing when the market is hot and when it cools off can help you make a decision on when to list your house or hold on. If you are wanting to own a property, understanding if we are in a buyers market versus a sellers market will inform your home buying strategy. If you don't fall into either of those two categories, remember that the housing market is reflective of our economy and health as a city, so it's still good to know at least a brief overview!
Each month the Calgary Real Estate Board releases their Calgary Real Estate Market Statistics Update. Here are some of the highlights from their report, which you can read in full by clicking here:
- "Thanks to a surge in new listings, sales activity reached a record high for the month of February with 3,305 sales."
- "The total residential benchmark price for the city rose by nearly six per cent over January levels and was over 16 per cent higher than levels recorded last February."
- "While the gains in new listings will help provide choice to purchasers and eventually support more balanced conditions, it will take some time to work through the demand in the market."
- Calgary Real Estate Board chief economist Ann-Marie Lurie notes, "sales have been somewhat restricted by the lack of supply choice in the market. While sellers did respond with a record level of new listings this month, the demand has been so strong that the housing market continues to remain undersupplied causing further price gains."
Ready to make your move? Contact Team Ken Richter directly at 403-630-6363 or email Ken@KenRichter.com today!
(Image created with Canva)