The Calgary Real Estate Board (CREB®) had good news to report in their summary of what happened in the YYC housing market in march: the detached sector reached balanced supply and demand levels. This ideal condition gave the market a great boost, with more sales being made than there has been in the last couple of years. This is something we have been waiting for ever since the market crash, and is a testament to Calgary’s ability to bounce back from hardship.
What exactly led to these balanced conditions? CREB® president David P. Brown reports,“it’s not so much that demand went through the roof in March, but that we had less supply come onto the market, which is really helping to balance things out. These changes are lifting the cloud of uncertainty for housing consumers and nicely positioning our market as we move into the more active spring season.” With conditions like this, the spring is going to be a fantastic time to enter the market (hint, hint).
Another key reason why the housing market is starting to pick up again is because the economy is recovering, slowly but surely. We are finally starting to see more jobs opening up as businesses settle back into the routine of a more stable economy.“The housing market transition in the first quarter appears to be consistent with trends in the labour market,” says CREB® Chief Economist Anne-Marie Lurie. “However, the way the rest of the year unfolds will be largely determined by what happens in the next two quarters, as nearly 60 per cent of all housing sales typically occur in that timeframe.”
For more information on this, check out CREB®’s full report HERE. This is a fantastic resource that we highly recommend referencing as you consider entering the housing market. CREB® analyses all the data for you, leaving you with clear summaries and easy-to-read charts. Whether you love statistics or not, having an understanding of the housing market is essential in being an informed buyer, seller, renter or investor.
Find something you don’t understand or want more information on? Give us a call! Having a realtor is a huge asset. Remember that our experience is your advantage. We would love to partner with you to help you be successful in this market.
Have a great April!
Your Real Estate Professional,