The Calgary housing market in March went exactly as expected. Unfortunately, due to economy not yet being fully recovered and due to stricter lending rules, sales were slow and inventory rose. First quarter sales totaled 3,423 units, which was 24 per cent below long term averages and18 per cent below last year's stats. Months of supply have reached four months.
The benchmark price for a detached home was $503,800, which may have been 3.6 per cent below highs before the recession, but was one per cent above the lows recorded during the recession. So, there is very modest improvement.
"Economic conditions are slowly improving, but it has not been enough to outpace the current impact of higher lending rates and more stringent conditions,” said CREB® chief economist Ann-Marie Lurie. "We are entering the most active quarters in the housing market with more inventory, which could create some price fluctuations. However, the improving economy is expected to prevent overall prices from slipping by significant amounts.”
With spring around the corner, more changes are expected...
"The market today is better than what we experienced at the peak of the recession,” said CREB® president Tom Westcott. "You can find good value if you’re looking to buy a home, and you can also get good value if you’re selling. Being well-informed, in any economic condition, is the key, because there are differences in the market depending on what type of property it is and where it is located.”
In these conditions, you have one great advantage: me. As your REALTOR® with valuable experience, I can help you with your real estate investment. Anytime you’re entertaining the thought of making a move in today’s market, call me at 403-630-6363. I am available to answer any questions and to offer advice, whether you are ready to make a move or if you just want to talk through your options.
For more information, visit CREB® AT THIS LINK.
Posted by Ken Richter on
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