The Calgary Board of Real Estate released their May 2020 market statistics summary. Here are some of the highlights:
- "May sales totalled 1,080 units, a 44 per cent decline from last year’s figures."
- CREB® chief economist Ann-Marie Lurie says, "the initial shock of COVID-19 and social distancing measure is starting to ease. This is bringing some buyers and sellers back to the market. However, this market continues to remain far from normal and prices are trending down. Activity has also shifted toward more affordable product, which is likely causing differing trends depending on product type and price range.”
- "Sales are down in all price ranges, but a greater share of sales are priced below $500,000... The shift in sales toward lower-priced product is contributing to steep average price declines in the Calgary market."
- "Benchmark pricing... has eased by over two per cent compared to last year and 0.4 per cent compared to last month. This does not come as a surprise as the market continues to struggle with more supply than demand."
- "COVID-19 and social distancing measures have contributed to rising unemployment rates and job losses throughout many economic sectors. This is weighing on consumer confidence and the housing market."
You can read the full report by clicking here.
As always, if you have any questions please reach out to me directly at 403-630-6363.
Here's to a great month ahead!
(Photo via Canva)