The May 2023 Calgary Real Estate Market Statistics update is here, thanks to the folks at the Calgary Real Estate Board. They are an invaluable resource for anyone looking to buy, sell, or invest in the local market. With the economy being where it is at, it is more important than ever to make sure you get the most out of such a big transaction. Being informed is the first step.
Here are some highlights from the Calgary Real Estate Board's latest report:
- "Thanks to a significant gain in apartment condominium sales, May sales rose to 3,120, a new record high for the month" (The Calgary Real Estate Board).
- "We continue to see fewer new listings on the market than last year, causing inventory levels to fall. With a sales-to-new-listings ratio of 85 per cent and months of supply of one month, conditions continue to favour the seller placing further upward pressure on home prices" (The Calgary Real Estate Board).
- "In May, the unadjusted benchmark price reached $557,000, over one per cent higher than last month" (The Calgary Real Estate Board).
CREB® Chief Economist Ann-Marie Lurie says, ““Calgary’s housing market continues to exceed expectations with the recent gain in sales activity this month. The higher interest rate environment and recent rental rate gains have driven more consumers to seek apartment condominium units. In addition, the recent rise in new apartment listings has provided enough options to support the sales gain. Calgary continues to benefit from the relatively healthy job market and recent population growth keeping housing demand strong across all property types.”
Are you ready to make your move? Contact Team Ken Richter at 403-630-6363 or email Ken@KenRichter.com.
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