We have been excited to bring you positive news from the real estate market for the last year. Calgary has been in such a hot market, it's been more important than ever for buyers, sellers, and investors to stay informed. One of the ways we help you stay knowledgeable is by presenting you with the highlights of the Calgary Real Estate Board's monthly summery.
Without further ado, here are some highlights from their May report, which you can read in full by clicking here:
- "While activity in the market slowed down in May with 3,071 sales, levels are still slightly higher than last year’s record high and are far stronger than typical levels of activity recorded in May." (The Calgary Real Estate Board)
- "While inventory remains well below historical norms, the monthly gains did take off some of the pressure in the market. However, with just under two months of supply, the market continues to favour the seller." (The Calgary Real Estate Board)
- "Overall, the benchmark price reached $546,000 in May, over 14 per cent higher than last year’s levels." (The Calgary Real Estate Board)
Calgary Real Estate Board Chief Economist, Ann-Marie Lurie, writes, "While higher lending rates are weighing on sales activity, the market is still struggling with supply levels and rising prices which could also be contributing to slower sales, especially in the detached market. Nonetheless, if this shift continues, we could begin to see more balanced conditions in the market over the next several months, slowing the pace of price growth in the market."
As you can see, the market is starting to shift again. Want to get in on the action before the market changes again? Contact us today directly at 403-630-6363!
(Photo created via Canva)