The year of 2020 has been unprecedented, to say the least. This has had incredible impact on the Calgary, Alberta real estate market. Back in April we saw a near standstill in the market as the entire world shut down. Many feared this would have long-lasting impacts on our already struggling economy and real estate market. Despite the naysayers, the Calgary real estate market has outperformed expectations and risen from the ashes. There is still a long way to go, but trends are looking positive and worth holding hope in.
Each month the Calgary Real Estate Board (CREB®) releases a summary at the top of the month of what happened in the market the previous month. Here are some of the highlights from their latest report on October 2020, which you can read in full by clicking here:
- “With strong gains in the detached sector, October sales in the city reached 1,764 units. This is a 23 per cent increase over last year and well above longer-term averages.”
- Year to date sales were almost six per cent lower than last year. Sales increased during this last quarter, but still couldn’t quite make up for a slow first two quarters.
- CREB® chief economist Ann-Marie Lurie states: “Over the past several years, higher lending rates and the stress test pushed many out of the detached housing market. However, recent declines in rates, combined with prices that are lower than several years ago, have brought back some of that demand. This is helping support more balanced conditions and price improvements in the market. However, price improvements are not occurring across all product type and price ranges and downside risk still hangs over future conditions.”
- “Benchmark prices have trended up over the past four months and October prices were slightly higher than 2019. On a year-to-date basis, prices are one per cent lower than last year’s levels and nearly 10 per cent below previous highs.”
Have questions? Contact Ken Richter directly at 403-630-6363.
(Photo via Canva)