It is that time of the month, again! Calgary Real Estate market statistics are in!
Ready to skim this article? Here is why you should keep reading: knowing the market statistics will help you understand why the market is the way it is, allowing you to make informed decisions. Whether you are a buyer, seller, investor, or agent, understanding what the market looks like currently is incredibly important.
Rather than tell you a bunch of numbers that you probably will not remember, we have done some research and found the key points you should be aware of. Ready? Let’s learn some statistics!
The condominium apartment sector saw double-digit gains, which increased the resale market for residential housing! Condominium apartment listings increased by nearly 30%, which had a massive positive effect on the market! With more listings, buyers are now looking at lower prices and more options. This has “pushed this sector into more balanced territory,” says Bill Kirk, the president of CREB.
CREB’s (The Calgary Real Estate Board) chief economist, Ann-Marie Lurie, explains that this massive increase is due to “Two consecutive years of relatively strong employment and population growth, combined with rising wages and low lending rates.”
The single-family sector has seen growth similar to condominiums. While the selection over the past four years has been declining, putting immense pressure on that particular market, things are finally looking bright again! Expect more positive growth in this area.
All in all, the Calgary Real Estate market is on the upswing for buyers. Kirk claims that, “as our market moves into more balanced conditions, there has been a notable shift in the composition of the market.”
The more inventory there is, the lower the prices will be, and the better conditions will become for buyers. If things keep moving the way they have been the last couple of months, the market should stabilize soon. Remember: balance is key. If things shift too far one way or the other, conditions become treacherous.
If you would like to know more information, talk us here at Team Ken Richter! We would love to sit down and chat to you about what the market looks like and how that affects you, personally. You can also click on the link provided below for exact numbers and stats. Remember that CREB is a fantastic resource for staying “in the know” about everything going on in the market.
http://www.creb.com/public/documents/statistics/2014/package/res-stats-2014_October.pdf
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