As we find ourselves in the midst of summer, a brief review of what we’ve seen in the real estate market so far this year seems in order, especially considering what’s been in the news this year.
According to statistics released by The Calgary Real Estate Board, Calgary’s unadjusted benchmark prices improved in May for the first time since December 2014. At the end of the second quarter, we saw new listings to the market relax a bit, which is helping to move the market to a more balanced one. You can see the entire CREB statistics package here: http://www.creb.com/~/media/Public/Statistics_Package/2015/May_2015.pdf.
We are seeing some challenges for sellers which are largely dependent on property type, price and location, but with the slight decline in inventory towards the middle of the year, more stability within the real estate market itself should begin to show.
The segment of the market below $500,000 still has a good amount of consumer activity, partly due to low interest rates as well as the supply of properties available. Apartments remain the only sector of the market where prices have contracted relative to last year’s figures.
As we look towards the future, uncertainty about the new NDP government as well as the duration of the economic slowdown may continue to affect the housing market, however at this point our real estate market seems to be sorting itself out – slower activity but slightly rising prices is creating a market that shows norms for balanced conditions.
If you’d like to know what your home is worth, or would like some information on buying, please feel free to call me!