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 has been seeing an increase in the number of new listings to the market, while sales have slowed.
We are seeing some challenges for sellers which are largely dependent on property type, price and location. Every type of residential property (detached, attached, apartment, condominium, etc.) saw the number of listings increase, but the largest inventory growth has been seen in the attached and apartment style categories. These two categories alone account for about half of all the resale inventory in Calgary.
In terms of detached sales, year to date we saw sales in this category decline by seven per cent. There were slower sales in the Northeast, South and Southeast areas of the city specifically. Apartment sales were down 20 percent from last year, and overall we are seeing the steepest declines in the city centre for most types of property styles.
As we look towards the future, we are still remaining in an economic slowdown despite slight gains in oil prices. The duration of the economic slowdown may continue to affect the housing market as we see job losses throughout many sectors of our market, not just in fields related to oil production.
The market is constantly changing, so if you have any questions or would like to know what your home is worth, or would like some information on buying, please feel free to call me.
For more details on the Calgary Real Estate Board monthly statistics: http://www.creb.com/Seller_Resources/Housing_Statistics/