CALGARY REAL ESTATE JUNE NEWSLETTER
The weather may have improved, but house sales certainly did not, during the month of May. We reached an incredible high of over 8500 listings a week ago, with it dropping to 8450 territory, less through sales and more through termination of listings. So while listings are up a staggering 37% over a year ago, sales are down by almost 20% from last year --- which historically was not such a strong year to begin with.
Yet economic indicators are that Calgary is on the rebound with immigration to the city returning and job growth also in evidence. Why the stagnation in the housing market? Perhaps a hangover from the stress test and tougher mortgage rules, higher interest rates, and/or a slow return to consumer confidence...
Builders are starting to build again in the inner city, new communities are springing up and recently a super hotel is slated to be built in Downtown Calgary. All are indicators someone is confident about Calgary's future.
Perhaps things will turn around quickly, perhaps not so much. However, there is a turn around coming. For now, we've receded back into a buyer's market so if you are a buyer, and you can qualify, I repeat last month's opinion -- there couldn't be a better time to buy than now!
If you are thinking about selling, the pressure is on more than ever to do those little fixes, a paint touch up, or anything to get your property looking it's best before it hits the market. And oh...pricing it right will go a long way to ensuring a sale as well!