Calgary Real Estate Update
First of all heartfelt condolences to family and friends of victims of the Fort Mac fire. Most of us will never comprehend the scope of such a calamity upon our lives.
We have not posted for the past two month mostly because of the frenzied activity on the market. After being virtually dead since last November, Late March through early May was one of the busiest times in my career. While listings topped 6400 at one time (a near record), sales to that point were flat. We've not only had an abrupt shift in sales, but listings have now dropped off to less than 6000, putting them closer to average.
We've also had two months back-to-back where price increases over the year were evident in most sectors. Putting it into perspective however, it's probable that people were really buying more expensive homes for less money and taking advantage of a 5-15% percent decline in prices over the past 2 years.
The activity may flatten out during summer, with perhaps another short splurge in Fall, but likely will remain relatively flat through until next spring. However, I believe, with oil pushing $50 a barrel and some encouraging signs in futures, we may slowly be hitting bottom. I'd like to encourage all those buyers who have been sitting on the fence for a while to take another serious look at the market. Sellers may wish to wait until next spring to list if they can afford to. I believe we will begin a slow, gradual recovery starting next February/March.