Calgary Real Estate Update
The trend for a slow summer market has ebbed into the fall as sales continue to slump and listings increase. CREB maintains the early part of the year was brisker than normal, with sales starting in early January and continuing into May. But now the "wait and see" approach of buyers has triggered a stagnant market. Listings now are well over 7000, the highest ever (about 1500 or 25% above average). Last year sales were less, but listings were also less. This caused a flat-line or leveling off in prices, something which I predicted would come in the spring.
Prices are very unlikely to increase until next Spring when (if I may stick my neck out) I predict a resurgence in brisk sales. I think the slump will therefore continue through the fall and winter. Prices will NOT drop unless sellers are desperate. There have been moderate price increases since last year so we are past "rock bottom" stage. Again, this month I have had the displeasure of a competing bid so some properties are still selling quickly and with multiple offers. Those tend to be in the R2 sub-dividable areas of the inner city with many "tear down" lots surging back at 2014 levels.
What's notable is the lack of sales in the deep south or the NE where sales have up to now, maintained a reasonable pace in comparison to other areas. The NE is considered impervious to slumping economy but it appears that is no longer the case, at least not for now. However, time will tell and most, if not all, communities should see some decent sales in the coming Spring.