Calgary's Real Estate Update Summer 2017
I'll start out with some good news. Calgary has (again) been voted as the fifth most liveable city in the world. Here's a link to that news announcement on CBC.
It's been an interesting summer of sorts in the real estate market; from the sudden BOC (BANK OF CANADA) rate increase to a lack of sales Country-wise including an expected correction in the Greater Toronto Area market.
From our observation, the stilted sales in June and July was not entirely unexpected considering what was an early briskness in sales in Calgary that began in January! Yes, there were bargain hunters!
While sales were down, prices in Calgary were not, especially in the non-condo market. In fact, there were several factions that were up year over year. New duplexes in the city core were listed at 2014 prices and many even sold. The price of "knock-downs" was drastically up as builders were sweeping up listings in preparations for a new building market in 2018. Listings are still up, at 1000-1200 more than average, but the good ones continue continue to sell quickly. I personally have been involved in 4 multiple offers in the past 2 months.
Leading the way of course have been the single detached homes listed under 500K, which if in a good location and well priced were selling in weeks at a significant percentage above what they were last year. And most significantly of all, there is renewed confidence in the market. Sellers are reluctant to sell unless they get their price. Buyers take note, Calgary is moving to a balanced market. We firmly believe we are at the bottom and can only go upward (albeit slowly) from here. Next cycle of bargains will likely be many years away.
Without getting into politics or outside influences, Calgary should weather a kind of flat line to slow growth until next spring. After that, it's likely we will see normal growth in the market.
To all, a pleasant end to the summer.