Compare Listings

Sept 2018 CREB Stats

Sept 2018 CREB Stats

Buyer’s market – is that a good thing? Well, that depends on your current situation. Are you a first-time home buyer? Do you have enough of a down payment? Are you selling as well? Are you willing to sell lower to buy lower?

With no change in the economic climate, Calgary’s sales activity totaled 1,272 units in September, a 13 per cent decline over the previous year and well below long-term averages. There was a pullback in sales across all product types, most notably the detached market.

“Calgary’s economy continues to struggle with unemployment, which rose again last month to over eight per cent. Concerns in the employment market, higher lending rates and shaken confidence are weighing on housing demand,” said CREB® chief economist Ann-Marie Lurie.

“At the same time, supply levels continue to remain high, resulting in persistent oversupply and price declines.”

Inventories totaled 7,941 units, pushing the months of supply to 6.25. This continuation in oversupply is placing downward pressure on prices. The unadjusted citywide benchmark price totaled $428,700 in September. This is nearly one per cent below last month and three per cent below last year’s levels.

“This is the new normal of Calgary’s real estate,” said CREB® president Tom Westcott.

Some potential buyers may want to take advantage of the market conditions, but they face difficulties selling their existing home based on their expectations. This prevents them from purchasing something else.

September sales have dipped, but third quarter figures generally point towards a slower decline in sales and some easing in new listings growth. This was not enough to impact inventory levels this quarter.

The Calgary economy continues to struggle, but there are some signs of improvement in the rental market, which could contribute to a slow reduction in overall housing supply.

Read More

img

Kelly Heintz

Kelly started her career in Real Estate in 2008 working as a Legal Assistant for a small law firm. In 2011 she started working with a top producing Realtor, and over the next 7 years turned that business into one of the highest performing teams in Calgary. Kelly’s passion, commitment and dedication for what she does makes her the right agent for her clients – regardless of whether they are buying, selling or investing in real estate.

Related posts

Jan 2019 CREB Stats

New Year Kicks Off With Slow Sales As economic challenges linger into 2019, housing markets...

Continue reading
Kelly Heintz
by Kelly Heintz

2019 CREB Forecast

January 30, 2019 - Today I attended the annual CREB Forecast, where we learn how our chief...

Continue reading
Kelly Heintz
by Kelly Heintz

Dec 2018 CREB Stats

Job market weakness and lending restrictions a common thread in 2018’s housing market As...

Continue reading
Kelly Heintz
by Kelly Heintz

Join The Discussion