Stumbling market finds its footing

by on 12 May 2017
It’s good news for agents in one market who have become all too accustomed to bad news.

Struggling Calgary continues to find a happy balance, according to one brokerage, following months of volatility.

“There have been times over the past two decades where the Calgary real estate market has been among the most volatile in the country,” Point2Homes wrote in a recent report. “After all the ups and downs of the past several years, the recent months have been a welcome relief to both buyers and sellers as the Calgary market has settled into a more predictable equilibrium than has been seen for some time.”

That assessment was shared by the Calgary Real Estate Board.

“More jobs means less uncertainty for people who are sitting on the fence,” CREB president David Brown said. “There also tends to be fewer people who need to sell when employment improves, and that can prevent inventory gains and further price reductions in the market. It’s a good scenario for sellers who are entering a spring market that’s in better shape than anything we’ve seen in recent years.”

The benchmark price in April reached $439,600.

Detached home sales jumped 5.99% year-over-year to 1,136; while condos (+5.13%) and attached home sales (+18.66) also saw upticks.

What local agents can take away from the recent stats, according to Point2Homes, is that the city’s market is balancing itself.

“Whenever the available homes coming on the market and the sales statistics for a city are extremely out of sync with each other, it can lead to some wild fluctuations in the local market,” it said. “Calgary has reached a happy balance here, with new listings growing 2.46% on a year-over-year basis. At the end of April, there were 5,495 homes on the market, a 12.09% decrease from inventory levels a year ago. Currently, this means there are 2.87 months of inventory available in the city.”

Related stories:
Overheating, overbuilding and other housing plagues
Highlights from the Spring Market Trends report

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