Calgary’s real estate market has shown a slow but positive recovery in many areas in 2017. The latest stats from CREB (Calgary Real Estate Board) show that the number of transactions have increased year over year by 9%. July activity was off, but any given month can be up or down, depending on factors such as government announcements, inventory, and most definitely in Calgary, the weather, which we know was perfect in July this year (except for that rainout at the Stampede).As CREB President David P. Brown points out, patience is still key in this market. The current CIR REALTY stats show that the year-to-date median price of single family homes is $492,250, which is 6.43% higher than last year at this point. The weakest part of the market, and the one that is dragging down the overall averages, is the condo market. There is currently almost 6 months supply of condos. We consider a balanced market to be in the range of 2.5-4 month’s supply, so condos are definitely in a buyer’s market right now.
As always, location and price (value) are the key factors. The best locations and features sell in any market. If a property doesn’t stand out from the crowd, it can take time and patience, and a good marketing strategy to find that buyer and accomplish your goal.
I would characterize the recent stats as cautiously good news. One factor to watch is the increase in mortgage rates, and lender’s increasingly stringent parameters for approvals. Working with an experienced REALTOR and Mortgage Broker is even more important now, with all of the changes taking place over the past two years to our market. Slow and steady if you’re a seller. Opportunities abound if you’re looking to buy a condo.