Almost all housing types, styles and areas within the city of Calgary are seeing inventory increases with slight downward pressure on price. This month, I am showing stats for the various regions within the city. The previous booms of 2007 and 2014 are good pieces of history to reflect on as we see the market shifting in our region. The big difference thus far in this shift is that the price of oil remains relatively high. Real estate values in our province most often track with the price of oil over time. Net migration to our province is down (still positive but nowhere near as high as the past few years). Layoffs in the construction industry lead the province in total layoffs for July (17,000+). New build sales are down with many builders offering incentives just to get you to come to their show homes. Wow, what 6 months can do. However, not all is lost. We had an over heated market and now we have a more balanced one and in some product categories, a buyers market. Downward pressure on price is slight thus far. If you are buying and selling in the same market, it is all relative. If you are planning to buy or sell over the next year, think longer term. There are many factors to consider when making your real estate decisions and I am here to help you with that. That is what I enjoy, helping people navigate life’s big decisions.
Okotoks peaked in July as did High River. These areas typically are a few months behind tracking with Calgary. Rural properties are seeing similar trends in inventory increases. Multiple offer situations are still occurring but it’s a small percentage of prime properties that warrant that level of interest.
