Calgary’s housing market shows a rise in sales for November particularily in the lower price ranges.We have seen some improvements in confidence with many of our clients. The combination of improved confidence and pending mortgage rule changes have likely contributed to the stronger sales activity this month. For a lot of buyers, they are interested in taking advantage of the choice in the market at all price ranges.
The rise in sales relative to new listings improved this month, helping ease inventory levels over the previous month and keeping the months of supply relatively stable. The amount of supply relative to the sales in the market remains elevated continuing to weigh on prices.
More product availability in the lower price range of Calgary’s housing market provides more options for potential buyers concerned about their purchasing power given all the changes in the lending market.
There are some concerns regarding the changes in the lending market, but there is also a significant amount of confusion regarding how it will affect them.
We will continue to monitor shifts in demand as improving economic conditions should help offset the impact to the housing market.
Note of interest: Both median and average prices recorded a more significant decline compared to last year due to more sales in the lower $ range.
While economic condtions continue to improve, the rise in supply relative to demand persists in this market, affecting the price recovery.
Monthly sales improved. Not enough to place any real downward pressure on inventory levels.
Inventory is up and continues to place downward pressure on prices.
Make sure to check the activity in your neighborhood. Some areas have more activity than others due to the location desirability. Compare your neighborhood attributes & your home’s attributes for a better opinion of your home’s value. Your neighborhood attributes