Prices remain steady, but struggles in Alberta’s economy continues to weigh on the housing market.The easing sales trend persisted through April in Calgary’s housing market.
Changes in the lending industry and a challenging economic recovery are weighing on Calgary’s housing market sales activity.
Supply levels have not adjusted to the weaker demand environment and that is preventing price recovery. Calgary sales in April was 20% below last year. The detached sector has seen the largest decline. Slower sales are not a surprise, the economy has not yet improved due to the impact of changes in the lending industry.
Rising inventory levels are being monitored. In April inventory saw a 32% rise over last year. Supply compared to demand has risen, but city wide prices remain relatively stable.
Gains in some communities of the city have been offset by declines in other areas.
Inventory levels continue to rise compared to the demand. There is a good selection of available property heading into the spring market.
Sellers will have to decide what price they are willing to accept for a lifestyle change due to the softness in the sales activity .
Buyers need to understand that the available inventory and price adjustments in specific areas may not align with their expectations when negotiating a purchase price.
Rising supply in both markets has pushed months of supply to the higher levels which are preventing any significant shift in the pricing trends.
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Bob and Claudette Coutts Realtors CIR Realty