There is far more inventory available for buyers concerned about their purchasing power. Available inventory in the lower price ranges is higher now compared to several years ago in Calgary’s current market. This provides more options for potential buyers concerned about their purchasing power given all the changes in the lending market.
October’s housing market conditions closely echoed previous month’s trends with easing sales, rising inventories and downward price pressure. Like last month, the monthly activity was not enough to derail gains that occurred earlier in the year.
Resale inventory gains occurred in each product type and across most districts in the city. The largest gains were in districts with substantial new development growth. In the detached segment, the largest number of new listings added to inventory occurred in the $300,000 – $500,000 price range. This represents nearly 42 % of all detached inventory. Note that 62 % of the inventory in the city-wide market is priced below $500,000.
– The largest monthly price change occurred in the apartment condominium sector.
– Prices in the attached and detached segments remain relatively stable compared to last year.
While economic activity has improved in 2017, it will take some time for this to translate into housing market growth. Employment gains have occurred in areas with traditionally lower income.
We also continue to face weak migration, higher lending rates and changes to lending policy. The combination of these factors is impacting housing demand, which is prolonging the pace of recovery.