Sound principles in pricing properties continues to be the story through the recovery.
As expected the upbeat markets impact on prices from January failed to carry through February, seeing our total sale volume drop to 18% below February 2017’s sales numbers.
The thoughts according to CREB’s chief economist, Ann-Marie Lurie, are “Housing market conditions are still adjusting to rising lending rates and changes in lending requirements. This process is expected to be bumpy, with demand adjustments leading the changes.
With new mortgage rules and rates officially in effect, sales activity in January remained comparable to last year, as rising sales for attached properties were not enough to offset declines in both the apartment and detached sector.
However, it is important to remember that it is early in the process and the impact on prices will ultimately be dependent on the supply response. Stable sales were met with rising new listings, causing further gains in inventory levels and impacting prices
There are some areas within the Calgary Real Estate Board that continue to buck the trends with stronger markets. The Detached Single Family home markets remain strong in many of the sectors, while semi detached also have some markets that remain strong. One of the optimistic results from February was that the $1,000,000+ price range has seen an increase in sales year to date.
Sellers needs to be aware of the competing supply in the market. This can influence the timing of their decision, along with setting realistic expectations regarding time on the market and selling price.
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