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Limping into June.....A street view of Calgary Real Estate

 

Limping into June.....A street view of Calgary Real Estate

Here we are entering the 6th month of the year, and we are still waiting for the spring market to arrive. A lot of people were hoping the ice age that was the winter of '17/'18 was the reason our city's real estate market was slower to start the year....half way through this trip around the sun, it's clear that the mortgage rules put in place to cool other markets has had a major impact on this city. 


For the 5th consecutive month, we have seen the number of homes selling in the city plummet over the previous year. May saw 19% less homes in Calgary in every house type. If we break it down, single family homes saw the biggest drop in total sales (a total of 1,058 units sold, down 23 per cent from 1,374 units in May 2017....low levels not seen in over a decade), and new listings allowed months of supply to soar 97 per cent to 4.26 months compared to 2.16 months a year ago (basically, if no homes came on the market ever again, it would take just over 4 months to sell every house listed with the current demand).


Prices in detached homes stayed relatively stable....but with inventory rising like it is and demand falling off as drastically as it has, that can't last for long.


Apartment condos continue to be the big losers on the price front, dropping another 4% on average since May 2017. 

The reality is the new stress test along with lending rate hikes have really pushed people's purchasing power down. $500,000.00 appears to be the affordability ceiling, with sales numbers showing extremely soft returns over this mark. Lot's of great news, eh?

 
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Here is the good stuff....Stampede is only a month away! (just kidding). 

Our market started sliding backwards last July. These numbers won't look nearly as bad year over year once we get through June. Sales won't be robust, but the percentage drops will be much smaller. Also, this is as pure of a buyers market as we have seen in a long time. You now have ability to get a great home for a much better deal than you've been able to get for the past half decade. Supply is plentiful, bidding wars are scarce (but do happen on occasion), you can take your time, and be extremely selective when looking for a new home.

 

It's also a great opportunity to move up in the market. You may not make as much on the house you are selling, but by getting into something bigger, or in a better location at today's prices will set you up perfectly for the next upswing.

If you are looking to sell your home in this market, you need to have a great pricing strategy, along with a solid marketing plan to make it happen. Have a little patience, and trust your realtor...things will work out just fine.

 

Did you know we have a guaranteed sales program that is perfect for this market? We guarantee to be able to sell your home in 45 days, or we'll sell it for free. Ask me for details.

 

You can read the detailed stats report in the link at the bottom of the page... 


Have a fantastic June!

 
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Profile Image Ken Rigel
Team Lead
Ken Rigel Group
Work: (403) 835-6338
ken@krgroup.ca
www.krgroup.ca
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