January was a very different month from a year ago. Total sales were down 40% over that time span. But the most intriguing stat is the fact that new listings were down 25%, making it the lowest level of new listings seen since the early 90's. Apparently nobody wants to leave! 

Single family homes no longer dominate the market

Another interesting change for January - single family homes no longer dominate the market as the segment with the most sales. That number has dropped to 47% of the overall transactions. 

“Higher lending rates are causing many buyers to seek out lower-priced products in our market,” said CREB® Chief Economist Ann-Marie Lurie. “However, the higher rates are likely also preventing some move-up activity in the market impacting supply growth for lower-priced homes. This is causing differing conditions in the housing market based on price range.”

Although conditions are not as tight as last year, lower supply levels are preventing a significant shift toward balanced conditions and prices did trend up slightly over last month breaking the seven consecutive month slide. As of January, the benchmark price reached $520,900, 5 per cent higher than last January, but still well below the May 2022 high of $546,000.

Segments of the city and how the price has changed year over year. Where does your neighbourhood stack up? 

 

So what does that mean for sellers in today's market?

The good news for sellers is that the market has not been able to swing back to balanced conditions with the lower sales figures due to the lack of inventory. That is presenting a unique opportunity to take advantage of next to no competition in some neighbourhoods. If you are thinking of selling, now would be a good time to get your home on the market, as there is a large buyer pool hoping for more homes to come on the market asap. 

And for buyers?

This is the new normal. Where rates are now is where they are going to be for the forseeable future. There is a rule in real estate that says if you wait, you generally lose. Now might be as good a time as any to purchase a home, because if low inventory continues, the prices are going to stay strong, and you may end up paying more in the long run. 

 

RELATED: It's Been a Wild Ride - Do You Know How Much Your House is Worth Today?

 

Thanks for reading our Streetview of Calgary Real Estate. We really appreciate it! 

 

Cheers,

 

KR 

 

P.S - To see the full stats package on the Calgary market, click here.

 

Ken Rigel

Team Lead

Ken Rigel Group @ EXP Realty

O: 403 207 1748

C: 403 835 6338

email: ken@krgroup.ca