CIR REALTY Real Estate Review for Calgary and Surrounding Area - November, 2017
As Albertans we tend to have higher expectations as to what a good market looks like compared to a bad one. We are so used to full steam ahead, that when we see a slow down, it feels like a snails pace. Our market in October continues to slow coming into the Winter months which feels like the brakes have been hit hard. With a climbing inventory due to more listings coming onto the market, and sales declining, the average days on market has climbed to 50 days. Even with the market slowing, prices remain stable in most sectors and the market is just slightly weighted towards a buyers market.
Our CREB Chief Economist Anne-Marie Lurie was quoted, “While economic activity has improved in 2017, it will take some time for this to translate into housing market growth. There have been employment gains, but most of this has 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."
What is interesting about Ann-Maries comments, and Octobers market, is that the inventory between $600,000 and $1,250,000 continues to see an uptick in sales compared to October of 2016. The slow down month over month continues to be in the lower price points. This could be due to existing homes owners taking advantage of a great market to upgrade, and first time buyers being more reluctant.
With everything going on in our economy, and the world today, consumer confidence continues to be what is fuelling our markets. There is no such thing as the perfect market to make a move in, timing is all about when it makes sense for an individual or family and their situation. All we can ever do is make an educated decision relevant to personal circumstances. It is important to evaluate every micro market with in our macro market across the Calgary Real Estate Board to determine if the timing is right for personal circumstances.