The Calgary real estate market is transitioning towards balanced conditions, with increased inventory easing pressure on prices, according to WOWA and CREB reports. While home sales have decreased, the average home price remains relatively stable as noted by Canadian Mortgage Trends.
Here's a more detailed look:
Key Trends:
Increased Inventory:
Calgary has seen a significant surge in new listings, leading to a higher months of supply according to CREB reports.
Balanced Market:
The increased supply has moved Calgary into balanced market territory, meaning that the number of homes for sale is more closely aligned with the number of buyers.
Stabilized Prices:
While prices have generally increased over the past year, the pace of growth has slowed due to the increased inventory.
Sales Decline:
Home sales have decreased year-over-year, indicating a potential cooling off in the market.
Specific Property Types:
Detached and Semi-Detached:
These property types continue to experience some tightness in supply, with prices remaining higher than a year ago according to CREB.
Apartments and Townhouses:
These property types are seeing more balanced conditions and slower price growth due to the increased inventory, as reported by CREB.
Overall, the Calgary real estate market is undergoing a shift towards a more balanced and sustainable environment. While the pace of price growth may be slowing, the market remains active, and buyers are likely to have more options and negotiating power than in recent years.
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