Back to Blog
The Calgary Real Estate Board (CREB) yesterday released the statistics for residential real estate activity for August. The numbers indicate a continuation of the current trend which shows a correction to the market over the last 4 to 5 months. 
 
“There has been much talk recently about the potential for a housing bubble in Canada--but the economic fundamentals at play make this scenario unlikely for Calgary. What we are seeing is an adjustment to higher levels of inventory and a shift to a buyer’s market.” 
 
“A slower than anticipated pace of mortgage rate hikes and continued improvements in employment are more likely to bring stability rather than volatility into Calgary’s housing market as we move into 2011,” adds Scott. 
 
“We expect a period of correction will continue into the fall of this year. Prices may sag in the short-term and level off as we move into 2011,” says Scott.
 
The median price of a single family home in the city of Calgary for August 2010 was $395,000, showing a 1 per cent decrease from July 2010 and August 2009, when the median price was $400,000. The median price of a condominium in August 2010 was $260,000, showing a 3 per cent decrease from July 2010, when the median price was $268,000, and no change from August 2009, when it was the same – $260,000.
 
“Total month end inventory for the wider Calgary region is down marginally when compared to July—a trend we expect will continue in the coming months.  New listings are also likely to recede in the coming months in response to slowing sales,” adds Scott.
 
So what do these statistics mean to you? It depends on whether you are buying or selling and the area of the city and type of market you are considering. Careful pricing, presenting your home for sale and great marketing are needed to get your home noticed. If you are a buyer, keep an out for great homes at competitive prices.
 
As always, don't hesitate to contact me with any questions.
 
 

Comments

No comments

Post Your Comment:

Data supplied by CREB®’s MLS ® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.