Calgary Market Update - July 11 2014

June was a busy month in the Calgary real estate market with increased sales numbers and pricing adjustments that continue the upward trend. New listings are coming on market to ease things, but looking at the details it isn't having much impact on single family homes under $500,000. The high end market is seeing the most inventory but even then we are seeing record sales numbers. The details of the adjustments are in the CREB stats, but the general numbers won't tell you much other than the trend because there is just a real variant across the city and year to year comparisons are not an accurate reflection due to the June 2013 floods.


The one item that I wanted to point out especially to buyers is that the number of active listings is deceiving. In the past when a seller accepted a purchase contract, a listing would be marked 'under contract' or 'pending' on the system so we would know how many were actually available and how many were in the pending state before they were officially sold. Now a large number of properties are kept as 'active' even in the pending state.


For example, last weekend a client sent me 12 properties she wished to view. Once screened, only 3 were actually active. The same for other clients though it depends on price point and area how quickly properties are moving. I've been successful in helping clients secure properties right on listing recently and I don't think the listing was even on the public MLS system before it was under contract.


In terms of condos there seems to be more available and a large number of projects proposed in the last few weeks so there are going to be good opportunities for buyers if they are willing to wait on new construction. As always, ask lots of questions especially about condo documents and fees so you understand your long term cost.


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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®.
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