Calgary Real Estate Market Update - Jan 6, 2015
The deep freeze has set in. At least for this week. We have had a somewhat unusual December with very few open business days due to the way the calendar was set this year over the holidays. The real estate market did take a bit of a lull. The typical pattern will begin to thaw with the weather as folks once again focus on making a move.
Overall annual sales activity increased by 9.3 per cent over last year. The market remains strong but re-sale inventory is starting to pick up. Interestingly a few builder reps have told me that they are raising prices in January so the new construction market doesn't seem to be slowing down too much. There isn't a lot of available land so new home sales options remain somewhat limited especially in some areas/price points. The price of oil is on everyone's mind and should be. The impact to Alberta and our city is up for debate. We have seen a more moderate market with pricing increases remaining stable the last while instead of the rather rapid price increases of most of 2014. This is the time to do your homework as at the end of the day we may see pricing increases in some property types/areas and reductions in others.
City tax assessements are also on their way to your mailbox and total values have hit an all time record. Remember these assessments are based on area/home type calculations so are not necessarily a representation of the market value of your home.
At the same time, 2015 is going to be the start of the mega projects in our city. Many large developments are underway which will change the landscape.
I don't have any crystal ball predictions for you. I do have sound knowledge regarding our market, your options and some ideas on how to get you from A to B. Give me a call if you need a real estate consult. I'm happy to help.
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.