Some markets are feeling the slowdown more than others depending on overall inventory levels per neighbourhood and market (condo vs single family).
“Calgary’s housing market is cooling off after its record-setting pace in the post-recession period. This slow-down is not all that surprising in the face of tighter mortgage regulations and rising interest rates. The post-recession rally we saw in the summer of 2009 was unique and that pace couldn’t be sustained,” says Sano Stante, president-elect of CREB®.
The numbers tell one story but an increase in buyer interest among the Realtors I have been talking to indicates that a change may be on the horizon. There seems to be more activity and a general feeling that things are turning around as we move towards the fall. I`ve been asked a few times lately if it is the right time to buy. In general, if you are selling and buying in the same market then it makes no large difference as the overall change between homes is relative. I would be careful if you are considering buying prior to selling though as each situation would need to be carefully evaluated. If you are renting, take into consideration the monthly cost to rent vs minor fluctuations in housing prices. It is often better to have an investment you own rather than trying to optimally time the market. Make the priority the 'right house' instead of the 'right time'.
As always don't hesitate to contact me with your specific questions.