November 24, 2009
Indicators showing improvement in the Calgary housing market
Indicators are all showing improvement in the Calgary housing market. From reports from banks, mortgage brokers, the Calgary Real Estate board to conversations with realtors, all indicators are that the market is improving. Inventory levels are over 40% lower than a year ago for detached resale homes and resale condos (as reported for Oct 2009 by CREB). More detached resale homes are selling this month than a year ago. In October 2009, 1285 single family homes sold compared to only 820 in October of 2008. 601 resale condos were sold in October 2009 compared to only 399 in October 2008. The decrease in supply and increase in demand is usually an indicator for an increase to home prices, however, the market remains volatile.
The low mortgage rates have had a dramatic impact on home sales allowing more buyers access financing and home purchase. Low rates will most likely continue to be an incentive to buyers.
For more information regarding market trends in Calgary please see the statistics report available from the Calgary Real Estate Board: http://www.creb.com/public/seller-resources/housing-statistics.php
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