At yesterday's 2018 CREB Forecast, the sentiment from industry experts was that this year is expected to be much of the same trends from 2017 when it comes to housing. As the January statistics were released by CREB, we can see that this has so far been true for real estate in Calgary.
With the new mortgage rules also in effect, January sales activity has remained relative to last year at this time, and we expect to see that trend continue. Here is a brief look at January 2018:
- Citywide unadjusted prices totaled $432,300 which is 0.25 per cent below last year.
- Homes prices between $300,000 and $399,999 saw an increase in activity
- Price declines were more pronounced in apartment and attached homes
This will be an adjustment to the new reality buyers and sellers face, as pockets of the market will experience a mismatch between supply and demand. “Sellers needs to be aware of the competing supply in the market. This can influence the timing of their decision, along with setting realistic expectations regarding time on the market and selling price,” said 2018 CREB® president Tom Westcott. “For buyers, getting pre-approved for a mortgage is essential, along with getting advice from a REALTOR® to get into a home they will be happy with.” [CREB]
For northwest Calgary specifically, here is what January looked like:
- 69 detached home sales
- 19 apartment sales
- 9 semi-detached home sales
- 13 row home sales
- 151 new detached home listings
- 48 new apartment listings
- 27 semi-detached home listings
- 33 row housing home listings
If you are interested in reading the full statistics report for Calgary, please see the CREB website here.