With more listings coming onto the market in March, the inventory of homes available in Calgary has increased, which means buyers have more options.
"Economic conditions are slowly improving, but it has not been enough to outpace the current impact of higher lending rates and more stringent conditions," said CREB® chief economist Ann-Marie Lurie. "We are entering the most active quarters in the housing market with more inventory, which could create some price fluctuations. However, the improving economy is expected to prevent overall prices from slipping by significant amounts." [CREB]
Some highlights of the housing market in Calgary right now, according to CREB®:
- The benchmark price for detached homes in Calgary averages $502,000, down about 0.25 per cent from last quarter. However, prices in the south and southeast were stable and homes in the city centre actually improved from last quarter.
- With an excess supply of condos on the market, the average price is $256,567 which is down by one per cent from last quarter. That’s an overall decrease in 14 per cent since the highs recorded in 2014.
- The benchmark price for attached homes in Calgary averages $328,533, which is relatively unchanged from this time last year.
"The market today is better than what we experienced at the peak of the recession," said CREB® president Tom Westcott. "You can find good value if you're looking to buy a home, and you can also get good value if you're selling. Being well-informed, in any economic condition, is the key, because there are differences in the market depending on what type of property it is and where it is located." [CREB]
If you are looking to purchase a home this spring, please contact us. We would love the opportunity to work with you to find your new home.