The Calgary Real Estate Board (CREB) recently reported that overall home sales across Calgary dropped by nearly 10% in October, and detached home sales specifically have fallen to a level we haven’t seen since the late 1990s.
According to CREB, the downward tend is a direct result of stricter mortgage rules, the rising cost of home ownership, and of course job growth that also continues to struggle.
Despite being labeled a buyer’s market, fewer home buyers are in the market due to the current economic challenges.
As the market and the economy as a whole continues to recover, many still feel Alberta’s housing market will eventually make a comeback and start trending in a positive direction within the next 12 to 18 months.
But until more…