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 jobs are created and Calgary’s staggering commercial vacancy rate also starts trending upward, home sellers will likely face another difficult year in 2019 and possibly beyond.