Calgary’s real estate market shows signs of improvement, according to recent sales data.
Although the real estate market is not quite as healthy as it sat 5-10 years ago, Calgary is seeing sales figures improve. Ann-Marie Lurie, chief economist for the Calgary Real Estate Board states that “It’s really that the market isn’t getting any worse at this stage.” “We’re seeing sales improve, but you have to keep in mind they’re still very low relative to historical norms,” she adds.
September recorded a third month in a row of rising, year-over-year sales along with easing levels of new listings and inventory. Those are metrics that point to an improvement in the market, however; they are also typical of a market that has been experienced a long slump.
Falling home prices is directly contributing to the increase of sales. Falling prices and low average costs tend to produce more sales activity, especially in the lower end of the market. Calgary has also seen the falling prices can reduce new listings and potential sellers hold off putting their homes on the market until the market returns to full strength. Overall, the area has low unemployment, migration to the area is up over 2018, and the lucrative energy industry continues to grow. Currently, the market overwhelmingly favors the buyer, but all things considered, the Calgary real market is trending toward a balanced state.