According to statistics released by CREB today, listing growth is on the rise in Calgary, with inventory higher than we've seen in the marketplace for quite some time.
After the first two months of the year, there have been 6,236 new listings come onto the Calgary market. However, the new listings gains have varied depending on price range and segment. Detached homes have continued to see a decline in new listings in the under $400,000 segment, while both the apartment and the attached product have recorded listing growth in the over $300,000 price range. [CREB]
Inventory is growing but sales are on the decline, down 34 per cent from the same period last year. While this is an overall average, different segments of the market are performing differently, so it's important to make informed decisions when thinking about buying or selling right now.
However, with the increased listings and lower sales figures, it's making for ideal home buying conditions, especially since mortgage rates are historically low at the time as well.
“Everyone has different reasons for making a move and so it’s difficult to predict how buyers will react to this market,” said Lyall. “Buyers who have been waiting for more inventory to come on the market may find what they are looking for today. If they are in a position to make a buying decision, they certainly can take advantage of the lower interest rates.” [CREB]
Read the full statistics package from CREB online here.