You've probably already heard the reports over the last couple of days that the inventory of homes for sale in Calgary hit a very low level last month. According to CREB, the number of homes for sale last month was the lowest it had been in March in five years. However, this number was still an increase from the numbers we saw in February of this year.
So what does this all mean anyways? Well first of all, this shouldn't put fear into any home buyers' minds. Statistics and reports from economic experts say that Alberta and Calgary are still experiencing positive momentum for real estate right now.
There are a few trends we will see due to this current state of the home inventory:
• Home prices will increase - a competitive marketplace for buyers is happening right now
• Homes will sell faster - definitely a bonus for home sellers. Low inventory causes buyers to take less time with purchasing decisions
• The condo and luxury home markets are still growing - where we are slow in some sectors, these areas are still very strong and have even set records as of late
• Due to a rise in home prices, buyers are looking towards new homes and condos for thier purchases right now
All is still well in Calgary real estate. According to CREB:
"“Despite tighter market conditions, it is unlikely that we will have another significant run-up in prices,” said Ann-Marie Lurie, CREB chief economist. “Outside of easing economic factors expected this year, consumers have options in the total housing market.” Said Lurie."