Calgary Real Estate Market Update October 2017
– Year-over-year, prices remain similar, but ease in October –
Housing market trends in October of 2017 weren’t far off from those seen during the previous months with rising inventories, easing sales and downward pressure on benchmark prices. A total of 1,467 sales and 6,463 units in inventory resulted in an overall months-of-supply of 4.4.
Elevated inventory levels for several consecutive months and decreased demand once again resulted in downward pressure on prices. The overall benchmark price dropped 0.6 percent below September of 2017, however, remained similar on a year-over-year basis.
Predictions of a slow economic recovery are now on the table it seems, but It still will take some time for this to convert into increased sales activity in Calgary’s residential market. Furthermore, challenges with lowered net migration levels, higher interest rates and changes to lending policy are predicted to take their own toll on housing sales.
- Resale inventory gains occurred in all segments of the residential market
- The new home sector saw the highest amount of inventory gains
- On average, detached prices throughout 2017 have improved in most parts of the city
- Largest detached price gains seen in the west district, also known as the “Westside”
- Detached segment saw largest increase in the $300,000 to $500,000 range – represents about 42 percent of all detached inventory
- 62 percent of city-wide inventory is priced below $500,000
- Condominiums continued to see lots more supply than demand
- 0.8 percent benchmark price drop for apartment sector, down by 13 percent compared to high’s recorded in 2014
- Attached and detached benchmark prices remained relatively stable on a year-over-year comparison
- Semi-detached segment continues to see best price improvement annually
- $419,400 semi-detached benchmark price, 0.10 percent lower than September 2017 but three percent higher year-over-year
Ask a REALTOR®
Nearly every segment of Calgary’s residential market has changed differently than the other during the latest economic downturn. When benchmark prices are slipping dramatically for one sector, they may be halted or slightly increasing for another.
That’s why it’s important for buyers and sellers to ask for help and acquire the services and advice of an expert real estate agent, one who knows Calgary’s housing sector like the back of their hand. Also see:
More Market Updates
See our list of Calgary Real Estate Market Statistics for month-to-month sales statistics and trends from the Calgary Real Estate Board today.
Questions about Calgary Real Estate?
As a highly experienced REMAX real estate agent and REALTOR® in Calgary, I would love to share my intimate knowledge of the residential market with you and help you accomplish your real estate goals!
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