Some good news for a change. I’ve attached the CREB Monthly stats, October sales of detached homes in Calgary was better than expected.
A 23% increase over last year. Year to date sales are 6% below last year’s levels. Taking into consideration what we have been through in 2020 this seems like a remarkable recovery.
Benchmark prices have trended upwards over the past 4 months. On a year to date basis we are still 1% below last year levels and 10% below previous highs, but still showing improvement.
Inventory levels fell below 3 months’ supply, this is a significant improvement from the 4 months supply recorded over the past few years.
This trend indicates it could be a perfect time for a “Move-up” as the market is stronger in the under $500,000 price range than in the $600,000 plus price range.
For buyers wanting to take advantage of the current market to add revenue property to their portfolio, prices of Multi-family properties are lower than previous years. Apartment Condos sales are down 30% from long term averages, prices remain 17% below previous highs.
For more details and community specific market information contact me, I can provide detailed information.
With many sellers feeling the pressure to sell, interest rates below 2% and prices at historical lows it could be a great time to buy. The Calgary market will bounce back.