Report: real estate recovery continues in Calgary

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According to a recent report from CREB, recovery in the real estate market continues for our city. Last month, Calgary marked a ‘modest improvement’ in sales, as well as an increase in the number of new listings.

Despite the shift in inventory this month, second-quarter activity continues to demonstrate improved supply-demand balance and price stability. City-wide benchmark prices totalled $441,500 in June. This is a 0.5-per-cent increase over last month and nearly one per cent higher than last year. [CREB]

So far in 2017, residential real estate sales have reached 10,322 units, a 12 per cent increase from 2016. As for new listings so far in 2017, these have increased three per cent from the same period last year. Sales of detached homes in Calgary are also up 13 per cent from 2016 so far this year. As for the attached sector, activity is improving there also.

Where things are still slow to improve overall, is the apartment sector. The benchmark price for apartments in Calgary was $265,800 last month, which is down four per cent from last year. However, what this really spells out for Calgary buyers, is an opportunity to invest in condo real estate at a lower price point. The condo supply is still high in Calgary, which is pushing prices down, but this spells out the chance to buy at a lower cost and reap the rewards of a great investment when the condo market comes back up.

Another great sign of the times is how attendance at the Calgary Stampede is going so far this year! On opening day last Friday, over 115,000 came to the grounds, which is 25,000 more than the same day last year. If you remember, last year’s Stampede saw the lowest attendance numbers since 1994, due to the economy and the horrible weather. A heat wave is doing our city a lot of favours, but the amount of people visiting the city and heading to the grounds this year is certainly a sign of the changing tide. A great week for our city and economy!

 

 

 

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