These types of homes are moving the fastest in Calgary

With our unstable economy, the last few years have been unpredictable in the real estate market in Calgary. Our city depends so heavily on the oil and gas industry, that when this sector suffers, so does the rest of Calgary. As the industry slowly works to get back on its feet, more jobs are created around it and people slowly get back to work, thus generating more money again. “Employment has shifted in the city, with job growth occurring in our non-traditional sectors and often at a different pay scale. This is consistent with the shift to more affordable housing product,” said CREB® chief economist Ann-Marie Lurie.

 

Local businesses, companies and events all feel the impact of a slow economy, just as the real estate market does. With a lower number of new listings this past month, the oversupply on the market has begun to ease.Despite the market’s up and down activity, we can now say that some types of homes are moving faster in Calgary than others. Sales activity in October improved by nearly 10 per cent compared to last year, driven mostly by improvements for apartments and attached products.

 

Apartment Sector

 

Even though this sector has shown great improvements, it still remains a buyers’ market – for now. Apartment sales continued to grow, with two per cent lower prices than last year and 17 per cent lower than peak pricing. We also saw a lower number of apartments get listed in October, reducing inventory numbers across the city, minus the southeast district. The apartment sector is heading in the right direction for those looking to sell.

 

Attached Sector

 

Across all sectors, this market continues to show the largest increase in sales. From the beginning of 2019, we have seen a nearly seven per cent increase across all areas of the city except for the northeast and northwest. Though this sector of the market still remains oversupplied, we have seen an 8 per cent decrease in new listings this year so far. As the supply slowly declines and sales increase, prices will begin to ease in this sector as well.

 

Regional Market

 

We saw an increase in sales activity and a decrease in new listings across Airdrie, Cochrane and Okotoks surrounding the city. Whereas these are helping the market move in the right direction, we have yet to see much movement on home prices in these regions.

 

With this said, homes in Calgary valued at less than $500,000 are moving towards more balanced conditions as home buyers are evening out the oversaturated market. With new listings down and home purchases up, we are moving towards a more balanced real estate industry here in Calgary. Whether you’re looking to buy or sell a home here in the city limits, keep your eye on the market to see what CREB predicts it will do next.

 

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