RE/MAX Canada recently released their Spring Market Trends Report, and we’ve dug through the details to give you the highlights of Calgary’s housing market.
Despite oil price volatility, house prices in Calgary have been resilient, only depreciating modestly in the first quarter
The average residential sale price in Calgary is sitting at $474,251, a 2 per cent decrease from the same period last year.
- Average days on market is 39 days
- Open houses are garnering 10-30 visitors
- Homes priced appropriately are getting multiple offers
Looking forward:
- As oil prices stabilize, sales are expected to increase in Calgary
- Inventory levels are stabilizing as new construction starts decrease a bit
Condo market:
- Overall condo inventory has increased
- Condo market still continues to attract buyers
First-time homebuyers:
- Pre-qualifications for mortgages have increased as buyers try to take advantage of low interest rates
Luxury home market:
- Sales of properties over $600,000 have felt a slowdown due to the local economy
If you have any questions about this report or Calgary’s housing market, you can contact us anytime or reach us on Twitter. The full RE/MAX Spring Trends Report is online.
