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A Buyer’s Market in Calgary

Posted by CitySearchCalgary on June 9, 2016
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Back in 2013, Calgary was classified with Vancouver and Toronto as one of Canada’s hot property markets, but now, as prices turn down,

Buying a perfect house is both an important and a complicated task. No one would want to comprise when it comes to selecting a place to live. Buying the right home in the right locality and at the right time should go hand in hand.

When buying a home, you need to be aware of the recent market trends. If you take into account the market statistics and plan your investments accordingly, then you can easily make the best deal for your dream home.

Investing in Calgary Real Estate

Calgary, Canada’s energy capital, has attracted a lot of people from around the world. It has provided a lot of opportunities to various industries and businesses to prosper. The real estate sector too, in Calgary, has attracted many investors.

The Calgary real estate sector is a tightly knit industry of buyers and sellers that offers a range of services and accommodations to its customers. Calgary offers all types of properties including apartments, condos, villas and townhomes.

Prevailing status of the real estate market

Recently the Calgary housing market was victim to the falling sales. There was a minimum 12% drop in house sales as compared to the previous year. As the properties for sale are increasing the number of buyers is decreasing. Calgary, with increased inventories and weak sales, is thus now a buyer’s market.

What brought the market down?

With very few buyers and an increasing number of properties on sale, the real estate prices are continuously falling. The fall in sales can be attributed to high oil prices and unemployment. People in Calgary are going through a phase where they are losing their jobs, and the industry has very few new jobs to offer.

New home builders have also been promoting their business by offering incentives and concessions to the buyers. This has caused a setback for the existing property owners who intend to resale their property but won’t compromise on the price.

A ray of hope!

Although the real estate market is suffering losses, there is still scope for it to regain its ground. There is a demand for reasonably priced homes which the people can afford. In these times of market crisis people are opting for low-priced:

  • Single-family homes
  • Townhomes
  • Attached homes

Right time to buy a house

Looking at the recent market trends, every home buyer in Calgary wants to know if this is the right time to buy a house. Home buyers often have the question whether the property rates will go further down.

Experts say that property rates have been the lowest in 30 years, and there is less probability of them dipping lower. Also, there is also no assurance that the prices will rise in the near future. They thus recommend investing in real estate when presently the prices are low.

Calgary home rentals, though have suffered a setback, have options for those buyers who are willing and can afford to buy. They provide reasonable properties for the potential buyers and for those who are ready to invest.

At Citysearch Rental Network Inc., one of the leading real estate enterprises in Calgary, you can find your desired home with real convenience. Citysearch has a wide range of furnished, unfurnished, and multi-family residential buildings to offer. If you are relocating to the city, Citysearch is the best option for you. Citysearch is a certified real estate association which works efficiently in collaboration with its clients to arrange the most suitable home for them.

 

Calgary Real Estate Market May – June 2016 

Monthly       Month to Date Month to Date
City of Calgary May-15 May-16 % change Jun-15 Jun-16 % change
Total Sales 2,186 1,923 -12.03% 587 553 -5.79%
New Listings 3,168 3,320 4.80% 930 884 -4.95%
Active Listings 5,393 6,162 14.26% 5,427 6,210 14.43%
Median Price 433,000 433,000 0.00% 420,000 427,500 1.79%
Average Price 478,850 494,085 3.18% 469,493 474,830 1.14%
Days on Market 41 42 2.44% 40 44 10.00%
Benchmark Price 457,800 439,700 -3.95% N/A N/A N/A

Source: creb.com

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