The Calgary and Area real estate market had many challenges in 2018, with major impacts due to mortgage rule changes and a continuing soft job market. As time moves on, buyers and lenders are adapting to the new rules and there are predictions of a stronger economy in Alberta in 2019.
Here are the year end numbers for 2018 with some comparisons to year end 2017
Absorption Rate: (0 to 2 months of supply is a seller’s market, 2 to 3.5 months of supply is balance, and 4 or over becomes a buyer’s market)
- City of Calgary – 2018 is 5.22 months of supply versus 2017 at 3.64
- Single Family Detached – 2018 is 4.4 months of supply versus 2017 at 2.8
- Attached Homes – 2018 is 5.9 months of supply versus 2017 at 4
- Apartment Condominiums – 2018 is 7.1 months of supply versus 2017 at 6.7
Sales to New Listings: (Ratio of under 0.6 indicates more of a buyer’s market, 0.6 to 0.8 indicates a balanced market, and over 0.8 indicates movement towards a seller’s market)
- City of Calgary – 0.46 sales for every new listing for an 8% decrease
- Single Family Detached – 0.5 sales for every new listing for an 11% decrease
- Attached Homes – 0.43 sales for every new listing for a 10% decrease
- Apartments –0.39 sales for every new listing with no change
Year to Date Total Sales: Down 14.5% and a 21% decrease for the month of December
New Listings: Up 1.5% and down 14.25% for the month of December
Year End Total Inventory: Up 22% and up 13.5% for the month of December
Every market and every set of circumstances bring opportunity. My Team and I are starting to see many investors coming into the market to take advantage of low interest rates, great buying options, and very competitive pricing. Many of our clients who are looking to move within the area, have decided now is the time to move up and take advantage of low mortgage rates and some of the great deals currently in our market.
All the money is made in your purchase! We are telling all our clients this right now. Yes, it is true, you won’t get as much for your existing property as you did a few years ago. But there are AMAZING deals in this market. If you want to find the best deals and negotiate a great purchase contract, call us! We can help you achieve your real estate goals. DON’T TRY AND BUY WITHOUT GETTING THE BEST ADVISE AND DON’T BUY WITHOUT YOUR OWN INDEPENDENT REPRESENTATION LOOKING OUT FOR YOUR BEST INTERESTS!
If you are thinking of buying, selling, or investing in Calgary and the Surrounding Area we are here to help you achieve your real estate Goals!