The big picture

Inventory increases and sales drop in September, but overall sales for the year remain higher than last year

Strong gains in the first half of 2017 have put Calgary year-to-date sales at seven per cent above last years’ levels and 11 per cent below long-term averages, but challenges remain with easing sales and rising new listings.

Inventories rose across all property types to 6,861 units, while both apartment- and attached-style properties saw the highest inventory on record for the month of September.

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Come on in

Open houses are still an important tool in the REALTOR®’s arsenal

Open houses remain a valid and valuable way to sell properties, even in this day and age of virtual reality.
While the technological tools available today to give maximum exposure to a listing have made it easier for potential homebuyers to window shop from anywhere, the physical presence of an open house still can’t be replaced.

CREB® president David P. Brown says opinions about open houses are often divided. Some REALTORS® love them, while others can’t stand them.

“But how we do it has changed a fair bit I believe,” said Brown. “Social media has got to be the biggest thing. Before, if we were going to have an open house we might hand deliver a few flyers or something around the neighbourhood – put up some signs and that was it.

“Now, we post it all over.”

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Too much of a good thing

High supply in Calgary’s condo market continues to push down prices

Calgary’s condominium market continues to see the supply of available product overwhelm buyer demand, meaning owners looking to sell need to consider ways to set their unit apart from the crowd.

According to CREB®’s 2017 Economic Outlook & Regional Housing Market Mid-Year Update, the condo market has seen a slight rise in year-to-date sales over 2016, but not enough to keep pace with a rise in listings, up an average of nine per cent over last year.

That increased supply is putting downward pressure on prices, which are expected to continue to decrease during the rest of the year for an annual forecasted decline of three per cent.

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Mid-year market update shows stability

CREB® forecasts a process of recovery for the remainder of 2017

The first-half of 2017 marked a shift in Alberta’s economy from recession to recovery, with conditions supporting stability rather than expansion.

“Economic challenges continue to exist, as high unemployment rates, weak migration levels and more stringent lending conditions are weighing on the housing market,” said CREB® chief economist Ann-Marie Lurie.

“This will continue to cause some adjustments in the housing market for the remainder of this year. However, this is not expected to offset earlier gains supporting general stability in 2017.”

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