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The good news is good. Let’s take it anywhere and everywhere we can get it.
It is what all the data is saying about real estate in Alberta. This level of good news in the real estate market is unprecedented. Calgary’s sales volumes haven’t been this strong since 2005.
Will it last? Yes.
How long? Until supply levels increase and interest rates rise enough to make it painful.
Our team at Plintz Real Estate predicts that both will happen. Unless one of the many unforeseen things that could happen happen – like an oil price collapse or a pandemic.
Currently, Calgary is experiencing growing demand for all property types. November experienced 2,110 sales, just below the record for the month set in 2005.
“Lending rates are expected to increase next year, which has created a sense of urgency among purchasers who want to get into the housing market before rates rise,” said CREB® Chief Economist Ann-Marie Lurie.
There were only 1,989 new listings – less than the sales for the month creating a decline in inventory and supply levels to below 2 months supply. It is usual for inventory to decrease at this time of year but it is typically matched with a reduction in sales – which has not been experienced this year. We have experienced a sales-to-new-listings ratio of over 100 percent!
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For the detailed market statistics from the Calgary Real Estate Board for November 2021 click HERE. Contact us directly for the stats on Airdrie, Cochrane, Rockyview, Bighorn, or other areas in the Calgary region.