The economic struggles of Calgary are having a direct impact on the real estate industry.
According to the Calgary Real Estate Board, January sales totalled 804 units, 16 percent below last year and 21 percent below long-term averages for the month.
New listing levels have remained comparable but the decrease in sales have lead to higher inventory levels and a buyer’s market with decreased benchmark prices.
Everyone is talking about the negative stats but you need to read between the lines for the benefits it can have depending on your situation.
Inventory levels are up, prices are down, and mortgage rates low so it’s a great time to consider buying or investing. It is becoming a favourable market for first-time buyers to get into a house. Investors can invest in rental properties without settling for junk.
If you’re selling, make sure that your listing stands out from the rest. Photos, signage, and marketing matter. And if you’re interested in relocating within Calgary, you may have to sell at a lower price point but you’re also buying at a lower price point so you’ll net the same. For example, if you can negotiate $25,000 off your purchase, then you can consider selling for $25,000 less without an actual loss.
Read between the lines to get perspective on what is going on and how that impacts your personal situation. The news is negative but that’s a board brush that doesn’t apply the same to everyone.
Contact us if you’d like to receive monthly stats on your community. Or if you’re looking to buy email our team and we will set you up on a search to get notifications or properties that match your criteria.
For all of Calgary’s real estate statistics for January 2019, click HERE.
For more information on buying or selling a home pick up a copy of POSITIVELY SOLD.