Although May saw a large increase in activity, Calgary real estate sales are still down 44 percent from May of 2019.
As COVID19 and the restrictions around it begin to ease, the market has continued to pick up in both sales and new listings. Over the past seven weeks, there has been a consistent increase in sales week-over-week but this has been matched with a steady stream of new inventory causing the oversupply to continue.
“Activity has also shifted toward more affordable product, which is likely causing differing trends depending on product type and price range,” said CREB® chief economist Ann-Marie Lurie.
Sales are down in all price ranges, but a greater share of sales are priced below $500,000. Not surprisingly, benchmark prices continue to decrease as the supply is much greater than the demand.
The Bank of Canada has just announced that it will be holding the key overnight rate at 0.25% If you’re thinking about buying a new home or buying an investment, a large amount of supply combined with today’s low rates may work in your favour. However, you’ll need to weigh up financial uncertainty in the market and your own situation.
If you are looking to buy, sell, or trade within this market, contact us today to get a personalized plan for your situation.
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For the detailed market statistics from the Calgary Real Estate Board for May 2020 click HERE. Contact us directly for the stats on Airdrie, Cochrane, Rockyview, Bighorn or other areas in the Calgary region.