Calgary Real Estate Update

Spring has sprung in the Calgary Real Estate Market! After a long period of disconnect between supply and demand, Calgary’s detached housing sector is now firmly in balanced territory.

While sales are up 20 per cent over March 2016, average detached prices in the first quarter remain one per cent lower than the first quarter of 2016. That being said, there are areas of the City – like the North West, West and East districts – that reported quarterly prices that were higher than the first quarter of last year. Price in the apartment and townhouse condo markets is still easing in most districts, with some price gains occurring in the semi-detached (ie. duplex) sector.

In Airdrie, first quarter sales were up ten per cent above the same period last year and comparable to the long-term average. Much of the gain is due to a rise in the number of attached sales. Persistently lower new listings have helped keep prices stable this quarter.

Okotoks saw improved demand in March, leading sales to a twelve per cent increase year-over-year in first three months of the year. Stronger sales, combined with steady reductions in inventory, have prevented steeper price adjustments.

In Cochrane, first quarter sales were the second highest on record and remain well above long term trends. Increased activity in the attached sector has been a key driver for this market.

Co-written with the team from Your Mortgage Advantage – Martin Breeze, Brooke Juba, Garett Courtier and Jeff McGinn