Further stabilization of the Calgary Real Estate market in February!

Calgary’s detached market continues to drive a slow transition with last month’s sales up over the past two years but still down 19 per cent below long-term averages.

With less downward pressure on price for the single family market – due to increased demand/sales and therefore decreased supply – benchmark prices totaled $501,900 in February, one per cent lower than prices recorded last year, but slightly higher than January figures.

With sales improving and new listings and inventories contracting—two key measures of market balance, there’s good evidence to show that the housing market has started a trend toward more balanced conditions. “The transition in the housing market appears to be underway,” said CREB® chief economist Ann-Marie Lurie. “However, it is important to note that this change is primarily being driven by improvements in the detached market and stability in the labour market. All indicators continue to point toward a slow transition from a contracting market toward one that is stabilizing at lower levels.”

 

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