While we’re not quite into the Spring Real Estate Market in Calgary, it’s certainly starting to feel like spring outside!

The number of homes selling is on the decline but that isn’t translating into lower prices. Fewer new listings is helping to keep price relatively stable in the City, good news for those looking to list their home this spring. Not such great news if you’re looking to snap up a deal.

With the recent rule changes and increases in rate, we are expecting to see changes in the market, but what and when is a wait and see game. Ann-Marie Lurie, CREB Chief Economist, was quoted earlier this month as saying “Housing market conditions are still adjusting to rising lending rates and changes in lending requirements. This process is expected to be bumpy, with demand adjustments leading the changes.”

She went on to say that the impact on price will be determined by the supply response. Simply put, if we have large gains in inventory, with low sales, we’ll see prices drop.

With the new rules and rates on the rise, it’s even more important to ensure you’re pre-approved before you shop. Not only will you be protected against rising rates, but you’ll also know exactly what you qualify for.

Here are some more tidbits from CREB’s recent update for he surrounding areas:

Airdrie

  • Unlike activity within Calgary, sales activity in Airdrie continued to rise, pushing above longer-term averages. However, earlier gains in new listings have kept overall inventory levels elevated.
  • Overall months of supply remain slightly higher than last year’s levels, preventing any significant changes in prices. Detached prices have averaged $372,000 so far in 2018, 0.64 per cent below last year’s levels.

Cochrane

  • Easing sales combined with rising new listings caused a slight gain in inventory levels, keeping months of supply elevated compared to levels recorded last year. This prevented any substantial shifts in pricing.
  • After the first two months of the year, the detached price averaged $413,050, 1.97 per cent below levels recorded over the same period last year.

Okotoks

  • For the second month in a row, sales activity improved in Okotoks. However, previous gains in new listings prevented any significant changes to inventory levels. Improved sales have helped push down the months of supply, supporting some modest movements toward price recovery.
  • Detached benchmark home prices have averaged $430,700 so far this year, 0.61 per cent higher than last year, but over four per cent below pre-recession highs.