Overall, all aspects of the real estate market are up in unit sales volumes for the first 9 weeks of 2020 over the first 9 weeks of 2019. Calgary has seen decent Yr over Yr gains. Apartments sales volumes are up 29%, Attached homes are up 15.3% and detached home sales are up 9.3%. Okotoks has mirrored the volume gains of Calgary with Apartment sales double last year, attached home sales are double and detached home sales are up 18.4%. However, it is also important to consider the amount of inventory. Inventory levels are less today than they were a year ago and sales volumes are up which from basic economics would state we should be out of the bottom of our market with these improved trends. However, it is important to consider sales to inventory. In Okotoks, there are 33 apartments for sale currently and only 4 sales in the past 9 weeks. Attached home sales are fairing better with 20 active listings and 10 sales in the past 9 weeks. The detached market is still very much a buyers market with 154 homes for sale and 58 sales in the past 9 weeks. Calgary reflects the similar market conditions and even though we are in much better shape than 2019, it is still a great time to be a buyer.
The craziness on the stock markets this past week, the coronavirus panic and the oil price wars between Russia and OPEC continue to show how our economy is very vulnerable to outside influences. It is important to remind ourselves that owning a home is a longer term investment. Market conditions make buying and selling all relative. If you are down on your home value, then so is everyone else. If you are a first time home buyer, then it is different and it absolutely does make a difference when and what you buy - I feel now is better than any time we have seen in the past decade to buy your first home. You need to live somewhere, owning is better than paying rent and it’s important to create your memories and have the pride that comes with home ownership in your own sanctuary. Just plan on your first home being one that you live in for 5-10 years to make it through the market ups and downs. Eventually, home prices will shoot up again, they always do.