The following article in the Calgary Herald, in which I am quoted, speaks to the current and future of the semi-detached and row housing market conditions for Calgary and region. Enjoy!
Market update for Oct 2021 - Calgary and Okotoks
Nov. 01, 2021 | CREBNow
October 2021: Market continues to favour the seller
Calgary: There were 2,186 sales in October, a record high for the month and over 35 per cent higher than longer-term averages. Year-to-date sales are on pace to hit new record highs and are currently 61 per cent higher than average activity recorded over the past five years and 42 per cent higher than 10-year averages.
“Moving into the fourth quarter, the pace of housing demand continues to exceed expectations in the city,” said CREB® chief economist Ann-Marie Lurie.
“Much of the persistent strength is likely related to improving confidence in future economic prospects, as well as a sense of urgency among consumers to take advantage of the low-lending-rate environment.”
New listings have improved relative to last year, but stronger sales caused further easing in inventory levels, which remain 16 per cent lower than last year and longer-term averages for the month. Supply levels have struggled to keep pace with demand, but much of the decline in the months of supply has been related to the strong sales levels. As of October, the months of supply dipped to just over two months.
Persistently tight market conditions did cause some benchmark price gains this month. The benchmark price in October reached $460,100, slightly higher than last month and nearly nine per cent higher than the $422,600 recorded last October.
Okotoks: For the second time this year, sales outpaced new listings this month, dropping inventory levels to 74 units. This is nearly 60 per cent lower than traditional levels and resulted in the lowest months of supply ever recorded in October.
Conditions remain exceptionally tight, but prices trended down slightly compared to previous months. However, it is important to note that on a year-to-date basis, total residential prices have improved by over nine per cent.
Banning Blind Bidding - Will it Improve or Hurt Real Estate Prices?
How will the proposed Home Buyers Bill Of Rights by the Federal Gov’t effect property prices? The following report explains why we should consider getting rid of the current blind bidding multiple offer situation which most buyers hate. I personally feel transparency would lead to a much fairer real estate marketplace and eliminate unfair business practices. Click on the link to review and read the report funded by the Canadian Real Estate Association.
Canadian Real Estate Market update for September and what this means for Alberta
The attached market update for Canada shows Alberta’s price increases year over year are lagging behind the rest of the country. This means we have room to grow in Alberta to catch up to the rest of the country and now is a good time to buy.
