More on the Market
Not at all unsurprisingly, according to the Calgary Real Estate Board’s most recent statistics the tide is starting to turn with regard to supply and demand in the city’s market. More specifically, June 2014 saw nearly 30 percent more new listings added than one year earlier. As homeowners see their neighbours’ properties selling in days for above asking price, it’s only natural that they’d think about listing themselves.
Interestingly, however, Calgary’s surrounding towns are also seeing a boom. Cochrane and Okotoks are becoming prime locations for commuters looking to stretch their home buying dollar by a few percent; sales in Airdrie are up a whopping 40 percent year-over-year.
Add these communities’ properties to our own market, and there are more and more homes for buyers to choose from, which will inevitably cause prices to plateau at some point. I highly doubt we’ll see any significant downward pressure on prices – with Calgary’s population growing by more than 4 percent every year, we’ll have plenty of people looking to buy for the foreseeable future – but if the growth dials down a bit, it might be a little easier for those looking to sell and move up to calculate what they’ll be able to afford.
Tags: calgary real estate, Calgary Real Estate Board, calgary real estate market, calgary real estate statistics, CREB, real estate statistics
