Balance is Coming
You may have read recently that an increase in listings has started to soften Calgary’s market a bit. This is true – there are nearly 20 percent more homes currently for sale than there were a year ago. This is a good thing, as single-family home prices were up more than ten percent, year-over-year, in August, and that kind of increase is obviously not sustainable. Eventually we’ll move away from current market conditions, heavily favouring sellers, to a more balanced situation.
This is a good thing. More families are moving toward condos than detached homes right now because of the affordability factor. As those families grow and start looking for larger residences, a balanced market means they’re more likely to find them at a price they can afford. This doesn’t mean your home’s value will necessarily start dropping, just that its valuation won’t continue to jump at the same speed. You’ll be thankful for this when your property tax bill shows up.
I like a balanced market. Sure, when things are hot, homes move quickly and for high prices, and there’s a certain excitement to the industry. The downside shows up when a family I’m working with loses out on the property of their dreams because of a bidding war, or when a seller must scramble to find a new home after his current place sold quicker than expected. In slightly slower – but not slow – times, buyers can take a breath and really evaluate the home they’ll be paying for over the next 25 years, sellers can start shopping while their home’s on the market, and I get to eat dinner with my kids more often. Wins all around.
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