A Slow Adjustment in the Resale Market
Tuesday, September 15th, 2015
I’d say the performance of Calgary’s real estate market in recent weeks is yet more proof that, contrary to the belief of some, we are not in the midst of a bubble on the verge of popping.
We went from a habanero hot sales year last year, when oil was high and so were spirits, to recession-level unemployment and plenty of economic uncertainty with only a minor adjustment in the market. Sure, sales and listings are both down, but it has been a far from precipitous drop; indeed, mid-priced homes in good neighbourhoods have actually seen a small increase in selling price, as buyers look for properties that meet their needs and their budget.
This cushioned fall is not at all what you’d expect from a bubble scenario: if prices were artificially inflated while the economy was booming, they’d bust just as fast, but they didn’t. So, now is not the time to hurriedly sell before you’re ready, nor to rush into buying without your ducks in a row. Price fluctuations will happen, but probably not significantly enough to drive your purchasing behaviour. Call a Realtor you can trust (I’m available), talk about your goals and your fears, your need to haves and your nice to haves, and let’s make a plan.
On a separate note, I’ve got a new discount code for the Calgary Home + Design Show running September 17-20. Buy tickets online with the promo code SHOWWEEK and get them 2-for-1! The offer expires September 16, so get clicking!
