CREB has released the stats for August, and they point out the main reasons for our slow recovery in Calgary. Easing sales, more new listings, and elevated inventory levels are the main reasons.
“Calgary’s employment market has persistently high unemployment rates at 7.9 per cent and recent job losses in full time positions. The struggles in the employment market are one of the factors weighing on our local housing market,” said CREB® chief economist Ann-Marie Lurie. “A slow recovery in the energy sector combined with tighter lending conditions and competition from the new home sector are also contributing current housing market conditions.”
Citywide sales totaled 1,490 units this month, down nearly seven per cent from last year and 14 per cent below long-term trends.
CREB® president Tom Westcott said “Sellers need to be well informed to be competitive. They need a good understanding of what has been selling around them and how their property compares to homes that have successfully sold.”
If you’re looking to buy or sell your your in Calgary, please call me today!