Third-quarter activity continues to show signs of improvement. Similar to last quarter, much of the improvement in the market has been driven by supply adjustments.
However, the housing market has also benefited from stronger year-over-year gains in sales activity this quarter. Price declines have likely contributed to some of the demand growth. Also, sales growth has been driven by product priced under $500,000.
CREB® chief economist Ann-Marie Lurie says “persistent struggles in the overall economy have caused a shift in salary expectations, along with adjustments in housing demand. Improvements in the lower end of the market will eventually impact higher price ranges, but we are still in a buyers’ market. We are facing enough economic risk that it will prolong the time it takes to move the entire market to more stable conditions.”
Three things to know about the 2019 third-quarter market update:
- Sales activity improved by 6.75 per cent compared to last year, driven by gains in the under-$500,000 segment.
- On average, inventories declined by nearly 14 per cent compared to last year.
- The third-quarter benchmark price was $425,533. This is a decline of 2.74 per cent year-over-year, but a 0.31 per cent increase quarter-over-quarter.
If you would like more information about this report, or about residential Real Estate in Calgary and area, please call me today. I’d be happy to help out!
Bruce Voigt – REALTOR
MaxWell Canyon Creek