Based on the recent data showed by the Calgary Real Estate Board, the prices of detached homes in Calgary are being stabilized and evening out. In the month of September, the average price for a detached home was balanced, unlike in August when it was at $503,400, even though the percentage was 3.3 percent lower than the previous year’s price.
The chief economist of CREB, Ann-Marie said; “The decline in demand has caused many to anticipate steeper price declines for detached homes. That hasn’t happened in large part because detached supply levels haven’t climbed as sharply as many expected. There was a limited amount of supply in the overall market when this cycle began, and while levels did rise and remain somewhat elevated, they were well below previous highs.”
To conclude it all, the state of the market is lax, although the latest listings are easing, trying to help the inventory which is at 5,877 (5 percent more than last year September) reduced. The detached housing department had sales go up by 4 percent, while apartments declined by 23 per cent yearly.