Calgary real estate market is on the road to recovery, as the sales of detached homes show to be coming up with signs of improvement. In February, the information given by the Calgary Real Estate Board revealed that 1,342 homes of various types were sold, although it was 19 per cent less than the decade average, it was better than the past two years and went up nearly by 19 cents from last year February.
Individually, apartments and attached homes lost 2.9 per cent and 5.1 per cent with an overall fall in the benchmark prices of all type of properties. From January, the benchmark price for detached homes climbed up but was 1 per cent lower than $501,900 (February 2016). President of CREB, David P. Brown said the market’s sellers are very optimistic and looking forward to a rebound in the market. However, some warning has been issued that listings might likely experience a surge. Accurate pricing is very fundamental.
Inventory is currently tightened, declined from five months of supply, the year before to 3.4 months, whereas, the ratio for sales-to-new-listings has increased from 39 per cent in February of last year to February by 55 per cent. Ann-Marie Lurie, chief economist of CREB, said; “It will take some time for these conditions to translate into all housing segments and achieve price recovery. But all indicators continue to point toward a slow transition from a contracting market toward one that is stabilizing at lower levels.”