In Calgary, the sale of homes in the real estate market has soared from their record lows of the previous year. Nevertheless, it still remains less than the average long run. According to the Real Estate Board in Calgary, there was a total sale of 924 units which increased from a year earlier by 24 per cent during the whole of January, however, it was 21 per cent less than a decade average for the month.
The chief economist of CREB, Ann-Marie Lurie said, “Conditions have improved over last year, but people need to remember that last year’s market was one of the weakest on record. Despite the appearance of a major shift in activity, the transition in the housing market is going to be a slow process.” The sale of detached homes which went up by 466 in January 2015 to 584 last month contributed to the improvement of the previous year. There was an amount of 4,112 units constructed in Inventory, 18 per cent less than the previous year and was matched to only 3.2 months of supply. The decline of prices has eased as a result of that, despite the decrease of 2.82 per cent in the nationwide benchmark over-the-year to $437,400 and the 0.16 per cent month-over-month decline.
In addition to that, Lurie said, “While housing conditions continue to favor buyers, a slow transition toward more balanced conditions is helping to ease downward pressure on home prices.” President of CREB, David P. Brown mentioned that the current history indicates that the state of the market is always waddling. David commented; “The market isn’t expected to be as unpredictable in 2017, but it’s early in the year and there are still lots of unknowns that will shape decision-making for consumers.”