With spring buying season just around the corner, the housing market in Calgary seems to be showing signs of a new dawn.
The most recent evaluation by the Calgary Real Estate Board showed that the detaching housing segment is steadfastly in a well-adjusted place. Even though sales were about 10 per cent less than the long-term movements for last month, they were above the past year, which has been overstretched by a detachment between low demand and high supply.
David P. Brown, president of CREB said; “It’s not so much that demand went through the roof in March, but that we had less supply come onto the market, which is really helping to balance things out. These changes are lifting the cloud of uncertainty for housing consumers and nicely positioning our market as we move into the more active spring season.”
The chief economist of CREB, Ann-Marie Lurie said; “Market conditions are quite different in the apartment sector. The additional supply coming from the new home sector is not easily reversed and the added competition is continuing to weigh on prices in the higher density sectors of the market.”
Detached homes prices incline by 0.4 per cent year-over-year to a benchmark price of $503,900. Calgary’s apartment and attached sector, on the other hand, continued to be restrained with prices well before March of last year.