Status Quo for Calgary’s Housing Market!
October’s housing market conditions closely echoed previous month’s trends with easing sales, rising inventories and downward price pressure. Like last month, the monthly activity was not enough to derail gains that occurred earlier in the year.
Even though the economic activity has improved in 2017 it will take some time for this to translate into housing market growth. We also continue to face weak migration, higher lending rates and changes to the lending policy. The combination of these factors is impacting housing demand which is prolonging the pace of recovery.
The detached benchmark price for October is $506,200 an increase of 0.62% year-over-year. The apartment benchmark price is $221,600 a decrease of 3.25% and the attached benchmark price is $334,600 an increase of 1.42%. Overall sales for the month totalled 1,467 units, compared with 1,647 during the same period last year.
The City of Calgary home market has 4.41 months of inventory and the sales to new listings are at 56.34%, meaning 43.66% of homes are not selling. The sale price to list price ratio is 97.13% and 50 days on market.
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For the complete Calgary October 2017 CREB® report, Click Here
For the complete Regional October 2017 CREB® report, Click Here
Call Jeff Campbell 403-275-3331