Listings are up while sales plunge.
Listings are up while sales plunge. That’s how things are looking in Calgary according to the latest data from the Calgary Real Estate Board. January’s MLS resale listings were up year-over-year by 42.8 per cent (active listings up 75.2 per cent) while sales are down 34.8 per cent from this time last year. The average sale price is down 0.6 per cent ($457,853) and the median price is 0.3 per cent lower ($412,500). Some experts believe this may be due to buyers playing cat and mouse with sellers; they are expecting prices to fall due to the decline in the energy sector and are waiting longer to buy in the hope that they will get a better price. CREB’s chief economist Ann-Marie Lurie told The Calgary Herald that the high level of listings could also be homeowners testing the market just in case their personal circumstances force them to sell. She also highlights that a year ago there was a shortage of resale properties so this year’s higher listings appear more dramatic. For buyers of course, this current climate equals an opportunity to buy a home in Calgary with slightly lower prices than we’ve seen in the last year and with the benefits of lower interest rates (and mortgage rates at some point!)
