Calgary continues to be in a buyer's haven with prices still on decline.
According to CREB® chief economist Ann-Marie Lurie, “Price declines have likely brought some buyers back into the market.”
Oversupply of units with atleast 5 months worth of listings this September is what's driving the prices down.
The good news is for the third consecutive month, the market is showing increase in sales activity on a year over year basis. In September, there are 1, 371 sold listings, which is 8.21% more than last year's sales.
In addition, we see a trending drop in the inventory with 2.20% less compared to August and 13.47% decrease from last year.
With these conditions, it looks like the Calgary housing market is finally gaining a bit of stability. And we hope this trend continues.
For more details, click here to read the entire report from CREB.
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