It’s no secret that Calgary’s economy isn’t good right now. You don’t need an economics degree to know that this will impact the Real Estate Market. And it has. But for lots of us, things aren’t really that bad. Before I am once again accused of being ‘too positive’, let me explain.
(Don’t worry Negative Nelly’s, there will be lots for you to feast on)
Check out this slide deck to get the overall view of Calgary's Real Estate Market
Three times last week I heard, ’There are so many homes on the market in our neighbourhood… It’s a buyer’s market now.’
All three times pulled up the current neighbourhood stats and showed them they were actually in a strong seller’s market.
Are we really in a Buyer’s Market?
The main factor the we use to determine whether it is a buyer’s market is ‘Months of Supply’.
If there are 9 homes on the market and 3 homes sell every month, then there are 3 months of supply.
3 is the magic number.
Under 3 months of supply = Seller’s Market.
Over 3 months of supply = Buyer’s Market.
Check out the fourth slide in this deck. Calgary's worst region for detached homes, City Centre, is only slightly in a Buyer's Market. The West has exactly 3 months of supply. All other areas are under 3 months.
Some neighbours are down right hot! Like Riverbend.
Although prices are down in every area since last year, they have remained quite steady for the past few months.
Detached homes overall are in a Seller’s Market, slightly.
Apartments are a different story. You can easily see in this slide deck that supply is up, demand is down, therefore prices are falling.
Apartments are in a Buyer’s Market, big time.
Calgary Apartments In July - Created with Haiku Deck, presentation software that inspires;
Townhouses are dangling in the middle. Supply is up, but almost the same number of townhouses sold this July compared to July 2016. Most regions in Calgary are in Buyer's Market territory. Though not by much.
Townhouses are in a Buyer’s Market, slightly.
Calgary Townhouses In July 2016 - Created with Haiku Deck, presentation software that inspires;
Semi-Detached homes are the most balanced of all. Every region is hovering slightly over, or slightly under, 3 months of supply. Prices are down since last year, but nearly identical to last month throughout the city.
Semi-Detached Homes are in a Balanced Market.
If you learn anything from reading this, please let it be:
You cannot generalize in Calgary right now!
Every neighbourhood, every type of house, is performing differently. Whether you're selling or buying, have someone on your side who knows their stats.