Let's take a look at the stats for November, which was the first full month with CMHC's new lending rules. Overall monthly sales in Calgary totaled 1,227 units, nearly 3 per cent lower than November 2015. Experts say stringent conditions for borrowers and the overall uncertainty of our economic market are the main factors dictating the current housing market.
November also saw a slight increase in the number of units on the market with the decline in sales, causing benchmark home prices to drop by 0.6 per cent over previous months and 4 per cent from this time last year. For the first time since 2014, the bechmark price for detached homes dipped below $500,000 to $498,300.
It's not all doom and gloom however. We have seen slight increases in the high end market, most likely due to the larger price adjustments.We've also seen pockets of sales activity in certain areas. If you're looking to join the real estate market at this timer, it is extremely important to stay on top of the activity in your neighbourhood and to remember that real estate activity and stats are very much area-specific. You can't take these numbers and apply them to every area, so remember to do your homework and ask your Realtor specific questions. You are not a bother, your Realtor is working for you!
For more detailed stats, feel free to contact me! Visit www.highriverproperty.com for all your real estate needs.