Calgary Real Estate Prices Trending Down

Believe it or not, the Calgary detached home market is actually in a balanced market by definition.  However, it’s the trend that is disturbing.  Take a look at the inventory chart below and see the sharp trend up.  Calgary went from a seller’s market to nearly a buyer’s market in just 2 short months.  With job losses starting to add up in Alberta, the inventory will climb more, sales will drop as well.  Also below is a chart of the trending prices.  I expect by June and July we should start to really see the true effects on our real estate market.  Spring break-up in the oil field always comes with some job layoffs, but if those contractors and employers are not called back after spring break-up, we should really start to see the real estate market move as migrates start moving out of the province and others downsize, some refinance.

As I mentioned in previous posts, if you are downsizing you better list this month.  If you are upgrading your home you might want to wait a month or two.  If you are renting and want to get into home ownership (and have a job still) then buying this summer might be a fantastic opportunity (but call me now to get started!). 

In Alberta, we see these real estate market cycles (obviously tied to oil) every 7-10 years.  I look at the positive side though – improved affordability and better supply to choose from.  I’m excited to be able to take advantage of this upcoming downturn in our real estate market – call me if you want to take advantage of it too!