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Calgary Real Estate Prices Trending Down

3/3/2015

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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!  

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William Charlton is a direct private mortgage lender and does not provide mortgage advice, mortgage brokering services or arrange third party financing.  Should you need mortgage advice please contact the Real Estate Council of Alberta or the Alberta Mortgage Brokers Association.​

William Charlton does not accept other investors and does not raise funds. 

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