According to a new report that was issued by the Conference Board of Canada, the resale housing market in Calgary has finally reached balance territory. On a year-over-year basis, the sales from the listings were up 8.6% according to the annual seasonally adjusted rate. On a month over month basis, however, resale housing sales were down 2.3% at 34,752.
For new listings, the annual rate was down 7% on a month over month basis but was up 11.4% on a year-over-year basis at 47,676. In September, the ratio for sales to new listings was 0.717.
It's forecasted that the year-over-year short-term price growth will be 5% to 6.9%. There was a 6.2% annual rise for the average sale price of a home in September to $466,425.
It wasn't too long ago when Calgary was in the middle of a seller's market and there simply weren't enough homes for sale. With so many people migrating into the city, it's been hard to keep up with the demand for condos, townhouses and single-family homes. At the same time, the interest rates have remained low and the rental rates have been shooting up. This has intensified the demand for housing across the city.
Some buyers have been putting off looking for a new home due to the high demand. For the last year it has been harder to find the right home due to the lack of properties on the market. As well, bidding wars were common and many potential home buyers just didn't want to deal with a fight to purchase a new home.
Now that the market has reached balance territory, there is a lot less stress involved with home shopping and it's easier to secure the right place. Now is the perfect time to start looking for a new home with the spring and summer rush out of the way and the market finally balanced here in the city.