February 2015 Real Estate Update - Climbing Inventory

Posted by Justin Havre. on Monday, March 2nd, 2015 at 8:44pm.

If you are currently looking for a new home in Calgary you'll have plenty of choice. This is quite a turnaround from last year when the market was tight and people were putting off their home shopping while waiting for the selection to open up.

The inventory levels in Calgary went up to 5,474 units last month, which is higher than what has been seen for a long time. They are still, however, lower than the 7,000 units record that was previously recorded back in February 2008.

Since the beginning of the year, 6,236 new home listings have been added to the market. These gains vary between price ranges and home types and according to Corinne Lyall, the president of the Calgary Real Estate Board, consumers should consider the market segment before selling or buying a home.

In February, there were 1,217 homes changing hands, which was a decline over the numbers reported last year. The unadjusted benchmark price for a detached home went up 6% last month to $516,000 on a year-over-year basis. This price was also a 0.5% decrease over the January 2015 unadjusted benchmark price. Townhome and condo pricing also went down when compared to the numbers reported in January to $296,000 for a condominium apartment and $354,600 for a townhouse.

According to Ann-Marie Lurie, the chief economist at the Calgary Real Estate Board, there have been many assumptions regarding the impact on the market due to the decreased oil prices. These varying predictions are expected to continue until more information is available regarding future net migration,employment in Calgary and how long these low oil prices will last.

Higher supply gains will be a factor for people that did not want to make a purchase when the supply was tight. Every individual, couple and family have their own reasons for making a move and many will be purchasing this spring due to the increased supply.

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