Take a breath and check out Calgary’s Real Estate market for a moment.
I’ve compiled data from Calgary’s Real Estate Board to help you make senes of what’s happening locally.
Let’s key in on three data points:
1. Sales to new listing ratio.
2. Absorption rate.
3. Average and median price.
If I was a medical professional looking at Calgary’s Real Estate vitals, I think these would be the data points to key in on :-).
“Doctor, please go ahead and see your patient now …”
Detached Housing Market:
Sales To New Listings Ratio:
Absorption Rate:
Average Sale Price:
Apartment Condo Market:
Sales To New Listings Ratio:
Absorption Rate:
Median Price:
Mortgage Market Update:
The understatement of the year might be, “the market is seeing a bit of a headwind right now“.
In the tornado of everything that’s happening right now, let’s zoom in and focus on the Mortgage vertical. If we do that, there are some positives!
What are the positives? Well, interest rates are down. WAY down. I haven’t seen rates this low since 2015 when oil last tanked and the Bank of Canada cut interest rates.
And herein lies the opportunity …for those of you coming up for Mortgage renewal, the market timing is fortunate.
I’ve been mining my database of past clients and offering people a chance to calculate their savings. For some, this is working out very well for them!
For those buyers who are planning on entering the housing market, again, the timing in fortunate.
I also wrote you recently about the change in Mortgage qualifying…
The stress test, for home purchases with less than 20% down payment, will be based on 2% above market rates (as of April 6th).
With rates cratering, the stress test will also be down. And this bumps up buyers affordability.
Am I reaching for positives here? Data is what it is :-).
I’m planning on further interest rate updates for you coming soon.
Cheers,
Chad Moore
P.S
If you’re talking Mortgage rates with your colleagues, and you find out they are paying above 3%, jump out of your seat and say “call my Mortgage guy!!”
