Chad Moore Calgary Mortgage Broker

Here are the “no B.S” statistics from the Calgary Real Estate Board (CREB) to help you understand our market and ANTICIPATE where prices may be headed in the coming months.

The depressed price of oil continues to effecting drilling and major oil sands projects in Calgary and Alberta.  The ripple effect is increasing un-employment in Calgary’s down town core and layoffs of labour workers throughout Alberta.   We’ve seen layoffs by Talisman, Nexen and ConocoPhillips.

I think some people will need to sell their homes and are aggressively pricing them in the market place.  For home buyers, who are in stable employment, have established credit and saved up for a down payment, there are going to be several options for you to purchase.  I also think the opportunity to negotiate a price in your favor is also upon us once again.

This is great timing for those who are wanting to purchase sooner than later (families living in very small accommodations for example).   For those in a “wait and see” mindset, I think staying close to the market and remaining patient may be beneficial. For home buyers who HAVE AN ENTRY PLAN, continue to prepare to execute it.  For home buyers WITHOUT AN ENTRY plan, please connect with me and ask about creating a plan for you.

Here are some market statistics to help you ANTICIPATE prices in Calgary:

Average Sale Price:

The average sale price is found by totaling sales volume divided by the number of sales. This average is up month over month but is down year over year.  Seasonally, this increase is comparable to 2014.

Absorption Rate:

This statistics shows us the “months supply” of housing IF all existing inventory were to sell at the current pace of sales in Calgary.  A balanced market is between 2-4 months.

Sales To New Listing Ratio:

This number is found by dividing the total number of sales by the number of new listings coming onto the market. I think this ratio is not lower because some listing inventory was pulled forward early in Q1 of 2015.  Total inventory is slightly up year over year though.