Calgary’s red hot real estate market is going to cool down slightly for the second half of the year, which will ease pressure on price growth and offer more options for homebuyers. This will be the first time in a while that the marketplace will be shifting from a dominant seller’s market, meaning the time is right for buyers to get into the game.
Tight market conditions for the past six months have made competition tough for some buyers, and definitely pushed prices upward. However, an increase in supply levels will ease price pressure, providing necessary choice for homebuyers.
We’ve seen a rise in supply levels that should help to ease price growth, but it’s important to keep in mind that supply levels are increasing over relatively low levels.
With affordable options in the condominium market, we’ve seen a rise in the demand for condominium product. Low mortgage rates and positive economic conditions will continue to support demand for this more affordable product through the remainder of the year.
– Ann Marie Lurie, CREB® Chief Economist
For more information on CREB®’s forecast for the rest of this year, check out their full report online. And as always, if you have any questions about what this means for buyers or if you’re considering homeownership, feel free to contact me.
