Now is definitely the time to buy

As affordability rises again for the 20th month in a row, the buyers’ market in Calgary continues—now is definitely the time to buy real estate.

According to this month’s statistics released by CREB, housing sales activity in Calgary was down 12.6 per cent in July from 2015. Some sectors are seeing further price declines than others, but regardless, for Calgarians who are still sitting with job security and in a good financial position, there are major investment opportunities.

Slower sales were accompanied by declining new listings in July. This helped prevent further inventory gains and minimize the downward pressure on benchmark prices, said CREB®. By month’s end, the residential benchmark price was $440,000, similar to last month, but 4.2 per cent below July figures from the previous year. [CREB]

Here’s a breakdown of benchmark prices in each sector:

• Apartment benchmark price is $277,000, 6.6 per cent down from 2015
• Detached benchmark price is $502,300, 3.4 per cent down from 2015
• Semi-attached benchmark price is $385,200, down 3.1 per cent
• Row housing benchmark price is $310,300, down 5.5 per cent

“Buyers are expecting further declines in sold prices, and sellers are adjusting to softer demand with price decreases. When these expectations intersect, we’re seeing sales activity in the market, but not at the level realized over the last several years.” [CREB]

If you’re looking to take advantage of the current housing prices in Calgary, please feel free to contact me to go over your financial situation and what you can be pre-approved for.

Tags : calgary homebuying, calgary homes, calgary housing, calgary mortgage, calgary mortgage broker, calgary real estate, creb