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September 2018 Calgary Real Estate Market Report

Calgary continues to be a buyer’s market with no end in sight for the foreseeable future. Unemployment levels were up again in September to over eight per cent. This is coupled with the challenges for buyers with the new lending rules and an oversupply of homes on the market.   September sales activity totaled 1,272 units which is a 13 per cent decline from a year ago and well below long term averages. All product types posted declines, but was especially significant in the detached sector. City wide inventory levels totaled 7,941 units which means Calgary now has 6.25 months worth of supply. This has pushed city wide benchmark pricing to $428,700 for the month of September. This is three per cent below last year’s levels and one per cent below last month.   The market news from this past year has played like a broken record, but there is an upside. While the rental market is improving, this might be the right time for investors to take advantage of purchasing more inventory. It is also a great time for buyers as a whole as they now have plenty of inventory to choose from and softened sale prices.   If you must sell, the key to the game is patience. Listen to your real estate advisors and select the right price at the outset. Understand that the large majority of properties are not springing off the market. It will likely take up to double the regular listing terms to effect a sale.   Questions? That’s what I’m here for and I’m always happy to help!