Calgary Real Estate: Sellers' Market Returing?

Posted Oct 16, 2008 @ 9:20 pm, Viewed by 406 Visitors, Read 417 Times.

I thought I would share a story that was printed in the Calgary Sun on Oct 16, 2008. According to this story they are hinting that the Calgary Real Estate market will return to a Sellers' Market.

"Sellers' Market Returning"

By Markus Ermisch, Sun Media

 After hovering in buyers' territory for much of this summer, home re-sale markets in Alberta's two largest cities are on the verge of slipping back to a sellers' market, thanks to pronounced drops in new listings.

New listings in Calgary fell 11.7% to 4,709 units in September compared to one year ago, whereas in Edmonton, new listings sank 19.8% to 3,142 units, says data released yesterday by the Canadian Real Estate Association.
Meanwhile, sales rose 3.7% to 2,006 units in Calgary in September, and 65.9% to 1,729 units in Edmonton.
The price of an average home listed on the MLS system slipped 6% in Calgary to $390,599, and fell 5.6% to $324,906 in Edmonton.
 
Gregory Klump, CREA's chief economist, said Calgary and Edmonton are now "much firmer markets" than just a few months ago, when high new listings drove the resale market deep into buyers' territory.
 

Now, as listings are dropping and sales are rising, the real estate markets in both cities are on the verge of once again becoming sellers' markets, he said. Ed Jensen, president of the Calgary Real Estate Board, said September usually is a strong month in the third quarter, which roughly covers the summer months.
 
Investing in real estate in Calgary, he said, is a safer investment than putting money into the stock market.
The main index of the Toronto Stock Exchange fell more than 600 points yesterday in yet another day of turbulent market swings. "People should take note," he said. Housing inventories have been declining since this spring, whereas demand is picking up, Jensen pointed out, cautioning, however, one month's date doesn't constitute a trend.
 
Nationally, new listings retreated more than 3% in the third quarter while unit sales decreased 1.5%, causing the balance of sales to new listings to tighten on a quarter-over-quarter basis for the first time since early 2007.” "
 
 
After a few volatile weeks in the stock market, people may start looking at Real Estate as a safer place without such crazy fluctuations. With Real Estate, you will always own the land. With stocks you may just have a piece of paper at the end of the day.
What is more appealing?
 
So if you are thinking of buying, this may be the time to do so as our inventory is going down and only time will tell if we will see a Seller's Market Return.

 

Justin Havre

CIR Realty

Office: 403-294-1500

Calgary Real Estate  | www.JustListedCalgary.ca  | www.CalgaryPropertyValues.ca

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Justin Havre

Justin Havre Justin is a REALTOR® that serves Calgary and the surrounding areas with great knowledge of the Real Estate Market. He has the drive and dedication like no other to get the best results for each and every client.  Their best interests always the priority and he always listens to their real estate needs and wants. Read More

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