Housing Market Characterized by Slow Demand

CREB® monthly statistics packages came out today for the month of December.

M2’s thoughts:
Calgary’s residential market has really started to favour buyers! Increased listings and softer sales have pushed up our total inventory levels. Though they are still not as high as the recession in 2008! Price activity really varies depending on the segment of the market but overall we have seen a declined in price trends citywide. That means now is the time to buy!!
So, call me maybe 🙂
What do the experts say:
Elevated supply levels placed downward pressure on prices in December
Calgary, Jan. 4, 2016 – With the focus shifting toward the holiday season, December sales activity slowed to 878 units in the city, 18 per cent below last year at this time and well below the five and 10-year averages.
As a result, the unadjusted benchmark price dipped to $448,800, a 0.42 per cent decline over the previous month and 2.33 year over year.
CREB® chief economist Ann-Marie Lurie noted December followed a pattern established early on in 2015, which was characterized by slower housing demand.
“Economic uncertainty, followed by weak economic conditions and job losses, contributed to slowing housing demand throughout the year,” she said.
“That said, while aggregate prices trended down in 2015, it was not to the same extent as some had speculated. Supply levels were low moving into this cycle and thus provided some cushion to absorb the inventory gains.”

If you want to see the entire package – just let me know!

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