www.kentbamber.com Marketing Quality Calgary and Area Homes Since 2002.

 


Calgary Real Estate


Calgary Real Estate Board, August 2, 2016

In step with City census data on declining net migration levels, housing sales activity totaled 1,746 units in July, a 12.3 per cent decrease over last year and the 20th consecutive month of year-over-year sales declines.

"Continued pullback of sales activity is a sign of economic conditions," said CREB® chief economist Ann-Marie Lurie. "The number of unemployed workers keeps rising and when you combine job losses with declining net migration, the result is going to be weaker housing demand."

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

While detached price seem to be leveling, this is not the case for all property types. With over six months of inventory in the apartment sector, oversupply continues to create steep price declines.

The apartment benchmark price totaled $277,000 in July, a 0.4 per cent decline over the previous month and 6.6 per cent below last year’s levels.

City-wide benchmark prices for detached product totaled $502,300 in July, which is similar to last month, but 3.4 per cent lower than last year’s levels. Meanwhile, semi and row attached product recorded a year-over-year decline of 3.1 and 5.5 per cent for July prices of $385,200 and $310,300.

"To buyers and sellers that have been paying attention to the housing market in Calgary and surrounding areas, it should come as no surprise that we continue to see a slowdown in sales activity," said CREB® president Cliff Stevenson. "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." Click here for July 2016 Calgary Real Estate statistics.

As an expert in the art of professionally marketing homes, Kent Bamber holds a Bachelor of Commerce degree (Marketing; University of Saskatchewan; 1997), as well as ePro® certification (Online Real Estate marketing; National Association of Realtors®; 2007). A member of the Multiple Listing Service Million Dollar, RE/MAX Platinum & RE/MAX Hall of Fame Clubs, Kent operates within the top percentile of all Canadian Realtors®. Whether your focus is an entry level condominium or a luxury home, Kent's promise to you is that your experience will be both stress-free and enjoyable. Acquire the inside edge today by taking advantage of our complimentary Automated Home Search and Market Evaluation.

Representing over 600 families and home builders in the sale and/or purchase of their homes since 2002, Kent's total real estate sales volume is well in excess of 500 million dollars. As a testament of Kent's ongoing commitment to Customer Satisfaction, over 80% of his business comes directly via his existing Client base. An Individual with solid core values who consistently exhibits unprecedented marketing and negotiating skills...Contact Kent Bamber Today!

 

  


Marketing Quality Calgary and Area Homes Since 2002.

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