Remax of Western Canada just released its 2016 Spring Market Trends Report and here are some of the Calgary market highlights:
- Calgary had a slow start to the spring real estate season as oil prices dipped in January, making buyers and sellers hesitant to enter the market. As oil prices showed signs of recovery, there has been an uptick in real estate activity.
- Sales were down slightly in Q1 and new listings were up 6.25%.
- The average residential sale price was $467,748 (up slightly from Q1 2015, where it was $466,451).
- The first time buyer segment of buyers remains the most active segment of our market, with single family homes under $400,000 in the highest demand and with the most healthy activity.
- The apartment style condo (particularly in Calgary’s downtown core) is in high supply.
- The effects of the economic downturn have been felt most acutely in Calgary’s luxury housing market, particularly in the high-end acreage market outside the city. Within the city, luxury property that is well located and high quality continues to sell, despite a weakened demand in this segment.
- New residential construction has slowed considerably which is expected to help with inventory absorption on the resale market side.
Click on the link below for a copy of the full report: