Low inventory, steady demand are setting up for a busy spring season yyc
The latest statistics from Calgary’s resale real estate market paint a strange picture.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.
“The last time we were under 3,000 units was back in 2014,” Lurie says, adding that only January 2006 had lower inventory than this past January. The price is down about four per cent from the all-time peak in May of $546,000 as rising interest rates have taken a bite out of demand compared with the first five months of 2022.Advertisement 4“There are very different conditions in the lower end than in the higher end of the market,” Lurie says.At the same time, resales for apartments units — considered the most cost-friendly segment — remained relatively strong in January from last year, down 10 per cent.
He notes many are first-time buyers still able to qualify at today’s higher but historically normal rates for mortgages to purchase a Calgary condo, which had a benchmark price of nearly $278,000 in January, up 10 per cent year over year.Article content
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