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Residential real estate in Calgary increasingly a buyer's market

Calgary's real estate market has been on the lips of many across the province, as sale rates continue to decrease through 2018. While a slowdown was expected by the Calgary Real Estate Board, sale figures have dipped lower than projected. From Jan. to Sept. 2018, less than 13,000 properties changed ownership in the Alberta city. This is a decrease of 14 percent in residential real estate sales from the same period in 2017.

The slowdown marks a 10-year low, after summer failed to bring the expected sales boost seen in years prior. The trend comes after a few years of slowly decreasing sales, suggesting that this may be somewhat of a new normal for the city's market. The biggest boom in the market took place in 2014, after which things began to slow. 

By contrast, sales by the end of Sept. 2014 had surpassed 20,000, reaching 26,000 by year end. The decrease in sales has had an impact on home prices, making it a strong buyer's market. As of September, nearly 8,000 homes were on the market in the area.

Buyer's markets might mean sellers need to take a hit in price, however the benefits for those looking to purchase a home are plentiful. However, they should know that many sellers are not listing their homes and just letting agents quietly know they would sell, as they do not want to deal with lowball offers. Residential real estate buyers in this market should work with an Alberta lawyer on their paperwork to ensure they consider all the possible qualifications needed for a successful purchase.

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