Sales are up in Cow Town's housing market, although levels are still nowhere near what they were in the latter part of the 1990s. Although the real estate market has been rallying in Calgary and in other areas of the province, it's not near the level it was moving into 2014, prior to the recession. Analysts say the good news is the market is continuing to move toward balance between inventory and sales.
The ratio of inventory to sales in February in Calgary sat at 47.5% -- just slightly below between the 50-60%, indicating a balanced market. The benchmark price of a home fell 0.79% last month compared to Feb. 2019 and puts the average price of a single family home at $416,900. Lower prices indicate that the market is still somewhat unbalanced in inventory.
The market also shows, however, that buyers are still finding the single home market to be less affordable than apartments, condos or town homes. Residents are still treading lightly due to the unpredictability of the energy sector. On the flip side, positive mortgage stress test changes may put more people in the real estate playing field in the coming months.
There are many things that affect the real estate market in Calgary -- from the economy to health issues like the coronavirus. But when residents do make the decision to buy or sell, a lawyer is a necessary team player to see transactions come to completion. A lawyer's part in any contractual dealings can begin from the start with advice for buying and selling clients regarding the legal aspects of these negotiations.