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 housing game in Wild Rose country's two largest cities paint a very different picture. It seems that real estate sales in Calgary are up, while they're down in Edmonton. Some other areas of Alberta saw year-over-year increases in sales according to a report from the Alberta Real Estate Association (AREA), but sales in the provincial capital eased slightly due to a decline in homes on the market.
A western-based investment company just keeps adding to its portfolio. Crestpoint Real Estate Investments Inc. recently added two large office buildings in Calgary to its real estate inventory. The company can boast about owning TransAlta Place and Stampede Station with an additional 498,000 square feet of space. It is Crestpoint's first foray into office space holdings in Cow Town.
The year looks golden for those thinking of selling their homes in Wild Rose Country. A recent market survey regarding real estate in Alberta shows that home prices are expected to rise, especially in two major markets -- Calgary and Edmonton. Home prices in Cow Town are expected to increase by 1.5% in 2020 over last year, bringing the median price for a single family home to about $477,000.
Things are looking up for Calgary's home market. Alberta's Cow Town has had some good news recently regarding the real estate sector which is now poised to come out of a yearslong downturn. In fact, the market in the entire province is rallying due to overall increased economic growth and a more lively gross domestic product sector.
The prices of new, single family homes in Cow Town are still declining. Alberta real estate continues to take a hit, especially in Calgary where the number of new builds has dropped by about 16% from the same time last year. House prices for new homes in the city have decreased by just over 2% since July of last year and experts are putting the blame on oil prices that have been continuing to fall over the last five years.
The province is looking for a new real estate regulator. In fact, the Alberta government is primed to fire all board members who regulate the real estate industry provincially, citing dysfunction and infighting. The province is disbanding the board and appointing an interim administrator until a new board is formed. The minister responsible for Service Alberta said the Real Estate Council of Alberta (RECA) is rife with problems that have gone on for too long without possible solutions.
Homebuyers and sellers in the Calgary area will now have the opportunity of getting the best price on their purchases. A Calgary-based company has come out with a product to help those searching for their next real estate deal to easily access data that may help them to get a fair price for their next homes. Information includes the last sale price of all Calgary residential properties.
The glut of homes for sale in Cow Town is easing, experts say. That's good news on the horizon for prospective real estate deals in general in Calgary. The market is starting to move again with sales up by about 7% in July as compared to the same time last year. According to the Alberta Real Estate Association (AREA), the uptick was more than likely due to a rosier employment picture, lower home prices and stable interest rates.
Buying or selling a home can be exciting. But for Alberta real estate salespeople and those elsewhere in the country, it can also be dangerous. Salespeople often work alone, most don't work set hours, and it can be particularly dangerous for women. After the recent sexual assault of a female Calgary real estate agent who was overseeing an open house, the Alberta Real Estate Association (AREA) is making a special safety app available to its members.