Calgary Real Estate Market

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Calgary Realtor

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Nov 18, 2008 5:01:55 PM

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Calgary's real estate market has been hard hit with declining sales numbers and high inventory. We in recent months have begun to see those numbers change in small ways. First the number of new listings coming onto the market is declining as well as overall inventory. Sales in October have decreased since September in line with general timelines.

Combine this with the turbulence of the world economy and our market is suffering like many others. We have on our side a low unemployment rate and a net migration to our city in the past month totaling about 1600 people. I we look at these as market indicators we could perhaps in different time predict a stabilizing of the market. However, these are not normal times and with the energy sector taking big hits on the price of commodities Calgary has yet to see what the fall out will be.

Luckily we are one of the few economies in the world that operate on a yearly surplus. This year our surplus was a projected 8.5 billion dollars which has since been decreased to a 2 billion dollar surplus, quite a drastic reduction but a surplus nonetheless. This surplus offers some comfort when we see at other major world economies going into severe deficits.

People in Calgary as I am sure in many other urban centers are waiting to see what will happen but we need to remember that the reasons for people buying and selling real estate remain largely the same - job, marriage, divorce, kids and death. For those reasons there will continue to be buyers but the lack of investors or upgrading will be largely felt.

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