As we close off 2017, the Calgary real estate market saw an uptick in sales. This is great news as it is showing there is consumer confidence in the Calgary market. On the other side of the coin, inventory increased causing downward pressure on prices.
From The Calgary Real Estate Board:
"Sales activity for all product types improved in December and pushed monthly sales to long-term averages for the second month in a row. However, new listings also rose, keeping inventory elevated compared to typical levels for December. With more supply remaining compared to sales, benchmark prices edged down for the fifth consecutive month. “Many of the economic indicators continue to post modest improvements, including improving sales. However, demand gains have not outpaced the additional supply coming into the housing market. This is creating some of the bumpiness in terms of price recovery,” said CREB® chief economist Ann-Marie Lurie, who added that prices have stayed comparable to last year. The gap between detached supply to demand closed in the first half"