Calgary Real Estate Market Update
August 15, 2016 | Posted by: Jay Meakin
In order to be a top mortgage broker in Calgary and completely satisfy clients, it is very important that your broker is aware of the current real estate market both locally and nationally. Jay Meakin is a Calgary mortgage broker who has built his reputation by offering honest and fair advice to all of his clients. Consistently checking in on the market allows Jay to be prepared for when you decide to reach out to him.
In May 2016, real estate sales and prices have dropped from the previous year. The Calgary Real Estate Board has reported that prices are down roughly 3% from last year. The benchmark price last month for an all-residential home in Calgary was $439,700 compared to $457,800 in May 2015. Unlike other major cities across the country, such as Vancouver and Toronto who have experienced 30% and 15% price increases over the past year, Calgary has seen a fall.
Recent oil prices and layoffs are said to be the reason for the decrease, however experts predict that things are going to be getting better as oil prices begin to improve.
The number of sales pending in May 2016 also dropped, indicating that sales for the month are even lower than they were one year ago. Pending sales dropped more than 18% while active listings increased by 14%.
It isn’t just the month of May that numbers have dropped in, either. From January to May 2015, total sales for all-residential homes hit 9,975 while the median price wasv$424,900 and pending sales were at 230. Over the same period in 2016 the number of sales were 8,887 with a median price of $426,000 and sales pending sitting at 142. Again, while numbers are down experts are predicting the Calgary market to stabilize itself as oil prices rise.
Below are some stats for all of the housing types in Calgary in May 2016 with the change from May 2015 in parenthesis:
* Detached: 1,216 (-11%)
* Attached: 431 (-7%)
* Apartment: 276 (-23%)
* Detached: $500,500 (3%)
* Attached: $332,100 (-4%)
* Apartment: $278,500 (-6%)
Days on Market
* Detached: 39 (+3%)
* Attached: 46 (+7%)
* Apartment: 49 (+2%)
Mortgage in Calgary, or anywhere for that matter, can be a complex process. The purchase and sale of a house involves mortgages and that’s why it is important to work with a mortgage broker in Calgary like Jay when making a home transaction. Having a professional on your side who has knowledge of the industry and offers a caring, fair approach is going to greatly benefit your experience.
Jay Meakin works to provide honest advice to his clients no matter what the situation is. With the local real estate market where it currently is and expected to become busier in the near future, a Calgary mortgage broker such as Jay can help make the entire process a smooth experience so you don’t have to worry. If you’re looking to buy in Calgary or the surrounding area, get in contact with Jay today!