If you are looking for a Realtor here in Calgary, make sure to reach out to ask your quesitons.
What did the Market do in November 2019
Well in short it seems that things are starting to improve if we compare stats to November 2018 as well as Year to Date statistics.
Sales year to date are up by 1.09% with a total of 15,774 trades happening so far in 2019 with I am sure a few more to come before the end of the month.
Not enough to make a massive difference though so expect that number to remain relatively unchanged.
New listings year to date are down by considerable margain, almost 11% overall comparative to all of 2018.
This was good news and likely kept the overall Median price adjustment from being any lower than the 2.84% drop that we have seen in 2019.
Where is the Calgary Real Estate Market Headed in 2020?
The big quesiton is: Has the Market Hit the Bottom?
I honestly don't believe we are there yet, but I fully expect to see a rebound by the end of the first quarter of 2020.
The fundamentals seem to be sound, interest rates are not going anywhere while the Bank of Canada keeps an eye on inflation. The announcement of 71,000 job losses last month in Canada is a concern and a metric to keep an eye on moving in to next year.
In-Migration to Alberta and specifically Calgary is up and is expected to continue in to next year, with new residents, they need housing. If they come to rent first, there is pressure on the rental community.
When vacancy rates drop we typically tend to see a bump in sales, if people can't rent, they likely make the move to buy instead.
Current oil prices are the new normal, it's what companies have been working with now going on 5 years. It has forced a lot of companies to cut costs and to reorganize, this is a large part of the reason we have seen such a massive amount of jobs lost in Alberta.
The bottom will hit, there will be a slight rebound but overall prices will remain where they are without any massive drops or increases in 2020.
Calgary's Hottest Communities
The hottest communities for sales in November of this year were:
The were the hottest in terms of sales, these 4 communities were outperforming most other communites in their quadrant and overall across the city of Calgary.
Quick Stat Video for the Calgary Real Estate Market
Interested in watching the quick video I posted up on Facebook and Instagram? Give it a look below: