Steadily depleting listings in Calgary might put a hard stop to the generous affordability that the market has enjoyed for much of the year, according to the latest Royal LePage House Price Survey released earlier this month.
“Sales activity has increased as buyers take advantage of lower prices,” Royal LePage Benchmark broker and owner Corinne Lyall said. “Consumer confidence improved in the last quarter compared to the beginning of the year, and inventory has tightened, causing increased buying decisions.”
“Eventually, prices will increase to reflect the decline in the number of listings on the market. Interest rates are still low, so potential buyers might want to consider entering the market now.”
During the third quarter, the aggregate home price in Calgary shrunk by 4.3% annually to $464,542. The largest decline was seen in bungalows, which fell by 5.8% to $492,511.
Meanwhile, two-storey homes suffered a 3.9% year-over-year decrease to $508,860. The market’s condo median price also dropped by 3.5% during the same time frame to $274,045.
Looking to the final quarter of 2019, Calgary will likely experience a further 2.4% annual decline in aggregate housing value, to end up at $465,007. This will be a mere 0.1% higher compared to the Q3 2019.