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Arranny Khuong
Real Estate Professionals Inc.
202, 5403 Crowchild Tr. NW, Calgary, Alberta
P: 403-629-0282
F: 403-592-9016

Sunday, September 12, 2010 - Calgary Housing Market in a Period of Correction

“Calgary’s housing market has been undergoing a measured correction over the past 4 to 5 months. Sales are trending lower as a result of a decrease in first time home buyers entering the market and a decline in pent up demand following a strong post-recession recovery,” says Diane Scott, president of CREB®.

“There has been much talk recently about the potential for a housing bubble in Canada--but the economic fundamentals at play make this scenario unlikely for Calgary. What we are seeing is an adjustment to higher levels of inventory and a shift to a buyer’s market.”

“A slower than anticipated pace of mortgage rate hikes and continued improvements in employment are more likely to bring stability rather than volatility into Calgary’s housing market as we move into 2011,” adds Scott.

“We expect a period of correction will continue into the fall of this year. Prices may sag in the short-term and level off as we move into 2011,” says Scott.

“Homebuyers and sellers should keep in mind that market trends are unique even throughout the wider Calgary region. A case in point is the relative strength of Calgary’s town and country market, where sales have remained at 2009 levels. Homebuyers and sellers should speak to a REALTOR® to better understand the opportunities in our current market,” says Scott.

posted in News at Sun, 12 Sep 2010 16:11:50 +0000

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