Let’s get into this month’s market update.
Sales have declined in Calgary over the course of June, at a number of 2,738, while we saw almost 400 more at the end of May. The Calgary Real Estate Board’s chief economist is saying that the lower sales reflect the lack of inventory at the lower price range, limiting the demographic with the ability to buy a house. The benchmark price also rose again in June, up to $608,000, with the most significant increases being seen on the East side of the city.
Breaking down the costs, we see that detached home median prices are at about $767,000, semi-detached homes are at $686,100, Townhomes have a benchmark price of $464,600, and apartments are at about $345,000. All of these prices are higher than last month by varying amounts, but semi-detached homes have definitely increased by a wider margin than the other home categories.
Airdrie and Cochrane maintained a stable number of sales this month, but Okotoks has experienced a slight decline due to a continued lack in inventory. Airdrie’s benchmark price has risen to $554,500, while Cochrane’s has risen to $571,100. These are both about $4000 higher than last month’s statistics. With the inventory shortage, Okotoks has actually seen about a $5000 decrease in their benchmark price.
These numbers are evidence that we persist in a seller’s market, and will likely continue to do so for a while. As interest rates decrease, home prices will most likely increase, meaning that right now may be the most advantageous time to buy for the foreseeable future.