Calgary’s warm weather is pushing up more than daisies this spring. Home buyers appear to beating a steady path to Calgary in search of new employment and the new optimism in Alberta’s economy is providing traction to our real estate sector.
Last month, single family home sales increased 17% over March 2011 and Condo sales increased over 7% from the previous year. Coupled with an overall reduction of 1.8% in new listings the effect is to shift the advantage from a Buyers’ market to a Seller’s market in many sectors. We”ve witnessed a marked increase in the inner city especially in the market for 50’ sub-dividable lots which is now attracting multiple offers on properties which are priced correctly. Overall, we expect the resurgence in the market to continue to gain solid momentum this year as demand continues to pick up with increased in migration to supply new jobs. The only speed bumps in sight for the near term would be significant increases in mortgage interest rates. For more details view the full CREB market update.