Available supply in Calgary ramps up amid listless transaction volumes—report

With Calgary’s home sales volume remaining at a languid pace so far this year, more and more people are putting their homes up for sale, according to the Conference Board of Canada.

In its latest Metropolitan Resale Snapshot quoted by CBC News, the Board revealed that Calgary is among the 19 markets where transactions continued to cool off (out of 28 surveyed areas), with sales declining by 5.7 per cent year-over-year in July, down to 22,176 deals.

Meanwhile, the city’s residential real estate listings swelled by 10.6 per cent in the same time frame, up to 44,520. The average sale price fell 2.3 per cent annually, to $454,594.

With the petroleum-centric Albertan economy gradually making a comeback, the province’s urban housing markets are becoming more tempting for buyers and investors alike.

“For both Edmonton and Calgary, there are great buying opportunities right now, but there’s no rush,” Real Estate Investment Network (REIN) CEO Patrick Francey told Next Home. “That’s the good news. You’re finding the properties that cash-flow in a single-family would have preferably come from basement suites. Anything that’s in the $400,000 to $500,000 range is still very strong, but ultimately, there are good opportunities to buy. You’ve got to look for the deals, but they exist. And there are cash-flow opportunities, especially in single-family uptown suites.”

Calgary and Edmonton homes currently offer the best return for investors who prefer to “buy, hold, and rent,” according to data from the Canada Mortgage and Housing Corporation.

Related stories:
Calgary market to undergo “process of recovery” for rest of 2017
Calgary millennials own more homes than the rest of Canada’s young adults – survey

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