Mortgage wars have produced rates at record lows as banks battle for market share. In this respect, it’s a buyers dream. Unfortunately, the Calgary market hasn’t been quite as cooperative as inventory levels remain low resulting in an increased number of multiple offers and homes selling above list price.
Sales are tracking close to last years level but with fewer homes available. As of yesterday, SFH inventory was down -14% from last year while condo inventory was down nearly -10% and has been trending lower for consecutive years.
Note: my 2009-2011 SFH active listings calculations included vacant lots in the totals. For comparison, there are currently 68 vacant lots for sale, bringing the total into the 3300’s, but still well below previous years.
Single family homes sales in the first two weeks of March are up 4.41% while condo sales are down -5%