Happy February!
It's been a great start to the year! I had the chance to take part in the CREB forecast for 2023 with Ann-Marie Lurie, Chief Economist for CREB and by all accounts it looks like the Calgary real estate market will remain strong this year. Oil prices, migration to Calgary and low inventory of homes on the market being 3 of the major factors.
If January is any indication of this, all 3 properties I listed were sold within a week of listing, each with multiple offers above asking price.
Looking forward, I have listings coming in Killarney, Mahogany, Cougar Ridge, and Tuscany, so be sure to keep an eye open for those.
The level of new listings in January fell to the lowest levels seen since the late 90s. While new home listings fell in nearly every price range, the pace of decline was higher for lower-priced properties.
At the same time, house sales activity did slow compared to the high levels reported last year but remained consistent with long-term trends. However, there has been a shift in the composition of sales as detached homes only comprised 47 per cent of all sales.
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