Here is where you will find an overall snapshot of the Calgary real estate market all the way back to 2000. At the end of every month the latest market statistics will be added until the final total in December 2008.
Also as a new addition there will be a monthly graph posted to give a clearer overall picture on what is happening in the Calgary real estate market as 2008 progresses.
So far this year the forecast remains positive and we are seeing housing inventory being absorbed fairly quickly, as long as they are priced accurately. After the seller’s market and large gains we have seen in the past couple years, buyers are now very cautious and are well informed on the areas and market. If a property is overpriced buyers are not going to jump all over it with offers, and ultimately the property will sit on the market.
As we proceed further into the 2008 we will have a better idea of what is in hold for the Calgary real estate market. Right now it is difficult to put a figure on how much the market will go up or down, but my prediction is we won’t see huge gains like we experienced in 2006 & 2007. However I do predict the now corrected market to regain its composure in 2008 and we will see modest gains in the range of 5% – 8%. However if inventory levels increase dramatically like we saw in the fall of 2007 then the prices may start to decrease. Supply and demand is really what it all boils down to in the end.
I hope you find this information useful. If you have any questions or comments please feel free to email me or post your comments on my Calgary real estate blog.