Calgary real estate sales continued to be slow relative to 2021-2025. However, inventory levels have also reduced due to a reduction in new listings. Prices are lower than last year but have generally levelled out. Apartments and Town Home inventory levels have dropped considerably which has helped the reduce the downward pressure on price. However, it will take some time to clear the current new apartment and townhome inventory and fill all the rental units being built in Calgary.
The Mid to Upper end market continues to see growth and good sales volumes. As prices have increased, I call this market the $1.2 to $1.6 million bracket. 40% of the homes sold in the past 3 months have sold for list price or higher. Sales volumes are more than triple what they were just a few years ago. The buyers in this price point generally have considerable medium to long term confidence in the overall economic health of our province and country. As a comparison, the usually very hot entry level market of $500,000 to $650,000 only saw 20% of the sales in the past 3 months sell for list price or higher.
Okotoks still has constraints on new inventory which has kept prices fairly level. Overall sales are down, inventory is up, however, with only 2 months of inventory (Sales vs Inventory) the market is what I would call balanced.
I anticipate the next few months to be slower than normal given the trade uncertainties with the USA. Once this is dealt with and the Alberta Referendum related signs and flags come down, people will feel much better about making big life decision such as buying and selling their homes and property. For some during this time, I would say, problems can create opportunities.
