Over all, the real estate market in Calgary is doing ok. The detached and attached home market favors neither the buyer nor the seller. However, the apartment market in Calgary has a large amount of inventory relative to sales due to an over built of new apartments in the past two years. The NE of Calgary is suffering the most with the largest price declines in the city. The south and west of Calgary is dong quite well and Okotoks to the south is maintaining barely 2 months of inventory. However, over 35% of the properties for sale in Calgary sellers have done a price reduction, with Okotoks leading the pack with 40% of sellers reducing their list price. We are no longer in the boom times. With a recent pull back of 39% in new housing starts, expect a lack of new housing inventory within a year or two.
