It’s almost unfathomable that home prices in Calgary could ever reach the lofty heights that were attained in 2007. That was the year when Calgary home prices reached their peak. Today, the average price of SFH at $493,541 is higher than it was in May 2007($487,523).
One of the big differences between now and then was that in 2007, we had a surge of new listings in March, April and May. This year, since March 1, we’ve had 23% fewer listings. Inventory at the end of May will be about the same as it was in 2007, but the pace of growth is much slower.
Are we in for deja vu? Do you think it’s possible that we could reach, or even surpass, the peak prices of 2007? Why are so few homes being listed this year?
Bidding wars update: Over the past two days, 17% of sales were for list price or higher.