Calgary continues to experience a shortage of inventory with 17% fewer listings than normal for this time of year. There is only a 60-day supply of single family homes on the market. In the lower price ranges, it’s even more severe. For homes priced under $500,000, there is only a 42-day supply.
Despite the shortage of listings, it was the third-best August ever for SFH sales(second-best for overall sales due to strong condo sales).
If you had any doubts about the lack of inventory, bidding wars are still going strong with 18% of sales for list price or higher.
If you bought an average home in Calgary in Aug 2013, the price has increased $29,100 in the past year.
From the archives
What were they saying last year? Aug 29, 2013 Garth Turner at greaterfool.ca predicted: “Prices are poised to enter a multi-year melt as supply overwhelms demand in places like Calgary. Renting units will grow cheaper as more come on stream …owners will see their net worth eroded while landlords subsidize tenants.”
Tried to find a rental in Calgary lately? The vacancy rate is the lowest in the country, and rents have increased dramatically in the past year. The “melt” has resulted in a price increase of 6.5% or $29,100.
Who can you trust?
Whatever happened to conspiracy theorist Ross Kay and his secret data? Last year, he and Garth Turner were ready to blow open and “expose” the statistics reported by the Calgary Real Estate Board. I called him out and am still Waiting on Ross Kay’s open and full disclosure
Pure bluster. Be careful who you trust.