Calgary Real Estate: Window of Opportunity Closing?
Updated May 1 2016: At the risk of sounding repetitive, Calgary real estate sales continue to be slow as April nears an end. Traditional 1st quarter seasonality combined with oil’s February’s 13-year low of $26 per barrel have had a negative impact on sales and prices.
While market activity increased with the arrival of spring, sales continue to trend downward year-over-year. There was a 3% decline Yr/Yr for detached home sales in April. Meanwhile apartment condo sales were 21% lower than 2015. Compared to the pre-oil drop of 2014, detached home sales are 25% lower while apartment sales are down 39%.
The median sale price for detached homes is virtually the same as 2015 (+0.6%), and only 1.2%…