Are Sales Numbers Returning to Normal?

Factors to Consider...

Calgary's housing market saw a much-needed boost in October compared to the same month a year before, according to numbers recently released by the Calgary Real Estate Board. There were 1,644 units sold citywide—marking a 16% increase over October 2015. The biggest jump came from sales of detached homes valued between $300,000 and $400,000.

The move marked the first time in two years sales numbers resembled what officials call a “normal” level, but they aren’t getting excited just yet. Rather than signalling the bottom of a downswing in the housing market, the increase in sales is likely the result of new mortgage rules coming into effect, CREB® chief economist Ann-Marie Lurie said in a release.

“The combination of all these factors may have encouraged some purchasers to take advantage of the market conditions, particularly in the lower price ranges,” she said.

“However, with several factors at play, the monthly shift in demand may be temporary and will need to be monitored over the next several months.”

- Courtesy of CBC news, Calgary