The Calgary Real Estate Board (CREB) has recently released its market reports for the period of May 2018.
According to their most recent report and press release, inventory levels continue to rise, and sales are easing up, with the detached sector being cited as the area with the largest declines.
“The impact of rising lending rates and stricter qualification levels is causing demand to ease across all product types,” said CREB® chief economist Ann-Marie Lurie.
“Economic conditions have improved compared to several years ago, but the pace of economic recovery has not been enough to outweigh the changes in lending conditions.”
CREB President Tom Wescott further explains,
“The changes in the lending market are preventing some people from moving up in the market. Uncertainty has also caused others to wait on making changes to their housing situation,” said CREB® president Tom Westcott.
“However, there are pockets of the market that have not seen the same supply increase. It makes it so important to understand the dynamics of your community.”
The following data is a comparison between May 2017 and May 2018 numbers, and is current as of June 1, 2018.
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