Ken’s Take on the YYC Real Estate Market Post Covit-19!

Fri, 17 Apr by Ken MacAulay

I hope all of you folks are doing well, Staying Home, checking in on family, friends & neighbors just to keep in touch & making sure they are staying well.

I will be sending out my Rants on the 15th as well as the 1st of every month going forward to keep all my clients up to date on every changing Real Estate market during these “different times “& what Realtors are doing to keep sellers & Buyers Safe.

I hope you are all practicing your MEDS!

Meditate, Exercise, Diet & Sleep, very important during this term of Social Distancing & Self Isolation.

Here is an overview of what has happened in the Calgary Real Estate Market as of April-15th 2020

 

  • CALGARY* TOTAL
  • Total Sales-April-1-15th 2020 =244
  • New Listings – April-1-15th 2020 = 603
  • Active Listings – April-1-15th 2020 = 5791
  • Average Price- April1-15th 2020 =$429,561
  • Days on Market (DOM) -April-1-15th 2020= 53

 

We are seeing a drop in New Listings so far by over 18%, for two reasons

1-Sellers are not interested in Buyers coming through their homes. There is a new Covit-19 protocol where Buyers & Sellers have a checklist they must fill out before viewing homes after they viewed the video & pics, floor plans, etc. Buyers must use masks & gloves while in the home.

2-Sellers that are in the Market now are “very motivated” to say the least. they have to move, either for work, family situation, etc

-We do not expect market pricing to change by too much as there are fewer homes coming to the market at this time, this may change after the deferred payment schedule is completed.

-Interest rates are low, I saw a 5yr. fixed today for below 2.50%

-Buyers now very cautious wondering if the prices are going to go down just a bit or drop 5-10%? This will depend on the number of listings we have, supply & demand always rules the market.

-The homes priced under 400k will always do well in any market, homes from 4-600K will be OK as well. The properties above 7-900 K will be a little less & over 1m will be a totally great buy!

-For all my Covit updates I look at a great blog post-https://rheuminfo.com/blog .to get the latest updates on the Covoit-19 situation that is very precise & to the point with the stats and advice which I find very helpful rather than watching the “rotating news channel” which is very “nauseating “

That is all I have for now!

Stay Safe, Stay Home, Stay Well,

Please don’t hesitate to contact me if you have any questions or would just like to chat .

Ken MacAulay

Cell or text – 403.471.6929

Or

kenmacaulay@remax.net

 

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Calgary Real Estate Board. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.