Calgary Real Estate market Update December 2015
December is notoriously a slow market, added economic uncertainty in Alberta and the O&G market only further add ‘fuel’ to the fire.
Although the markets in condos/starter homes aren’t greatly affected there are still deals out there, we’re seeing that some sellers are getting creative and throwing in luxury items as incentives to buy, now expired a listing in Bayview was offering a TESLA Model S (My dream car!) to incentivize buyers, although I’m sure some may believe that the price of the car is slightly or completely worked into the overall selling price.
Sales are down over 25% from this time last year, and inventory is higher at over 30% from December 2014, I’m seeing a lot of sellers highly motivated and some very nervous who are releasing properties for much less then their listed prices. This means it’s a great time for new buyers to enter the market and capitalize on nervous investors.
Although times are tough for many, I’ve spoken with a lot of investors / owners who have said they’re going to ride it out, with the low interest rates, many fiscally responsible buyers who didn’t extend themselves and cap out their purchase power are confident that (as am I) that the Calgary market will return to it’s previous form.
Always remember, incentives and offers must be offered by the seller and not the listing agent, only brokerages can offer these deals.