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Karen Jardine
CIR Realty
#100 707 10 Ave SW, Calgary, Alberta
P: 403-874-2712
F: 403-000-0000
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Thursday, October 10, 2019 - October Real Estate Review

*If you'd like a copy of the REVIEW -- let me know.

As expected, the seasonal shift into Fall brought with it busier markets. The sales in September saw an increase of over 5% across the Province compared to those of September 2018, which has edged the sales mark year to date closer to the total volume of sales this year compared to last which continues to help balance markets.  

When looking at the Provincial numbers, they are heavily impacted by the activity in the larger markets of Calgary and Edmonton. Both of these areas continue to see higher sales activity year over year which is helping those markets to return to more balanced conditions. Even though there are improvements in the larger markets, there remains to be challenges in smaller markets such as Fort McMurray, Grand Prairie and Central Alberta which is likely due to weakening job markets. Some interesting numbers to follow are with in the job  markets are the unemployment rate which is remaining to hover around 7.2%, the job vacancy number that is over 41,700 and the employment insurance recipients number that continues to drop.  While many of the jobs that are available, or been created are at a lower income level than what Albertan's are used to, the average weekly earnings is still ~14% higher than the National average which would help explain why we are still continuing to see a net migration into Alberta. This would also help explain why the lower price points in each of the markets is moving better than the higher ones.

The trends that are important to watch in each of the markets is the tightening rental markets that will feed the first time home buyer market, and the lower price points that feed into the move up markets. If we pay attention to the trends in the market places below the homes that are being listed then there is a strong chance that you will remain ahead of the developing trends in the micro markets that make up each of the regions across Alberta.

It remains to be as important as ever to be diligent in pricing homes as per the economic conditions that each area is faced with. As long as sales help maintain or reduce inventory levels, we anticipate balanced markets to end the year.  With the months of supply being 10.5% lower that September 2018, the markets seem to be heading in the right direction.  If the sales activity continues to be active, that will help continue to balance the markets but it will not yet be high enough to have a significant impact on pricing trends.   

posted in Make you Think NEWS at Thu, 10 Oct 2019 04:40:50 +0000

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