Last time I shared with you that Calgary has been lagging behind the other provinces for real estate gains... In December 2020, our stats have started to point at a shifting market to favor sellers WITH detached homes.
A key indicator we can use to determine if we're in a seller's, buyer's or balanced market is "Months of Supply" . For the past couple of years we have been in a balanced market which is typically 4-6 Months of Supply. Today we're just a little over 2.5 Months of Supply!
What does this mean?
We have more buyers in the market than we have inventory. Homes are selling quicker and often times with competing offers. If this continues likely we may see some price gains this year for Detached home owners.
This can always change if we can an influx of homeowners looking to sell OR if mortgage rates increase again.