Calgary's real estate market shows signs of more 'balanced conditions,' CREB says

The Calgary Real Estate Board's latest year-over-year figures show some softening in sales activity, prices and listings in the resale home market, but there are also some positive signs.

Year over year, CREB says new listings decreased by nearly 19 per cent and that sales activity slowed by six per cent.

But Ann-Marie Lurie, CREB's chief economist, says there are indications that the oversupply is easing off and there is a better balance for lower-priced homes.

She says some recovery is being driven by homes under $500,000 where supply has been decreasing while sales activity has picked up.

"That under $500,000 segment, with it moving into much more balanced conditions, I would expect that you're going to start to see not just price stability, but we might move into price recovery," she said.

Doug Hayden with Exp Realty says there are some new opportunities for buyers as the under-$500,000 market gets more competitive.

"Most of what I'm seeing when I do an open house or I'm going out there, I'm seeing a lot of renters, which is very encouraging. So it's people that are getting off the fence and are finally looking at purchasing a home."

Lurie says Calgary is still a buyer's market, but one that's in recovery mode.