The Alberta Real Estate Association recently released their December 2019 market report, which reported that despite a reduction in inventory levels in the province, an oversupply still exists, leading to prices trending down in 2019.
In Calgary, sales activity for the year improved slightly, thanks partly due to lending rate adjustments, job growth, and lower prices. These increased sales helped reduce the oversupply in Calgary somewhat, but prices still dropped overall.
Edmonton started out 2019 on a pretty sour note, but the final three quarters saw strong sales, which stabilized sales activity for the year. Like Calgary, they still haven’t recovered completely from their abundant housing supply, and prices dropped nearly 3%. The decline started to slow as the year progress, however.
In contrast to its larger neighbours to the north, Lethbridge saw modest gains in its housing market for both sales and prices, staying in line with previous highs, one of the few regions in the province to do so in 2019. There is some concern of an increasing housing supply in the Lethbridge area, but its not enough to affect prices too much, which are growing.
In summary, the Calgary and Edmonton markets are probably more favourable to buyers than sellers, and Lethbridge appears to be transitioning to a seller’s market. No matter where you live, contact us today if you’re thinking of buy a home. We can find a mortgage that’s perfect for your unique situation.