Article content continued
All these factors together, the report forecast the market will likely be balanced between buyers and sellers — a key change after several years of buyers’ market conditions.
While the forecast is cautiously optimistic, realtor Tim Jones is feeling so based on recent activity.
Even in the “last 10 days, the real estate market has heated up considerably,” he said, adding some properties are receiving multiple offers.
“We are in a market situation we have not seen for many years,” said the broker/owner of Re/Max Prime. He further added conditions are “reminiscent” of 2005 to 2007 when demand was very high.
Tennant cautioned, however, that conditions here won’t emulate Toronto and Vancouver, which saw significant price gains last year.
“That old cliche that all real estate is local really does apply,” he said. What’s more he worried about future federal government regulation.
“We continue to be concerned with federal policy that paints the country with the same brush,” he said, referring to the mortgage stress test, aimed at cooling demand in larger centres but only further hurt Calgary’s struggling market.
Still, Lurie noted conditions appear fair. Affordability is up with borrowing costs 20 per cent below what they were two years ago. Similarly, home prices are lower, too.
But she remained circumspect, advising buyers and sellers to think beyond the next few months.
“What happens to future growth?” she said. “That can really influence your decisions as you move forward.”
