With February just behind us, it is time for another look at the market. CREB’s monthly report’s heading for this month tells the story … “Housing Market Feels The Chill as Oversupply Continues”. So what does this all mean? In simplest terms, there are more houses for sale than buyers looking to buy. When supply is greater than demand, then prices are pressured downward. This this is not great for sellers, but it does offer great opportunities for buyers. Months of inventory for detached homes in Calgary remains above five months, while prices are over five percent below levels recorded last February. Okotoks is a similar story, however with even higher months of supply with just over ten months and year over year price decline of just under 5%.
