March was a wild & crazy one in our industry, with the highest sales on record SINCE 2007! Strong monthly sales, combined with price gains across all areas of Calgary and outlying small towns, made it a fun (and busy) month for all. Yet despite recent price gains, it is important to note that overall benchmark prices for Calgary area remain five percent lower than 2014 highs. So we are 6-10% higher than last year’s numbers, but still 5% lower than our averages seven years ago.
Many of you have asked me whether we are anticipating further price gains. I’d love a crystal ball here … but short of that I will simply relay CREB’s chief economist’s outlook. Yes, we will likely see further gains for near future. Balanced conditions will eventually be achieved, but “it could take some time before we see this shift in the market.” (chief economist Ann-Marie Lurie).
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