Only 13 thousand homes have been sold in Calgary in 2018, and that’s an alarming drop from this time last year.
Royal LePage realtor Stephanie Campbell says that sales have dipped 14 percent, and that the decrease in sales is harmful to both big realtors, and those coming into the business: “We’re one of the top realtors in this city, and when we’re even finding it slow, it’s interesting, we often think of folks who maybe have just come into the business.”
Campbell says that with over five thousand realtors in the city, they’re seeing just ten percent of them doing ninety percent of the business.
The price of entry-level homes could be to blame for the decrease in sales. The real estate market in Calgary has seen a spike in the prices of small homes, making it difficult for first-time home buyers. For those looking to upsize, however, Campbell says the timing is great: “If you’re upsizing, this is a great time to be doing it; rather than waiting for your house price to go up and then whatever you’re buying goes up more significantly than what you’re selling.”
Campbell says if more people decide to upsize while the market on larger homes is down, it will open up more affordable housing for first-time home buyers in the city.
— Danica Ferris
— Ryan O’Donnell