Mike Ouellette
RE/MAX Realty Professionals
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The market at the moment is reminiscent of how things took off in the spring of 2006. Homes in many price ranges are being sold within hours of listing, at full or above list price with multiple offers. I'm having to update prices on a daily basis as each sale changes things a bit.

This is happening on a national level and seems to be mostly Covid driven, as supply has shrunk to levels not seen in years. The demand is driven by a few different factors, some Covid fatigue, interest rates and a bit of a backlog of buying activity that didn't occur in the last few years due to down markets.

The most likely scenario for this year will be a continuation of these current crazy conditions for a few months, followed by a decrease in buying as the backlog starts to decrease, then a rise in supply as restrictions ease and of course as more people list to try and take advantage of the upswing in the market. Anyone that's been waiting for a better market to sell in, now is the time!

Hope you're having an awesome day!

This months CREB stats report can be accessed by clicking here:

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This is so true! I made a conscious decision a number of years of ago to spend less time worrying and more time taking action to accomplish what I was worrying about and it definitely brought more peace into my life (and the others around me!).

Holy cow! What a crazy market so far this year! Sales year to date are up 42% from last year and the active inventory is down 21%. And this is comparing to pre-Covid sales from January last year. Homes are getting 10, 15, 20 showings and multiple offers within days of being listed. This is the highest amount of activity since 2014.

I don't expect this to last forever, as I'm guessing more inventory will come on the market as restrictions loosen and of course more homes will be listed specifically because of the surge in activity, but for now it's a hold on and here we go kind of market. For people that have been waiting for an uptick in the market to be able to sell and get out, this is definitely it.

Hope you're having an awesome day!

This months CREB stats report can be accessed by clicking here:
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Client Newsletter - December 2020
This will be the last newsletter for the year, so I wanted to take the opportunity to wish you and your family a very Merry Christmas and all the best for the year ahead. 2020 has been a challenging year for many and very different for others and I hope that 2021 brings some joy back into your lives.

I also wanted to say a heartfelt Thank You! Things were very different in the Real Estate market this year, but it was also a testament to how valuable my clients are. My business this year has been over 70% repeat and referral, and I just wanted you to know how grateful I am for that. Tough times always reveal who is most important to you, and this year has shown me that again, in spades!

Now, on to what's happening in the Calgary and area market:

For the sixth month in a row, sales in the Calgary market recorded a year-over-year gain.

Sales growth over the past several months has been the strongest seen in the past five years, but the activity has not been strong enough to offset the pullbacks from the spring. Year-to-date sales remain over three per cent lower than last year's levels.

New listings continue to slow, reducing inventory in the market. On a year-to-date basis, new listings have eased by nearly ten per cent and are at the lowest level recorded since 2001. This has reduced the oversupply that has been impacting the market for nearly five years.

"The gains in sales in the latter part of this year have been a bit surprising considering the job losses and unemployment rate in our city," said CREB® chief economist Ann-Marie Lurie.

"However, it is important to note that the shift to more balanced conditions has been mostly driven by the reduction of supply."

First time buyers are still a large part of the market, due to historic low interest rates. It seems like a good time for the younger group to enter the market. I have a very specific strategy for first time buyers to help insulate them from any market shocks, so if you would like info on that, just let me know.

This months CREB stats report can be accessed by clicking here:

Hope you are having an awesome day!!
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