We saw a decent amount of activity in the community last month with 5 completed transactions although lower than the few months and also slightly below the same period last year.
Of the 5 sales, 4 were detached single family homes once again spanning a large price range from $535K on the low end to $3.05M on the high end and the remaining sale was a residential semi-detached/duplex home that sold for $351K. The overall actual Days On Market (DOM) numbers dropped noticeably to 70.6 days from 99 in July, this number has fluctuated a fair bit over the past few months which is prone to happen with smaller sales groups. The DOM for detached single family homes was 82.3 days while the DOM for the single duplex sale was just 24 days.
The current number of active listings remained identical to last month at 26 and the months of available inventory followed suit nudging up ever so slightly to 4.2 months based on the rolling sales average from the past half year.
Switching to the overall Calgary market we continued to see post-COVID lockdown resiliency with 1,573 total sales down just 7 transactions from August 2019 which is quite positive considering the challenges 2020 has presented.
Looking forward, it will be very interesting to see what the Fall and Winter markets look like after the remainder of the pent up COVID-shutdown demand subsides and the longer-term effects and trends begin to emerge. Speaking to this, the Financial Post published an article recently regarding mortgage payment deferrals indicating banks believe there is not be a looming ‘Deferral Cliff’, contrary to what other media reports have suggested.
“We’re not looking at seeing a big spike in foreclosures,” Bolger (RBC CFO Ryan Bolger) said at the Barclays conference. “We expect that these mortgages, as they come off the deferral programs, to remain the homes of our clients.”
This echoes sentiments we have had about the deferral period with Canadians’ historically steadfast commitment to hold on to their homes at all costs. Hopefully, this is the case as a large spike in defaults and foreclosures is never a good thing, for the real estate market, the overall economy or the individual homeowners themselves.
We are always here for all our clients and contacts and are more than happy to answer any real estate questions so please do not hesitate to reach out to us with any questions you may have.
We look forward to hearing from you soon.