“Persistent weakness in the job market and changes in the lending market impacted sales activity in the resale market this year,” said CREB® chief economist Ann-Marie Lurie. “This contributed to elevated supply in the resale market, resulting in price declines.”
2018 certainly had its challenges: Sellers have had to adjust their expectations and in many cases make a decision to pull their listing to relist down the line or, submit to price reductions to adjust to increased supply and decreased demand. For buyers, the increased inventory both in resale and new builds and more stringent lending conditions may have decreased the buyers purchasing power all while interest rates have continued to rise. A trend that is expected to continue into 2019. It remains a buyers market in Alberta with a market recovery predicted to be on the slower side. Keep in mind when buying and selling in this market it is somewhat relative. You may sell lower but are also taking advantage of price reductions that have been made on the buying side.
When deciding to buy or sell it is of utmost importance to have a deeper look at your specific set of circumstances and your location, as there are a number of factors that will determine if now is a good time for you. If you would like a home evaluation or just want a little professional advice, reach out!
Diandra Johnson | 403.660.8608 | firstname.lastname@example.org
Here's an article with a few more insights on some predictions for 2019.
>>>>> The Latest in Mortgage News – 2019 Forecasts (December 21 2018)