We’re still comparing 2019 sale with hot months in 2018. These are the months in 2018 where buyers were still closing deals with pre-approval from 2017’s more lax mortgage rules.
Comparing single-family home sales with last April, sales were down 6% in April 2019.
The mortgage rule (stress test) was put in place for the start of 2018 and it played a roll slowing the market through the last half of last year. Sales were a little hotter at the start of last year but we won’t be competing with those numbers anymore.
I expect sales in May 2019 to outpace May 2018. The tighter mortgage rules are still in place but some of the shock has lessened and home buying and selling will normalize more.
Check in early June to see how May sales do.
If you’d like a specific real estate stat report pertaining to the Central Alberta real estate market call or email Blake King with BigEarth.ca Realty anytime (403) 350-7672 or email him at firstname.lastname@example.org