Market analysis

Airdrie housing market boucing back

BY STACIE GAETZ

Local Realtor Matt Carre says the housing market seems to be adjusting to the effects of the COVID-19 pandemic.

The Airdrie Realtor of 14 years says although the market is slower than it would be without the pandemic, houses are still moving.

“When I talk to friends or clients, they think the market must be completely dead but that is not the case,” says Carre.

According to the Calgary Real Estate Board (CREB), average prices have declined, but some of this is due to more homes being sold in lower price ranges, as there was a significant decline in sales for homes priced above $500,000.

Carre agrees and says it is currently a buyers’ market, but it is relative to the price mark.

“The lower-priced homes certainly have more activity,” he says.

“It’s the higher-priced homes that are seeing very little action right now. Hopefully as the economy opens up more and more, we start to see more activity on the higher-end homes.”

CREB chief economist Ann-Marie Lurie agrees.

“The initial shock of COVID-19 and social distancing measure is starting to ease. This is bringing some buyers and sellers back to the market. However, this market continues to remain far from normal and prices are trending down,” says Lurie.

“Activity has also shifted toward more affordable product, which is likely causing differing trends depending on product type and price range.”

According to CREB, while sales in Airdrie slowed to 60 units in April, May numbers jumped to 99 units. Activity has slowed compared to previous years, but the decline has not been as steep as what has been recorded in Calgary. The region has also seen a similar decline in new listings and inventory levels. This has helped push the months of supply back to four months, which is similar to the levels recorded prior to the COVID-19 outbreak.

Rozy Gill Sethi is currently going through the process of building a home in Midtown and says the uncertainty around the COVID-19 pandemic has caused her some stress.

She signed the documents with Shane Homes for purchase in November and was expected to move in in mid July, but that date has already been pushed back to mid August due to construction delays related to the pandemic.

“It was really scary thinking about what will happen in the future and wondering when this pandemic will end, as well as the stress that comes with moving during a pandemic,” says Gill.

She adds that she and her husband have decided not to sell their current home because of the instability in the market.

Carre says he sympathizes with buyers and shares some advice for those in the market for a new house during this uncertain time.

“When starting the process, make sure they have a solid pre-approval and once they do buy, make sure the bank will honour their commitments even if something changes financially for the buyer,” he says.

“And get it in writing. Buyers certainly need to be open and honest with their lenders so that they don’t put themselves in a tough position after they’ve removed their conditions.”

While the market is tough on homesellers right now, Carre assures that houses are moving, for those ready to make a sale at any time.

“Have your home in showhome-like condition,” he says.

“There are still sales happening, so you can’t just assume you won’t get showings. Also, I get asked all the time, ‘When is the best time to list your home?” and my answer is always, “When you want to sell it.” If there is someone out in the market today that would buy your home and you are not listed, then they will not find you and you may miss your opportunity.” life