The spring season is here with us in Calgary's real estate market but for the first time in a long time - there is very little inventory.
In fact, in Calgary's NW neighbourhood of Tuscany, there are only 10 houses for sale - as of this morning.
Normally in April, there would be about 50-70 homes for sale in Tuscany.
Needless to say, this is a sharp drop and it puts upward pressure (read Seller's Market) on the houses that are listed. Whereas you could buy a 2000 sq ft house in Tuscany before the pandemic for about $500,000-$600,000, that same house now costs $700,000-$750,000.
I just sold the house in the picture above for $720,000. It was a 4 bedroom, 3.5 bathroom home at 1870 sq ft.
Since the Bank of Canada announced last Wednesday (April 12th) that they will keep the benchmark rate of 4.5%, the buyers are still looking through new listings and trying to find the perfect home.
As always, if you would like to speak to me in person about buying or selling real estate in Calgary, please don't hesitate to reach out.