We have more supply than demand

According the the Calgary Real Estate Board stats, the Vulcan region had seven sales report in July, while there were sixteen new listings. We have over 13 months of supply on the market for residential properties. Average days on market is 100. What does this mean? As a buyer, you have little pressure to purchase right away. You can take your time in making a decision to purchase. As a seller, you have lots of competition. What is going to make a buyer choose your place over the others? Price and curb appeal are two big factors. Taking a quote from the August 1, 2018 article from CREB link, "the Bank of Canada raised rates again in July. Rising costs, combined with a slow recovery, are weighing on the demand for resale homes in the city. At the same time supply remains high and is resulting in an oversupplied market.” That is based on what is happening in the Calgary market. We can apply some of this to our local market. This spring we had a lower than average inventory of properties on the market, and now we have above average. Good for buyers, while a challenge for sellers.