Market Statistics

Home Prices Remained Stable in May!

Fueled by the detached sector Calgary home prices trended up for the fourth consecutive month but remain below the 2014 highs. Improved demand and easing supply has created more balanced conditions and ultimately some modest price gains. It will still take some time for prices to recover the transition in the detached segment is an important first step to stabilization across all segments of the housing market.

The detached benchmark price for May is $509,000 an increase of 1.07% year-over-year. The apartment benchmark price is $271,200 a decrease of 2.90% and the attached benchmark price is $333,900 an increase of 0.15%. Overall sales for the month totaled 2,119 units, compared with 1,920 during the same period

Housing Market Retains Momentum in April! 

Calgary’s housing market continued to show signs of stability in April. With improvements in the labour market and a balanced detached sector there is less uncertainty for people who are sitting on the fence. The relationship between sales and inventory will be a key driver for pricing in the months ahead.

The detached benchmark price for April is $504,100 a decrease of 0.06% year-over-year. The apartment benchmark price is $269,200 a decrease of 4.23% and the attached benchmark price is $331,500 a decrease of 0.93%. Overall sales for the month totaled 1,917 units, compared with 1,768 during the same period last year.

The City of Calgary home market has 3.16 months of inventory and the sales to new

Housing Market Set for Favourable Lead Into Spring!

After an extended period of disconnect between supply and demand, Calgary’s detached housing sector is firmly in balanced territory.  Sales were still 10% below long-term trends in March, but above levels seen in recent years, while average inventory declined compared to last year, supporting price stability in the detached market.

It’s not so much that demand went through the roof in March, but that we had less supply come onto the market, which is really helping to balance things out.  These changes are lifting the cloud of uncertainty for housing consumers and nicely positioning our market as we more into the more active spring.

The detached benchmark price for March is $503,900 a decrease of

A Transition in the Making!

After the first 2 months of the year, Calgary’s detached sector continues to drive a slow transition in the housing market. February sales totaled 1,342 units which is still 19% below long-term averages but an improvement over the past 2 years.

With sales improving and new listing and inventories contracting two key measures of market balance, there’s good evidence to show that the housing market has started a trend toward more balanced conditions.

It will take come time for these conditions to translate into all housing segments and achieve price recovery. But all indicators continue to point towards a slow transition from a contracting market toward one that is stabilizing at lower levels.

The detached benchmark

January Market Improves Over Last Year!

For the fourth consecutive month, housing inventory levels have recorded year-over-year declines. At 4,112 total units, January’s inventory was 18% below last year’s levels.

While housing conditions continue to favour buyers, a slow transition toward more balanced conditions is helping to ease downward pressure on home prices. Conditions have improved over last year, but people need to remember that last year’s market was one of the weakest on record. Despite the appearance of a major shift in activity, the transition in the housing market is going to be a slow process.

“Every transaction is a personal decision and anyone going through the process of buying and selling real estate will be trying to make the

A Slow Transition for Housing in 2017

After a long period of economic downturn, Calgary’s housing market is expected to see some price stability in 2017, but not across all market segments and property types. Both detached and attached prices remain unchanged over 2016 levels, while apartment is forecasted to contract by another two per cent.

“The transition in the housing market will be a slow process,” said CREB® chief economist Ann-Marie Lurie. “We are entering the year with high unemployment rates and the possibility that job growth will not occur until the latter portion of 2017. These conditions will continue to weigh on housing demand, but supply is adjusting to weaker sales activity, which will eventually translate into price stability.”

November Sales Slide into Old Patters!

November was the first full month with CMHC’s new lending rules in effect.  As suspected the gains in last month’s sales were temporary.  Stringent conditions for borrowers are converging with the current economic climate and weighing on demand.  While supply levels eased in November the decline in sales resulted in a slight rise in months’ supply which caused the benchmark prices to reduce even further.

Again it can’t be overstated how important it is for housing consumers to keep asking questions and drilling down on what’s happening in their specific area to make good real estate decisions in any market.

The detached benchmark price for November is $498,300 a decrease of 3.36 % year-over-year. The

Home Sales Rebound in October!

For the first time in 2 years, sales activity in October resembled normal levels.   This shift in sales this month is likely related to the new mortgage rule changes, inventory gains in the lower price ranges and further price adjustments. The combination of all these factors may have encouraged purchasers to take advantage of the market conditions particularly in the lower price ranges. However, with several factors at play, the monthly shift in demand may be temporary and will need to be monitored over the next several months.

The detached benchmark price for October is $502,200 a decrease of 3.20 % year-over-year. The apartment benchmark price is $273,800 a decrease of 6.33% and the attached benchmark price is

Detached Prices Stabilize in Soft Market!

While overall economic conditions remain soft, the detached sector is the greatest influence on the overall market is showing signs of pricing stability.

The decline in demand has caused many to anticipate steeper price declines for detached homes, however that hasn’t happened because the detached supply levels haven’t climbed as sharply as many expected. The limited amount of supply in the overall market when this cycle began and the new listings also eased compared to last year helping push down year-over-year inventory levels for the 2nd consecutive month.

Consumer are starting to come to terms with the current environment. Most sellers have adjusted their expectations at the same time buyers are

Detached vs Higher-Density Segements:Two Very Different Stories in August!

Overall sales have eased for the detached homes, along with the amount of new listing on the market which is preventing inventories from reaching previous highs and limiting the downward pressure on pricing.  This is not the case in both the attached and apartment sectors which have recorded inventory levels near August highs.

It is very important for both buyers and sellers to pay close attention to the data in their particular area, segment and price point.  There is clearly a significant difference in the performance between the detached and attached and apartment segments of the market, making it very difficult to use city-wide housing data for decision making purposes in