Market Statistics

Housing Market Inventory on The Rise!

As expected, slow sales this quarter have persisted through March in the City of Calgary. This is not a surprise, after stronger growth in sales at the end of last year following the announced changes to the lending market.

We are entering the most active quarters in the housing market with more inventory, which could create some price fluctuations. However, the improving economy is expected to prevent overall prices from slipping by significant amounts

You can find good value if you're looking to buy a home, and you can also get good value if you're selling. Being well-informed, in any economic condition, is the key, because there are differences in the market depending on what type of property it is and

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Calgary Housing Market Prices Hold!

Residential home sales declined in February, but a decline in new listings helped keep prices steady this month. The housing market conditions are still adjusting to rising lending rates and changes in lending requirements. This process is expected to be bumpy, with demand adjustments leading the changes.

This is a market where the fundamentals of a sound pricing strategy need to be understood by sellers. At the same time, savvy buyers should be obtaining pre-approvals, so they understand exactly how much of a mortgage they can afford.

The detached benchmark price for February is $502,800 an increase of 0.72% year-over-year. The apartment benchmark price is $256,400 a decrease of 2.99% and the attached

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Housing Market Déjà Vu in January!

The new year opened predictably, with monthly figures close to the Januarys of the past three years. 2018 kicked off with higher rates and the official implementation of the new mortgage requirements. While it is too early to see the impact of these changes so far, January levels are consistent with what we saw last year.

 Sellers needs to be aware of the competing supply in the market. This can influence the timing of their decision, along with setting realistic expectations regarding time on the market and selling price. For buyers, getting pre-approved for a mortgage is essential, along with getting advice from a REALTOR® to get into a home they will be happy with.

 The detached benchmark price for January is

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Challenges for 2018 Market, but Optimism Remains on The Horizon!

While Calgary is officially out of a long period of economic downturn, the path to recovery is expected to be bumpy.

The impact of stricter lending criteria and higher interest rates is likely to offset the modest improvements in the economy.

"Housing market conditions are expected to remain relatively unchanged in 2018," said CREB® chief economist Ann-Marie Lurie.

"The market will continue adjusting to the 'new normal' in this economy. However, there was modest job growth and net migration last year, with expectations of further improvements into 2018."

Minimal changes in sales activity are expected to be met with easing new listings for some property types. This should support more balanced

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December Sales Activity Rises, So Does Supply!

Sales activity for all product types improved in December and pushed monthly sales to long-term averages for the second month in a row. However, new listings also rose keeping inventory elevated compared to typical levels for December. With more supply remaining compared to sales, this is creating some of the bumpiness in terms of price recovery.

The detached benchmark price for December is $499,600 an increase of 0.14% year-over-year. The apartment benchmark price is $257,700 a decrease of 3.30% and the attached benchmark price is $330,100 an increase of 0.21%. Overall sales for the month totalled 1,006 units, compared with 926 during the same period last year.

The City of Calgary home market has

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Home Improvement!

The November housing market was spurred by a rise in sales, the combination of improved confidence and pending mortgage rule changes have likely contributed to the stronger sales this month. The last time that sales activity rose to long-term averages for the month was October 2016, when the stress test for high-ratio loans was first announced.

The detached benchmark price for November is $504,000 an increase of 1.02% year-over-year. The apartment benchmark price is $258,300 a decrease of 3.87% and the attached benchmark price is $332,900 an increase of 1.22%. Overall sales for the month totalled 1,411 units, compared with 1,226 during the same period last year.

The City of Calgary home market has 4.01 months of inventory and

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Status Quo for Calgary’s Housing Market!

October’s housing market conditions closely echoed previous month’s trends with easing sales, rising inventories and downward price pressure. Like last month, the monthly activity was not enough to derail gains that occurred earlier in the year.

Even though the economic activity has improved in 2017 it will take some time for this to translate into housing market growth. We also continue to face weak migration, higher lending rates and changes to the lending policy. The combination of these factors is impacting housing demand which is prolonging the pace of recovery.

The detached benchmark price for October is $506,200 an increase of 0.62% year-over-year. The apartment benchmark price is $221,600 a

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The Big Picture!

Strong gains in the first-half of 2017 has put the Calgary year-to-date sales at 7 % above last years' levels. The recent rise in inventories is preventing further price recovery as sales activity has moderated over recent months.   In some segments, rising new home inventories are also impacting total housing supply. Ultimately, prices are affected. However, this inventory also opens up opportunity for buyers to step up into a home that was financially unattainable.   The detached benchmark price for September is $508,900 an increase of 1.11% year-over-year. The apartment benchmark price is $263,700 a decrease of 2.08% and the attached benchmark price is $336,000 an increase of 1.54%. Overall sales for the month totalled…

Housing Recovery A Balancing Act!

The growth in new listings outpaced sales preventing inventory declines. The sales posted a modest gain in August, but a rise in new listings kept inventory levels elevated. While inventories were 16% higher than August 2016 levels, the slight rise in sales prevented further gains in the months-of-supply which remain just above four months.   The detached benchmark price for August is $510,900 an increase of 1.51% year-over-year. The apartment benchmark price is $263,300 a decrease of 3.09% and the attached benchmark price is $336,300 an increase of 1.48%. Overall sales for the month totaled 1,602 units, compared with 1,570 during the same period last year.   The City of Calgary home market has 4.13 months…

Housing Recovery Remains a Work-in-Progress!

Sales exhibited stable growth through the first half of the year in the Calgary housing market, but the number of transactions slowed slightly in July compared to last year. Easing sales were met with higher new listings, causing further gains in inventory levels.
Current inventory levels and changes in the lending market continue to weigh on housing demand. Easing demand growth combined with elevated levels of supply will slow the pace of price recovery in our market.
The detached benchmark price for July is $512,100 an increase of 1.95% year-over-year. The apartment benchmark price is $264,200 a decrease of 3.27% and the attached benchmark price is $336,300 an increase of 1.33%. Overall sales for the…