Market Statistics

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…

June Spells a Gradual Recovery!

Calgary's housing market in June saw a modest improvement in sales. Some of the recent growth in listings will help provide more choice, particularly in the detached market where market conditions have significantly tightened over the past few months. Sales have improved and there has been a modest price gain. All of this remains consistent with expectations of a gradual recovery.
The detached benchmark price for June is $509,400 an increase of 1.70% year-over-year. The apartment benchmark price is $265,800 a decrease of 3.52% and the attached benchmark price is $334,500 an increase of 1.09%. Overall sales for the month totaled 2,140 units, compared with 2,029 during the same period last year.
The City of Calgary…

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

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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

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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

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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

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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

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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.”

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