COVID-19's impact on Calgary housing market continues

City of Calgary, June 1, 2020 –
by:Terence Leung 
Manager, External Relations & Media

Calgary Real Estae Board 


Housing market activity in May remained slow, but sales exceeded the lows from April, which saw less than 600 sales in Calgary. May sales totalled 1,080 units, a 44 per cent decline from last year's figures.


"The initial shock of COVID-19 and social distancing measure is starting to ease. This is bringing some buyers and sellers back to the market. However, this market continues to remain far from normal and prices are trending down," said CREB® chief economist Ann-Marie Lurie.


"Activity has also shifted toward more affordable product, which is likely causing differing trends depending on product type and price range."


Sales are down in all price ranges, but a greater share of sales are priced below $500,000.

In the higher price ranges the drop in inventory has not been enough compared to the drop in sales. Additionally, the months of supply is far higher than the already elevated levels seen during the past five years.


The shift in sales toward lower-priced product is contributing to steep average price declines in the Calgary market.

Benchmark pricing, which reflects comparisons of the same type of home, has eased by over two per cent compared to last year and 0.4 per cent compared to last month. This does not come as a surprise as the market continues to struggle with more supply than demand.


COVID-19 and social distancing measures have contributed to rising unemployment rates and job losses throughout many economic sectors. This is weighing on consumer confidence and the housing market. Some of this job loss is temporary, but the energy sector remains the largest concern.


Significant job loss throughout the typically higher-paid professional and technical services sector points to a longer adjustment period in the housing market, particularly in the higher end of the market.

 

HOUSING MARKET FACTS

Detached

  • Detached sales eased across the city, with the largest declines occurring in the West district.
  • May sales totalled 670 units. This is a 43 per cent decline over the previous year.
  • The decline was met with lower inventory levels. However, it was not enough to change the oversupply situation. Citywide months of supply remained above four months.
  • For the higher-priced districts – the West and City Centre – the months of supply rose to seven months.
  • Detached home prices trended down in May compared to the previous month and remained nearly two per cent below last year's levels. Declines varied across the city, with the highest price declines occurring in the City Centre, West, North West and North East districts.

Apartment

  • Apartment sales totalled 137 units in May, an improvement from the 95 units last month. However, this is still nearly 60 per cent below last year's levels. The pullback in inventory was not enough to offset the slower sales, and the months of supply jumped to 10 months.
  • The benchmark price continued to fall and is now more than two per cent lower than last year's levels. The average and median prices fell at a significant rate. This is because a large share of the sales occurred in the under-$200,000 price range.
  • Benchmark prices eased across all districts, but the year-over-year decline was the highest in the North East district, with declines of over five per cent.

Attached

  • Mirroring the trend from other property types, sales for attached product slowed by 35 per cent compared to last year for a total of 273 units. Inventory levels eased to 1,503 units and months of supply totalled 5.5 months. The months of supply has eased from the levels recorded last month, but it remains elevated relative to historical levels for this time of year.
  • The benchmark price trended down for attached product, declining by nearly one per cent over the previous month and nearly four per cent compared to the previous year.

 

REGIONAL MARKET FACTS

Airdrie

  • Sales in Airdrie totalled 99 units in May. Activity has slowed compared to previous years, but the decline has not been as steep as what has been recorded in Calgary. The region has also seen a similar decline in new listings and inventory levels. This has helped push the months of supply back to four months, which is similar to the levels recorded prior to the COVID-19 outbreak.
  • Benchmark prices have eased slightly compared to last month and are relatively stable compared to last year. However, there has been a notable decline in both the average and median prices. The decline in average and median prices is mostly related to the significant shift in activity by price range, as sales continued to improve for product priced below $300,000.

Cochrane

  • Sales in Cochrane have slowed, but the pullback in new listings has outpaced the easing sales. This is causing inventories to fall and lowering the months of supply to under five months, a decline of 9 per cent compared to last year.
  • However, the impact of previous months oversupply has weighed on benchmark prices, which have eased by two per cent compared to last year. However, unlike other areas, the average and median prices have been rising, as sales in the $400,000 - $499,999 range remained stable compared to last year and represent a larger share of overall sales compared to last year.

Okotoks

  • While improving slightly compared to last month, Okotoks sales have remained relatively weak in May. At the same time, inventory decline has helped offset the slower sales, leaving the months of supply at four months.
  • The benchmark price trended down for the third month in a row and year-to-date levels are now two per cent lower than last year.

 

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

Read full post


City of Calgary, May 1, 2020 – BY CREB


After the first full month with social distancing measures in place, the housing market is adjusting to the effects of COVID-19.


April sales hit 573 units, a decline of 63 per cent over last year.


“The decline in home sales does not come as a surprise. The combined impact of COVID-19 and the situation in the energy sector is causing housing demand to fall,” said CREB® chief economist Ann-Marie Lurie.


“Demand is also falling faster than supply. This is keeping the market in buyers’ territory and weighing on prices.”

Sales activity eased across all price ranges, but the largest declines were for homes priced above $600,000.

With a greater share of the sales occurring in the lower price ranges, the average price decline was more than eight per cent. Prices for the average home are also declining, reflected by the benchmark price, which fell by nearly two per cent compared to last year.


New listings this month totalled 1,425 units, a decline of 54 per cent compared to last year. Inventories also declined, but with 5,565 units available, they remained high enough to push the months of supply above nine months. 

The economic impact of the situation is significant and early indications point toward more job losses and higher unemployment rates. Several government incentives will help cushion the blow, but challenges in the housing market are expected to persist throughout this year.

 

HOUSING MARKET FACTS

Detached

  • Detached sales eased by 63 per cent this month compared to last year, with the largest decline in the West district.
  • Slower demand was also met with easing supply, as new listings declined by 57 per cent. Overall, inventories eased by 25 per cent compared to last year. Despite the decline in inventory, the months of supply rose to more than eight months.
  • The detached benchmark price eased by one per cent over last year, totalling $479,100. Prices managed to remain flat in both the South and South East districts. The highest price decline was in the City Centre, with a drop of more than three per cent.

Apartment

  • Apartment sales slowed to 95 units. This is a 62 per cent decline over last year. New listings also slowed, but it was not enough to support a larger decline in inventory levels, which only eased by 13 per cent compared to last year. With 1,349 units in inventory, the months of supply rose to 14 months.
  • Condominium prices were falling before recent developments in the market and the pace of decline remained relatively unchanged at more than two per cent compared to last year. Since the first energy crisis in 2014, the citywide apartment benchmark price has declined by nearly 19 per cent.
  • Year-over-year prices have eased across almost all districts, but the South East district saw the largest year-over-year decline this month at nearly six per cent.

Attached

  • Semi-detached and row properties recorded a significant drop in sales and new listings, causing inventories to decline by nearly 20 per cent. However, with a combined inventory of 1,441 units compared to just 138 sales, the months of supply rose to over 10 months.
  • Semi-detached prices eased across all districts for a citywide year-over-year decline of nearly three per cent. The City Centre recorded the largest year-over-year decline at four per cent.
  • Row priced declined in all areas except the East district. Citywide row prices declined by more than two per cent for a total of $278,300.

 

REGIONAL MARKET FACTS

Airdrie

  • Sales in Airdrie slowed to 60 units in April. This decline in sales was met with a similar decline in new listings, which totalled 107 units. This helped reduce inventory levels, but with 407 units still in inventory, the months of supply rose to nearly seven months.
  • Overall, the benchmark price remains comparable to last year. Average prices have declined, but some of this is due to more homes being sold in lower price ranges, as there was a significant decline in sales for homes priced above $500,000.

Cochrane

  • April sales in Cochrane dropped to 29 units. This is 55 per cent below levels recorded in the previous year. However, new listings also eased. With only 61 new listings in the market, inventories declined to 281 units.
  • Prices were easing before social distancing measures were put in place and April’s benchmark price totalled $398,900. This is nearly two per cent lower than last year. However, both the median and average price rose compared to last year. This is likely due to more homes being sold in higher price ranges, as there were no sales recorded in the lowest price range.

Okotoks

  • Both sales and new listings dropped, with totals of 17 and 44 units, respectively. Inventory remained well below last year’s levels, but weaker demand pushed up the months of supply to nearly 12 months.
  • Prices were trending down from the start of the year, but levels have remained relatively stable compared to the previous year. In April, the benchmark price continued to trend down, totalling $402,300.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

Read full post

Just as we started to see a bit of recovery in the market, the Covid-19 virus has definitely had an affect on the Real Estate Industry.  It is hard to say what this pandemic will do to our market once the new normal comes back, as well as how long physical distancing will be enforced.  
 
We still have buyers and sellers in the market, it will just be much slower than we are use to.  There are precautions everyone has to take when they show or view a property.
 
If you have any questions, please do not hesitate to call me.


Your Realtor 

Matt




CREB MEDIA RELEASE - City of Calgary, April 1, 2020 –


After a strong start to 2020, economic conditions have dramatically changed, as COVID-19 is impacting all aspects of society.


The economic impact is starting to be felt across many industries. This includes the housing market.

March sales activity started the month strong, but quickly changed, as concerns regarding the spread of COVID-19 brought about social distancing measures. This had a heavy impact on businesses and employment.

“This is an unprecedented time with a significant amount of uncertainty coming from both the wide impact of the pandemic and dramatic shift in the energy sector. It is not a surprise to see these concerns also weigh on the housing market,” said CREB® chief economist Ann-Marie Lurie.


By the end of March, sales activity had fallen 11 per cent compared to last year. This is 37 per cent lower than long-term averages. The drop in sales pushed March levels to the lowest recorded since 1995.

“The impact on the housing market will likely persist over the next several quarters,” said Lurie. “However, measures put in place by the government to help support homeowners through this time of job and income loss will help prevent more significant impacts in the housing market.”


New listings dropped by 19 per cent this month. This decline in new listings compared to sales caused supply levels to ease and helped prevent a larger increase in oversupply. Overall, the months of supply remain just below five months, similar to levels recorded last year.


Prices were already forecasted to ease this year due to oversupply in our market. In March, the citywide benchmark price was $417,400. This is nearly one per cent lower than last year’s levels. The reduction in both sales and new listings should help prevent significant price declines in our market.


However, price declines will likely be higher than originally expected due to the combined impact of the pandemic and energy sector crisis.


HOUSING MARKET FACTS

Detached

  • Detached sales eased by 15 per cent this month, driven by pullbacks in all districts except the North, which remained flat compared to last year.
  • The decline in sales was met with a larger decline in new listings, causing inventories to fall by 17 per cent and keeping the months of supply slightly lower than last year’s levels.
  • Detached benchmark prices have remained relatively unchanged compared to last year at $480,800. Price declines this month continue to be the highest for the City Centre, North East and West districts.

Apartment

  • With 217 citywide apartment sales in March, this was the only category to record a year-over-year gain. Much of the gain was due to improving sales in the South, South East and North West districts.
  • New listings this month did ease, helping support a small decline in inventory levels.
  • Persistent oversupply has resulted in continued downward pressure on prices. In March, the citywide benchmark price eased by more than two per cent compared to last year for a total of $243,700.

Attached

  • Both semi-detached and row sales declined this month compared to last year. Like the other property types, there was also a significant reduction in new listings.
  • The decline in new listings helped push down inventory levels for both property types, but it was not enough to prevent a rise in the months of supply.
  • However, this segment was oversupplied prior to the recent changes, impacting prices. As of March, prices remained nearly one per cent lower than last year’s levels for both semi-detached and row properties.

REGIONAL MARKET FACTS

Airdrie

  • Like many other areas, Airdrie saw a decline in sales activity, along with a reduction in new listings and inventory. The reductions in supply and demand helped prevent any significant changes to the months of supply.
  • While the full impact of the COVID-19 crisis has not yet played out in the housing market, March prices remained comparable to last year’s levels.

Cochrane

  • Both sales and new listings fell this month compared to last year, causing inventories to fall to the lowest levels in five years. Like many other markets, Cochrane remains oversupplied, with easing prices.
  • The March benchmark price was $398,700. This is nearly two per cent lower than the previous year.

Okotoks

  • Trends changed this month, with flat sales and a decline in new listings. The decline in new listings was enough to cause a significant reduction in supply levels and the months of supply fell below five months.
  • Prices are trending down on a monthly basis, but remain comparable to last year’s levels, with a March benchmark price of $405,000.


Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

-30-

For more information, please contact: 

Terence Leung 
Manager, External Relations & Media

Read full post

The Calgary Real Estate Board (CREB) released their 2020 market forecast this week and although a lot of the information has positive speculation, time will still determine how the Calgary Real Estate market will move forward.  Here is the link for the report and should you have any questions, please do not hesitate to contact me.

 
 
 

Your Realtor

Matt

403-251-1100

Read full post

The Calgary Real Estate Board has now published their Decemnber 2019 housing statistics for Calgary and the areas surrounding the city. 


Here is the report for the CIty of Calgary 


https://www.creb.com/Housing_Statistics/documents/12%202019%20Calgary%20Monthly%20Stats%20Package.pdf


Here is the report for the communites and area's around Calgary


https://www.creb.com/Housing_Statistics/documents/12%202019%20Regional%20Monthly%20Stats%20Package.pdf


Your Realtor,


Matt 

Read full post


The Calgary Real Estate Board has just released their report on the housing market in Calgary and the surround region for the month of November.


Here is a link to the report for the City of Calgary:


https://www.creb.com/-/media/Public/CREBcom/Housing_Statistics/City_of_Calgary_Report.pdf?la=en



Here is a link to the report for the Regions surrounding the City of Calgary: 


https://www.creb.com/-/media/Public/CREBcom/Housing_Statistics/Calgary_Regional_Report.pdf?la=en


Should you have any questions about the reports or would like to discuss what is happening in your community, I would be happy to speak with you.  The best number to reach me at is 403-251-1100 or send an email to matthew.r@shaw.ca


Your Realtor,

Matt

Read full post

A new month already??  I'm sure October just started. 


Creb has just published their market report for October with the housing stats for Calgary and area.  Below are the links those reports.



Calgary October 2019 House Statistics


https://www.creb.com/Housing_Statistics/documents/10%202019%20Calgary%20Monthly%20Stats%20Package.pdf


Regional Housing Statistics for Oct 2019


https://www.creb.com/Housing_Statistics/documents/10%202019%20Regional%20Monthly%20Stats%20Package.pdf


Should you have any questions on the current market or your own personal real estate needs and goals I am more then happy to speak with you.  You can reach me at 403-251-1100 or drop me an email at matthew.r@shaw.ca


Your Realtor


Matt 

Read full post

Creb recently released it's 3rd quarter update on the housing market in Calgary and Surrounding areas. 


Below is a link to the full report:


https://www.creblink.com/-/media/Public/CREBcom/Housing_Statistics/Q32019ForecastReport.pdf?la=en


Should you have any questions about what's happening in the market or about your personal real estate goals, I would be more then happy to speak with you. Please call the office 403-251-1100 or drop me an email at matthew.r@shaw.ca


Your Realtor

Matt 

Read full post

The snow at the end of September certainly was unexpected.  Glad the weather is warming up and we are hoping we will get a few more days of warmth and sunshire. 


Below is the link to the September  2019 housing statistics for Calgary  as provided by the Calgary Real Estate Board.


 https://www.creb.com/Housing_Statistics/documents/09%202019%20Calgary%20Monthly%20Stats%20Package.pdf


Below is the link to the September  2019 statistics for the communities surrounding Calgary.


https://www.creb.com/Housing_Statistics/documents/09%202019%20Regional%20Monthly%20Stats%20Package.pdf


Should you have any questions in regards to the reports or current markets conditions, please call my office at 403-251-1100 or send an email to matthew.r@shaw.ca   I am always happy to speak with you.


Your Realtor,


Matt

Read full post

Well summer has flown by and here we are in back to school mode.  The market has kept us busy over the summer and we thank all of our clients, friends and family for their support in helping us achieve #1 in our office for July. 



Below is the link to the August  2019 housing statistics for Calgary  as provided by the Calgary Real Estate Board.


 https://www.creb.com/Housing_Statistics/documents/08%202019%20Calgary%20Monthly%20Stats%20Package.pdf


Here is the link to the August  2019 statistics for the communities surrounding Calgary.


https://www.creb.com/Housing_Statistics/documents/08%202019%20Regional%20Monthly%20Stats%20Package.pdf


Should you have any questions in regards to the reports or current markets conditions, please call my office at 403-251-1100 or send an email to matthew.r@shaw.ca   I am always happy to speak with you.


Your Realtor,


Matt

Read full post

Summer is truly upon us and hopfully you are able to get some down time and enjoy our city and the weather.



Below is the link to the  July 2019 housing statistics for Calgary  as provided by the Calgary Real Estate Board.


https://www.creb.com/Housing_Statistics/documents/07%202019%20Calgary%20Monthly%20Stats%20Package.pdf



Here is the link to the July 2019 statistics for the communities surrounding Calgary.


https://www.creb.com/Housing_Statistics/documents/07%202019%20Regional%20Monthly%20Stats%20Package.pdf


Should you have any questions in regards to the reports or current markets conditions, please call my office at 403-251-1100 or send an email to matthew.r@shaw.ca   I am always happy to speak with you.


Your Realtor,


Matt

Read full post

Has spring finally come?  We hope so.


Below is the link to the March 2019 housing statistics for Calgary  as provided by the Calgary Real Estate Board.


https://www.creb.com/Housing_Statistics/documents/03%202019%20Calgary%20Monthly%20Stats%20Package.pdf


Here is the link to the March 2019 statistics for the communities surrounding Calgary.


https://www.creb.com/Housing_Statistics/documents/03%202019%20Regional%20Monthly%20Stats%20Package.pdf


Should you have any questions in regards to the reports or current markets conditions, please call my office at 403-251-1100 or send an email to matthew.r@shaw.ca   I am always happy to speak with you.


Your Realtor,


Matt

Read full post

February was such a cold month and we are glad that March is starting out much warmer and that brings us hope that Spring is just around the corner!!


Below is the link to the February 2019 housing statistics for Calgary  as provided by the Calgary Real Estate Board.


https://www.creb.com/Housing_Statistics/documents/02%202019%20Calgary%20Monthly%20Stats%20Package.pdf


Here is the link to the February 2019 statistics for the communities surrounding Calgary.


https://www.creb.com/Housing_Statistics/documents/02%202019%20Regional%20Monthly%20Stats%20Package.pdf


Should you have any questions in regards to the reports or current markets conditions, please call my office at 403-251-1100 or send an email to matthew.r@shaw.ca   I am always happy to speak with you.


Your Realtor,


Matt

Read full post

Well the first month of the year has come and gone - much to quickly.


Below is the link to the Janaury 2019 housing statistics for Calgary  as provided by the Calgary Real Estate Board.


https://www.creb.com/Housing_Statistics/documents/01%202019%20Calgary%20Monthly%20Stats%20Package.pdf


Here is the link to the January 2019 statistics for the communities surrounding Calgary.


https://www.creb.com/Housing_Statistics/documents/01%202019%20Regional%20Monthly%20Stats%20Package.pdf


Should you have any questions in regards to the reports or current markets conditions, please call my office at 403-251-1100 or send an email to matthew.r@shaw.ca   I am always happy to speak with you.


Your Realtor,


Matt

Read full post

Welcome to 2019!!


Below is the link to the December 2018 housing statistics for Calgary  as provided by the Calgary Real Estate Board.


https://www.creb.com/Housing_Statistics/documents/12%202018%20Calgary%20Monthly%20Stats%20Package.pdf


Here is the link to the December 2018 statistics for the communities surrounding Calgary.


https://www.creb.com/Housing_Statistics/documents/12%202018%20Regional%20Monthly%20Stats%20Package.pdf


Should you have any questions in regards to the reports or current markets conditions, please call my office at 403-251-1100 or send an email to matthew.r@shaw.ca   I am always happy to speak with you.


Your Realtor,


Matt

Read full post

Did you ever wonder what the cost would be if you could give your “True Love” all the gifts from the song ” The 12 Days of Christmas”?  Well PNC Financial has also wondered and for the past 35 years, they have created the Christmas Price index to figure it out.   They have created an interactive website with the information.


So here is the breakdown if you want to give ” YOUR TRUE LOVE” all the gifts!


PNC Christmas Price Index


https://www.pnc.com/en/about-pnc/topics/pnc-christmas-price-index.html

Read full post

Below is a link to the Housing Statistics as posted by the Calgary Real Estate Board for the month of November in the City of Calgary.


https://www.creb.com/Housing_Statistics/documents/11%202018%20Calgary%20Monthly%20Stats%20Package.pdf


Here is the link to the Regional Stats as posted by the Calgary Real Estate Board for the month of November the the areas surrounding Calgary.


https://www.creb.com/Housing_Statistics/documents/11%202018%20Regional%20Monthly%20Stats%20Package.pdf


Should you have any questions about the current market or about the information in the reports, please call the office  at 403-251-1100.  I would be happy to speak with you.


Your Realtor


Matt

Read full post

Welcome to a new month!  Its hard to believe that we only have 2 months left in 2018.


Here are the housing stats for Calgary as posted by the Calgary Real Estate Board.


https://www.creblink.com/-/media/Public/CREBcom/Housing_Statistics/City_of_Calgary_Report.pdf?la=en


Here is the housing stats for the communities surrounding Calgary as reported by CREB


https://www.creblink.com/-/media/Public/CREBcom/Housing_Statistics/Calgary_Regional_Report.pdf?la=en


Should you have any questions about the recent reports or the current housing market, I would be very happy to speak with you.  You can reach me at the office at 403-251-1100 or send an email to matthew.r@shaw.ca


Your Realtor


Matt

Read full post
Data supplied by CREB®’s MLS® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.