Amidst economic challenges housing market ends 2020 on a high note

City of Calgary, January 4, 2021 –


With December sales of 1,199, this is the highest December total since 2007.


"Housing demand over the second-half of 2020 was far stronger than anticipated and nearly offset the initial impact caused by the shutdowns in spring. Even with the further restrictions imposed in December, it did not have the same negative impact on housing activity like we saw in the earlier part of the year," said CREB® chief economist Ann-Marie Lurie.


Attractive interest rates along with prices that remain lower than several years ago have likely supported some of the recovery in the second half of the year. However, it is important to note that annual sales activity declined by one per cent compared to last year and remain well below long-term averages.


New listings in December increased by 11 per cent. However, the number of sales exceeded the number of new listings in December contributing to further declines in inventory.


Reductions in supply and improving demand in the second half of the year have contributed to some of the recent price improvements in the market. However, the recent gain in the benchmark price was not enough to offset earlier pullbacks as the annual residential benchmark price in Calgary declined by one per cent over last year.


The pandemic has resulted in a significant shift in economic conditions, yet the housing market is entering 2021 in far more balanced conditions than we have seen in over five years. This will help provide some cushion for the market moving into 2021, but conditions will continue to vary depending on price range, location, and product type.


More information about the 2021 housing market forecast for Calgary will be available at the CREB® Forecast on Tuesday, January 26, 2021.   For more event details, please visit crebforecast.com


HOUSING MARKET FACTS


Detached

Stronger sales in the second half of the year were enough to offset earlier pullbacks as detached sales totalled 9,950, just slightly higher than last years' levels. Despite the modest gain, detached sales activity remains at the lower levels recorded since the more stringent stress test was introduced in 2018.


Supply adjustments is causing sellers' market conditions for detached homes across all districts except the West and City Centre. This has helped support some price recovery in the market over the past several months.


Annual city-wide price remains relatively flat compared to last year, but there were notable annual gains in both the South and South East districts which both recorded price gains of nearly two per cent. Despite some of the annual shifts seen, prices remain well below previous highs in all districts of the city.


Semi-Detached

Sales growth in the North East, North, West and South East district were offset by declines in the City Centre, North West, South and East districts. Sales this year of 1,663 were similar to levels recorded last year.  


While sales did not improve across each district, there were reductions in supply across all districts and is helping to reduce the months of supply.


These reductions are starting to impact prices, but it was not enough to offset earlier pullbacks. City wide semi-detached prices eased by over one per cent in 2020, with the largest declines occurring in the City Centre, North West and West areas.


Row

Slower sales in the west district were not enough to offset the gains recorded in the rest of the city. Row sales totalled 2,145 in 2020, nearly two per cent higher than last years' levels. Despite the gains, levels continue to remain below long-term averages for the city.


Rising sales were generally met with a reduction in supply. This is causing the months of supply to trend down, especially over the second half of the year.


The decline in the months of supply was enough to help support some stability in prices. However, the adjustment did not occur soon enough and annual prices eased by nearly two per cent compared to the previous year and remain nearly 14 per cent below previous highs.


Price adjustments did vary depending on location. The steepest decline occurred in the North East with a year-over-year decline of five per cent. The strongest gain occurred in the West district with a two per cent rise.


Apartment Condominium

Sales this month were the best December since 2014. However, it was not enough to offset earlier pullbacks as apartment condominium sales eased by ten per cent in 2020. This is the slowest year for apartment condo sales since 2001 and the only property type to record a significant annual decline in sales.


Unlike other property types, supply levels have not adjusted in the same way and this segment remains oversupplied. Prices have trended down over the past two months due to excess supply. On an annual basis, the benchmark price declined by over two per cent this year and is over 16 per cent below the highs set in 2015.


REGIONAL MARKET FACTS


Airdrie

December sales reached a new record high for the month. Improving sales throughout the second half of the year contributed to the annual sales of 1,407, a year-over-year gain of 18 per cent. 


New listings also rose in December and is likely contributing to some of the monthly gains in sales. Overall, new listings have remained well below last year. Along with improving sales, this is causing inventories to decline.


Months of supply has remained below three months since June and prices have trended up. By December, the benchmark price had risen by nearly five per cent compared to last year.


On an annual basis, the gains in price were enough to offset the earlier pullbacks and is creating stability in prices. However, this was not the case for all product types. Detached prices rose by nearly two per cent on an annual basis. Benchmark prices for row and apartment style product eased by a respective seven and one per cent compared to last year.


Cochrane

Record sales in December contributed to the annual gain of 16 per cent, making it the best year of sales compared to the past five years. New listings in 2020 also eased compared to last year. Rising sales and less new listings on the market caused inventories to ease to the lowest levels recorded since 2014.


With months of supply of only two months, prices continued to trend up. December benchmark price was $419,900 and is a 5 per cent gain over last year. Prices have trended up over that past six months but remain relatively stable compared to last year. This is due to easing prices for higher density products offsetting gains in the detached sector.

Okotoks


Despite further declines in new listings, December sales improved. Year-to-date sales increased by nearly eight per cent. The lack of new listings and stronger sales caused inventories to drop to 63 homes in December, the lowest level for any month seen since 2006.


The lack of inventory and high demand has supported increasing prices for the second half of the year. As of December, the benchmark price was $434,700, nearly two per cent above last years' levels. Despite the recent gains, 2020 benchmark prices remain over one per cent below last years' levels.


However, this could be due to steeper price declines for semi, row and apartment style product.

 

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Sales activity remains strong in November

City of Calgary, December 1, 2020 –


For the sixth month in a row, sales in the Calgary market recorded a year-over-year gain.


Sales growth over the past several months has been the strongest seen in the past five years, but the activity has not been strong enough to offset the pullbacks from the spring. Year-to-date sales remain over three per cent lower than last year's levels.


New listings continue to slow, reducing inventory in the market. On a year-to-date basis, new listings have eased by nearly ten per cent and are at the lowest level recorded since 2001. This has reduced the oversupply that has been impacting the market for nearly five years.


"The gains in sales in the latter part of this year have been a bit surprising considering the job losses and unemployment rate in our city," said CREB® chief economist Ann-Marie Lurie.


"However, it is important to note that the shift to more balanced conditions has been mostly driven by the reduction of supply."


Tighter conditions in the housing market have contributed to some of the recent gains in benchmark prices. As of November, the benchmark price was $423,600. This is nearly two per cent higher than last year's levels.

However, conditions vary depending on price range. There is not a lot of supply for affordable homes in each product type because of high demand. This is likely causing differing price trends in the lower end of the market versus the higher end.



HOUSING MARKET FACTS 


Detached

November sales activity improved across every district, contributing to a year-over-year citywide increase of 26 per cent. Improving sales over the past six months have helped offset some of the pullbacks from earlier in the year, as year-to-date sales were only two per cent lower than last year's levels.


Like other sectors, inventory in the detached market has also eased due to the sharp decline in new listings. This has kept the months of supply below three months for the past three months. The tighter market conditions are supporting price gains. As of November, the detached benchmark price improved by nearly three per cent compared to last year for a total of $492,000. However, prices did not improve across all districts, as the City Centre continues to record prices that are one per cent lower than last year's levels.


Activity for this product type does vary significantly depending on location and price range. The pullback in new listings relative to sales has caused significant reductions in inventory for homes priced below $500,000. Higher price ranges have also seen some declining inventory, but the degree of decline has not been as significant. In fact, the market is exhibiting sellers' market conditions for homes priced below $500,000, while still favouring the buyer for homes priced above $700,000.


Semi-Detached

Year-over-year gains in sales were met with slower new listings, resulting in inventory reductions and a month of supply of three months. While conditions are not as tight in the semi-detached market as they are in the detached market, the reductions in supply relative to demand were enough to support further monthly gains in the benchmark price.


As of November, the benchmark price was $395,100, which is one per cent higher than last year's levels. Activity did vary depending on location, as price gains were the highest in the South East district, while prices remained just below last year's levels in the City Centre.


There have also been notable differences within this market depending on price range. The months of supply has declined significantly for product priced below $400,000. This decline is likely contributing to some of the differing price trends throughout the districts of the city.


Row

Year-over-year gains in the row sector continued in November and were enough to cause year-to-date sales to remain at levels similar to last year. Bucking the trend from other sectors, new listings rose compared to last year, easing some of the downward pressure on inventory levels. The months of supply stayed above four months, higher than levels seen in both the detached and semi-detached sectors, but a significant improvement from the nearly six months of supply recorded last November.


Row prices also showed signs of stabilizing, as November prices remained comparable to last year's levels. Despite some of the monthly gains, on a year-to-date basis, prices remain nearly two per cent lower than last year's levels and have eased across all districts except the City Centre, West and East.


Apartment Condominium

Following seven months of year-over-year declines, apartment condo sales improved over last year's levels. However, last November was an exceptionally weak month for apartment sales. Year-to-date apartment sales totalled 2,209, a 13 per cent decline from last year and nearly 30 per cent lower than longer-term averages.


New listings did ease slightly this month, placing some downward pressure on inventory that was missing earlier in the year. However, inventory remains higher than last year's levels and the months of supply is still elevated at nearly eight months. The oversupply in this market continues to place downward pressure on prices, which not only eased relative to last month, but remain one per cent lower than last year's prices. The only district to see some positive momentum is the North, where prices rose slightly compared to last year.


REGIONAL MARKET FACTS


Airdrie

Sales continue to record strong gains in November as year-to-date sales reached 1,318, a 15 per cent increase over last year. The rise in sales was also met with a pullback in new listings. This is causing further declines in inventory levels and is keeping the months of supply just over two months. This is the tightest months of supply figure recorded for November since 2014 where the months of supply was below two months.


Persistently low months of supply, especially in the detached sector of the market continue to place upward pressure on prices. In November, the benchmark price was $342,900, trending up over last month and over two per cent above last year's levels.


Cochrane

For the sixth consecutive month, sales activity rose over last year's levels causing year-to-date sales to total 651. This is a 12 per cent increase over last year. However, unlike other areas the level of new listings in Cochrane also rose. The months of supply rose to nearly four months. However, this is still relatively low for November as the town has typically averaged seven months over the past five years.


With generally tighter market conditions in the town, prices have trended up for the past six months. As of November, the benchmark price was $417,800 and is four per cent higher than last year. Despite the recent gains, year-to-date figures remain nearly one per cent below last year's levels.


Okotoks

Despite the decline in new listings, sales continued to improve causing further inventory declines. Inventory in November dropped to 95 units and is nearly half the levels we typically see this time of year. With a sale to new listings ratio above 100 per cent and a months of supply of just over two months, this is one of the tightest Novembers recorded since 2014.


The general tightness in the market has been driven by the detached sector and is the only category that has seen year-over-year gains in prices. As of November, the detached benchmark price was $441,100, nearly two per cent higher than last November.

 

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Detached homes drive Calgary sales growth in October

City of Calgary, November 1, 2020 –


With strong gains in the detached sector, October sales in the city reached 1,764 units. This is a 23 per cent increase over last year and well above longer-term averages.


The gain in citywide residential sales outpaced the growth in new listings, supporting tighter market conditions and improving prices.


“Over the past several years, higher lending rates and the stress test pushed many out of the detached housing market. However, recent declines in rates, combined with prices that are lower than several years ago, have brought back some of that demand,” said CREB® chief economist Ann-Marie Lurie.


“This is helping support more balanced conditions and price improvements in the market. However, price improvements are not occurring across all product type and price ranges and downside risk still hangs over future conditions.”


Improving sales over the past four months were not enough to offset the pullbacks in the second quarter, leaving year-to-date sales nearly six per cent below last year’s levels.


The same is also true for prices. Benchmark prices have trended up over the past four months and October prices were slightly higher than 2019. On a year-to-date basis, prices are one per cent lower than last year’s levels and nearly 10 per cent below previous highs.


HOUSING MARKET FACTS


Detached


Detached sales totalled 1,139 in October, a year-over-year gain of 35 per cent. Unlike earlier this year, October’s largest gains in sales occurred for homes priced above $600,000. Easing prices for more expensive homes could be supporting this rise in sales.


There were more new listings this month than levels recorded last year, but inventories still eased, causing the months of supply to drop below three months. This is a significant improvement from the four-plus months recorded over the past several years.


There is, however, significant variation by location and price range. Detached homes priced under $500,000 are reporting less than two months of supply, supporting some price gains depending on location.


When looking at price movements by district, the only city district to record further price declines was the City Centre. The South and South East districts recorded year-over-year price gains of around four per cent. Despite recent price movements, prices in all districts remain far from recovery and are well below previous highs.


Semi-Detached


Sales activity trended up over the last month and new listings eased. This is causing inventories to decline and the months of supply to fall to just above three months.


The tighter market conditions continued to support some monthly gains in prices. Despite these gains, the October benchmark price remained nearly one per cent below last year’s levels. However, activity varies significantly based on location. Year-over-year prices eased in the City Centre, North West and West districts, offsetting the price gains in the other districts.


Despite improvements over the past several months, year-to-date sales remain over six per cent below last year’s levels and over seven per cent below long-term averages. Slower sales activityhas been mostly driven by pullbacks in the City Centre, North West, South, West and East districts of the city.


Row


There were significant year-over-year declines in the City Centre and West districts, but citywide row sales improved over last year’s levels and year-to-date activity sits only two per cent below last year.


Inventory remained relatively stable this month, keeping the months of supply around four months.


Citywide benchmark prices were $274,400 in October. This is a slight improvement over last month, but nearly six per cent below last year’s levels. The price decline was mostly caused by the significant drop in row prices in the West district of the city.


Apartment Condominium


For the seventh consecutive month, apartment condominium sales eased compared to last year’s levels, resulting in year-to-date sales of 1,999 units.


This represents a 15 per cent decline from last year and is nearly 30 per cent below longer-term averages. The only sector of this market showing signs of improvement is the under-$200,000 segment. Sales have improved in this segment, but it has not been enough to offset declines in all other price ranges.


Citywide sales have been easing, but new listings have been on the rise. This is causing year-over-year inventory gains and is halting positive momentum in prices. As of October, the benchmark price totalled $248,600, similar to last month and over one per cent below last year’s levels.


Overall, apartment condominium prices remain over 17 per cent below previous highs.


Airdrie


With significant gains in the detached sector, sales once again improved this month compared to last year. The increased activity contributed to the year-to-date sales of 1,199 units. This is a 13 per cent increase over last year’s levels.


The year-over-year gain in new listings was not enough to outpace the sales gains. As a result, inventories continue to trend down compared to the previous month and remain well below last year’s levels. This caused the months of supply to remain just above two months.


Citywide year-to-date benchmark prices remained relatively stable compared to last year. However, activity does vary by product type. Detached year-to-date benchmark prices have increased by one per cent, while prices in all the other sectors remain below the previous year’s levels.


Cochrane


Sales activity this month rose compared to last year’s levels, contributing to a year-to-date increase of nearly ten per cent. Meanwhile, new listings have not kept pace with sales, causing reductions in inventory and the months of supply, which dropped to three months

.

Tighter housing market conditions are supporting price gains. Benchmark prices trended up for the fourth consecutive month and, as of October, were over two per cent higher than last year’s levels. Despite the recent gains, year-to-date prices remain one per cent below last year’s levels.


Okotoks


Improving sales in October were enough to push year-to-date sales up by one per cent. However, new listings contracted by a significant amount, causing inventory levels to ease and the months of supply to fall below two months.


Persistent tightness in this market is supporting further monthly gains in prices. After five consecutive months of rising prices, October benchmark prices rose above last year’s levels. However, price gains have been driven by improvements in the detached market.


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Home sales rise along with supply

City of Calgary, October 1, 2020 –


September sales activity jumped to 1,702 units, the strongest September total since 2014.

New listings in September improved over last month, but levels remained comparable to the previous year. The increase in sales relative to new listings did prevent any monthly gains in inventory levels, but supply in the market is still down 12 per cent compared to last year.


"The recent rise in new listings, combined with low lending rates and softness in prices, has helped support some of the recent upward trend in sales," said CREB® chief economist Ann-Marie Lurie.


"However, conditions vary significantly based on the price range and property type."


The adjustment in supply relative to demand has caused the housing market to move toward more balanced conditions. The current 3.7 months of supply represents the most balanced conditions seen for September in over five years. This has helped support some of the recent monthly gains in prices.


Total residential benchmark prices have trended up over the past three months, resulting in September prices that are similar to prices recorded at the same time last year.  


Despite some of the recent improvements, the impact of COVID-19 is still present. Year-to-date sales remain nearly nine per cent below last year's levels, while city-wide prices are still over one per cent lower than last year. Considerable risk also weighs on the housing market due to economic uncertainty and a struggling labour market.


HOUSING MARKET FACTS


Detached

With significant gains in the $400,000 - $600,000 range, September sales are the highest they have been since 2014.


Improving sales and easing new listings resulted in further reductions in inventory levels and caused the months of supply to ease to balanced territory. Recent improvements in the supply/demand balance have supported some upward price movements. As of September, the benchmark price was nearly one per cent higher than last year.

However, the year-over-year gains have been driven by the more affordable end of the market, as prices remain well below last year's levels in both the City Centre and West districts of the city.

Semi-Detached


Given some recent monthly gains in new listings, sales in this sector improved in September, but at a slower pace than both the detached and row sectors. This could be related to the significant pullback in inventory.

September inventory levels were nearly 21 per cent lower than last year, the largest percentage decline in inventory among all property types. This shift in supply, along with improving sales, has started to help reduce the oversupply in this sector and ease the downward pressure on prices.


September prices remain nearly two per cent lower than last year's levels, but prices have started to improve in the South, South East and East districts of the city.


Row

Sales in this sector have continued to trend up for the past several months and September sales were significantly higher than last year's levels.


While it was not enough to offset the pullback that occurred during the COVID-19 shutdown, row sales activity is four per cent lower than last year's levels. The growth in sales could be related to the significant price adjustment that has occurred in this sector.


Prices in this sector have eased by seven per cent compared to last year and remain nearly 17 per cent below previous highs.


Apartment Condominium

All other sectors have seen some recent year-over-year gains in sales, but this sector continues to trend in the other direction. Year-to-date sales declined by 16 per cent, the largest decline among all property types.


At the same time, new listings continue to rise, which is causing further inventory gains. This is keeping the months of supply above seven months.


There have been some districts showing signs of price stabilization, but overall, year-to-date prices have eased by more than two per cent, amounting to a total adjustment from 2014 highs of over 18 per cent.


REGIONAL MARKET FACTS


Airdrie

For the fourth consecutive month, year-over-year sales improved. As a result, year-to-date sales for the city total 1,055 units, a nine per cent increase over the previous year.


While new listings did rise this month, the improvement in sales outpaced the gains in new listings, preventing any significant shift in monthly inventory levels.  However, inventory levels are over 20 per cent lower than last year's levels. And the months of supply has fallen to levels not seen since 2015. While prices remain below previous highs, tighter market conditions over the past four months have supported several months of price growth and September price levels are nearly one per cent higher than last year. These price gains were enough to cause year-to-date levels to stabilize relative to last year.


Cochrane

A reduction in new listings limited sales growth in September compared to August. However, September sales remain higher than last year and contributed to a year-to-date gain of nearly nine per cent.


Rising sales and easing inventories have kept the months of supply below four months, the lowest level seen since 2014. Tighter market conditions have supported an upward trend in prices over the past three months. The recent price gains did translate to year-over-year gains in September, but were not enough to offset earlier pullbacks, as year-to-date prices remain nearly two per cent lower than last year's levels.


Okotoks

September sales continued to improve from the low levels recorded earlier in the year and levels recorded last September.


However, recent improvements were not enough to offset earlier pullbacks. Sales remain three per cent lower than last year's levels, but this could be related to reduced inventory in the market.


Reductions in supply relative to demand have caused the months of supply to decline to three months. The tighter market conditions have caused prices to trend up over the past four months. However, both September and year-to-date prices remain lower than previous year's levels.


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

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Information provided by: 

Terence Leung 
Manager, External Relations & Media
Calgary Real Estate Board 


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August home sales consistent, but COVID-19 impacts continue

City of Calgary, September 1, 2020 –


Total residential sales in August were relatively stable compared to last year with year-over-year gains in the detached and row sectors.  


These gains offset declines in the apartment and semi-detached products. 


With 1,573 sales in August, this is consistent with levels over the past five years. Year-to-date sales activity remains nearly 13 per cent below last year.


“Recent national reports have shown a bounce back to new record levels over the past several months. Calgary has seen improvements over the lows recorded during the lockdowns but is far from record levels,” said CREB® chief economist Ann-Marie Lurie.


“The situation in Calgary has been slightly different as the job losses were not isolated to sectors that are typically associated with rental demand. We have started to see improvements in the job market compared to previous months as some jobs start to return.”  


However, the impact of COVID-19 on the economy is not over.


“There have been more than 100,000 jobs lost since last year and Calgary’s unemployment rate sits at 15 per cent. This is well above the national average of 11 per cent,” said Lurie.


New listings are easing and is helping to chip away at existing inventory compared to the higher levels recorded last year. However, the pace of year-over-year decline has eased as inventory levels have trended up relative to levels recorded a few months ago.


The months of supply has also risen compared to the past few months and now sits at four months. This gain has slowed some of the monthly gains on prices. The residential benchmark price in August was $420,800 and is nearly one per cent lower than last years’ levels.


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

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


Reports Provided by CREB.CA 

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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.

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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.

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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

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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 

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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

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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 

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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 

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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

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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

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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

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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
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