Picking up where things ended last year, the Calgary housing market has pushed further into becoming a buyers’ market in January. While a number of factors are contributing to the current market trend, troubles within the energy sector continue to be the biggest factor leading to the change in market conditions.
The Energy Market Impacts Sales
With prices recently sliding within the energy market, uncertainty within the energy sector continues to grow. Troubles within the energy sector have led to a soft labor market, which has placed additional stress on the local economy as well as the housing market. Namely, a dwindling labor market has resulted in less demand for housing in Calgary, resulting in only 763 units sold during the month of January. These figures are 13 percent below the previous year and 43 percent below long-term averages. Not surprisingly, new listings also fell in January, which posted a 16 percent drop. Nonetheless, the number of new listings put...
2015: Taking a Look Back at the Calgary Housing Market
Looking back on 2015, the impact of low oil prices on Calgary’s economy and housing market is clear to see. Not only did the market struggle in terms of sales, but prices have been falling as inventory has increased.
Getting Off to a Rough Start
During the first quarter of 2015, buyers took on a “wait and see” approach as they watched the market and how it would be affected by the oil industry. As a result, the market started to see a decrease in sales activity. When coupled with an increase in new listings activity, inventory began to slowly increase while prices dropped when compared to the final quarter of 2014. On average, the first quarter saw months of supply hit 4.16 during the first quarter.
While the start of 2015 was a bit shaky for the...
2016: Looking Ahead to the Calgary Housing Market in the New Year
Given the current conditions of the Calgary housing market, it is clearly a buyer’s market, with inventories high and prices dropping. Predictions for 2016 indicate that this trend is not likely to change any time soon.
The Impact of Oil on the Housing Market
Currently, there is nothing to indicate that 2016 will be any different from 2015 in terms of the oil industry, which means demand for housing in Calgary is likely to remain weak in the New Year. Similarly, net migration is expected to fall short of 2015 levels in 2016. Whereas 2015 saw 14,951 in net migration, 2016 is expected to see just 11,747. This is mostly due to a lack of higher-paying employment opportunities. In short, ongoing problems within the oil industry will continue to impact the Calgary housing market, including both property purchases and rentals. Furthermore, rising vacancy rate will put downward pressure on rental rates throughout...
Calgary housing sales experienced a slowdown as unadjusted benchmark prices fell in December. While this can be partially attributed to the winter months, the downturn is also related to the economic uncertainty in the area that has been characterized by job losses and a weakened economy.
A Slowdown in Sales
During the month of December, Calgary housing sales slowed down to 878 units. Not only does this represent an 18 percent drop when compared to the same time last year, but it is also far below the five and ten-year averages for the Calgary market.
Falling Benchmark Prices
As a result of the slowdown of sales in Calgary, the unadjusted benchmark prices have also taken a hit. In December, the unadjusted benchmark prices in Calgary fell to $448,800. These...
The Calgary housing market was a buyers market during the month of November, with sales declining and inventory levels rising in response to troubled economic conditions.
According to the latest CREB report, monthly sales totaled 1,263 units during the month of November, representing a 28 percent drop when compared to the same time last year. The figures are also 20 percent below the 10-year average for the Calgary housing market.
Just as sales are on the decline, the number of new listings hitting the Calgary housing market has increased by five percent when compared to November 2014. This represents a five percent increase over the 10-year average.
As a result of the decline in sales combined with the increase in listings, the housing supply within the market has increased to more than four months. As such, November...
Prices continued to fall within the Calgary housing market in October as elevated inventory levels and a persistent weakness in the overall economy continue to drag prices down. The month of October also saw a significant decline in the number of sales as demand for real estate in the city continues to fall.
According to the most recent CREB data, benchmarkprices within the Calgary housing market fell by 0.7 percent when compared to September and by 1.2 percent when compared to October of last year as they reached $453,100. In addition to seeing a drop in prices in October, demand also fell by nearly 16 percent the long-term averages while new listings failed to fall enough to prevent inventory gains. In fact, the months of supply was at three months in June, but increased to six months in October....
Hi, I'm Crystal Tost, an award winning Calgary REALTOR® whose successful helping buyers and sellers in Tuscany, Calgary. I'll be showcasing a home for purchase in this popular Calgary neighbourhood, located at 669 Tuscany Springs Boulevard NW Calgary, AB T3L 2Y2. Whether you want to buy or sell Calgary real estate, I get the job done efficiently, effectively and in your best interests. You can find Homes for sale in Tuscany Calgary with photos, in-depth information and all the latest listings. Tuscany Calgary homes for sale are updated daily as they're released by the Calgary MLS®. Read and enjoy!
Video of 669 Tuscany Springs Boulevard NW Calgary, AB T3L 2Y2
As sales activity softens, inventory continues to rise within the Calgary housing market. These gains were largely brought on by a softening in absorption rates that was caused by reduced sales activity combined with an increase in new listings. In all, the Calgary housing market saw 1,448 residential units sold during the month of September. These figures are well below the levels that are typically experienced during this time of the year. Sales also remain below the five- and ten-year averages of the city’s year-to-date sales.
After experiencing four months of relative stability, the unadjusted benchmark prices within the Calgary housing market eased to $456,100 in September. This represents a 0.26 percent decrease when compared...
Hi, I'm Crystal Tost, an award winning Calgary REALTOR® whose successful helping buyers and sellers in Aspen Woods, Calgary. I'll be showcasing a home for purchase in this popular Calgary neighbourhood, located at 6 Aspen Ridge Lane Sw Calgary, AB T3H 5H9. Whether you want to buy or sell Calgary real estate, I get the job done efficiently, effectively and in your best interests. You can find Aspen Woods homes for sale with photos, in-depth information and all the latest listings. Aspen Woods Real Estate Listings are updated daily as they're released by the Calgary MLS®. Read and enjoy!
Video of 6 Aspen Ridge Lane Sw Calgary, AB T3H 5H9
Posted By Crystal Tost on Tuesday, October 06, 2015 6:39:00 AM | 1 Comment
Hi, I'm Crystal Tost, a Calgary Real Estate expert with awards, testimonials and proof of success to back it up! I'll be sharing in this post "Brentwood Neighbourhood Real Estate Facts," information on this popular Calgary Neighbourhood. Whether you want to buy or sell real estate, I'm the Calgary REALTOR® to get the job done efficiently and in your best interests. You can find Brentwood homes for sale with photos, in-depth information and all the latest listings in this area here on my website. Read and enjoy!
Brentwood is a community that is constantly changing and growing to rank as the top Calgary Neighbourhood to live in. This Neighbourhood is in northwest Calgary. It has a myriad of charm and modern conveniences that has established it as a top area to live. So where exactly is this Neighbourhood? It is between...