The Calgary housing market was almost like a tale of two cities during the month of August, with the detached housing market having a much different outcome than the higher-density segments. Nonetheless, sales activity was down overall within the Calgary housing market, with total sales reaching just 1,567 for the month.
Benchmark Prices Show a More Complete Picture
Overall, sales for detached homes fell during the month of August within the Calgary housing market. The number of new listings also declined, thereby stopping the inventory from reaching its previous highs. In turn, this has limited the downward pressure placed on housing pricing within the market. The picture wasn’t quite the same within the attached and apartment sectors, however, with both having recorded inventory levels...
The most recent CREB report has found that sales activity continues to decline in the City of Calgary. Just as the city has continued to struggle in all economic aspects, so has its housing market. This condition has only been further exacerbated by the declining net migration levels within the city.
Slowing Housing Sales
According to the CREB report, housing sales activity in Calgary reached a total of 1,741 units during the month of July. This represents a 12.6 percent decrease when compared to the same time last year, making it the 20th consecutive month in which the city has experienced a drop in year-over-year sales. As the number of unemployed workers within the city continues to grow, the net migration continues to fall and job loss continues to be a problem, the overall state of the housing market has also continued to weaken.
Despite optimism related to recent oi price gains, the Calgary real estate market - housing inventory was once again on the rise during the month of May.
New Listings Combined with Slowed Sales Lead to an Increase in Housing Inventory
As new listings climbed and sales slowed to just 1,923 units, The Calgary Real Esttae Market inventory was once again on the rise. Unfortunately, due to a weakness in the labour market, demand for Calgary housing also remained weak during the month of May. While most of the focus had previously been on the oil industry, job loss is now starting to spread into other sectors. Meanwhile, wages are falling and unemployment levels remain high in Calgary. As such, housing inventory supplies are on the rise as well as supplies within the new home, rental and resale markets.
According to the latest Calgary Real Estate Board report, inventory levels in Calgary increased by 14 percent in May when compared to the previous month, reaching a total of...
Calgary Real Estate Market Statistics for March 2016
Calgary House Market Continues Decline
As economic conditions continue to be less than desirable in, the Calgary real estate market has also continued to be negatively impacted. Not only have Calgary house prices fallen, but inventory levels are also on the rise.
Calgary Housing Market Graph - March 2016
Examining the Calgary Economy
During the month of March, the Calgary labor market did not experience any improvement. In fact, provincial unemployment rates are the highest they have been since the early 1990s. In February, Calgary’s...
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 Calgary housing...
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 the year....
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 figures...
Calgary homes for sale have sales drop consecutively for fifth straight month in 2015. CREB statistics show that Calgary home supply may be coming to a crawl in response to the slowdown. New listings were around three thousand last month which is an eighteen percent drop from 2014. All data provided is from the Calgary Real Estate Board.
Ann-Marie Lurie, chief economist with CREB states “While conditions continue to favor the buyer, both the months of supply and the sales to new listings ratio, which represent measures of market balance, tightened in April. If this trend continues, it should help prevent resale inventories from rising to previous highs and limit some of the downward price pressures we’ve been seeing.”
CALGARY REAL ESTATE NEWS – For a lot of people buying homes for the first time, condominiums have been a way to transition from owning your own home to owning your dream home. However, an influx of upcoming condos and aggressive bidding battles for modern detached houses has led to an increasing gap between the rates of house and condo prices which hit the peak last year.
Comparing Housing and Condo Price
The average price gap in December between a one family house and a condo for sale in the market reached $320,000. Canada’s four main cities were affected by this which are Calgary, ...