Media release: Oversupply of housing market as we feel the chill
City of Calgary, March 1, 2019 – Weak sales activity continue, and inventory remains elevated in the city’s housing market due to effects of Calgary's economic climate.
Prices are being affected, as a result.
CREB® chief economist Ann-Marie Lurie states “It is not a surprise that slowing activity in the housing market has persisted into February.”
“There has been no substantial change in the economic climate and concerns regarding potential layoffs in the energy sector are weighing on confidence.”
Benchmark prices citywide were $414,400 as of February. Almost five per cent below January’s last year, 10 percent less than recorded 2014 highs and slightly lower than figures for last month.
Price declines and slower sales appear to influence...
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Fun Winter Activities To Do in Calgary
It's that time of year to get outside and enjoy winter and all the fun activities it has to offer us here in Calgary. Whether you decide to go ice skating, tubing, skiing, snowshoeing or grab a hot chocolate and see the downtown winter light festival. You will want to get outdoors and enjoy winter in all its glory. Here is a list of amazing and fun activities to do in Calgary this winter season.
Bowness Park, 8900 48th Avenue NW
Bowness Park is located along the Bow River between Stoney Tr. and 85 St. NW. A shallow lagoon runs along the park's southern edge, which has always been the centre piece of the park. The City crews meticulously make a wonderful skating rink from it once the temperature is cold enough. But you also could just come with a picnic lunch and sit next to the gas-fired fire pits and enjoy the ambience....
New Year Begins With Slow Start
City of Calgary, Tost Realty Group, February 1, 2019
As challenges related to the economy continue into the 2019 year, the market as a whole is still on the slow side. January sales totalled 804 units, sitting at 16 per cent below last year, and 21 percent below long-term monthly averages.
Chief economist Ann-Marie Lurie stated last week that: “The slow start to the year does not come as a surprise, as concerns about job losses and the state of the energy sector weigh on consumers. We anticipate that the slow market conditions will persist throughout much of the first quarter."
The number of new listings entering the market is still comparable to last year's data, but those levels have increased beyond normal sales activity. Higher inventory levels are the main culprit for this occurrence. Elevated inventories in relation to sales were the cause...
Soft Job Market and Restrictions on Lending Influenced 2018's Real Estate Market
City of Calgary, Tost Realty Group, January 2, 2019
As oversupply is still a pertinent issue, prices during December slowed by one per cent, and are currently situated at over three percent below this time last year.
CREB chief economist Ann-Marie Lurie stated last month that “Persistent weakness in the job market and changes in the lending market impacted sales activity in the resale market this year”. This definitely contributed to a heightened supply in the resale market, resulting in a decline in price.
Sales in December sat at a total of 794 units, a 21 per cent decline over the previous year. Overall year-to-date sales in the city sat at a total of 16, 144 units, a 14 per cent dip from two years ago, and 20 percent below previously standing long-term averages.
The Inventory levels statistic for December...
Economic Conditions Continue to Challenge Vitality of Resale Market
City of Calgary, Dec. 3, 2018
Sales during the month of November sat at a total of 1,171 units, remaining below long-standing averages.
For the year up to this point, monitored sales activity has rang in at 15,349 units, displaying a 14 per cent decline over last year, and nearly 20 per cent below standing averages.
During November, New listings eased by seven per cent compared to last year. Due to this substantial shift in new listings, further inventory gains have been prevented. Overall inventory is currently at 6,501 units, remaining slightly above the 5,683 units in inventory seen last year, and 32 percent higher than in a typical November.
Throughout the month of November, the citywide benchmark price was $422,600, hovering near one percent lower than last month, and at 3 percent lower than levels seen during...
No matter what line of work you are in, or what general direction your life is headed, we can all agree that looking your absolute best is probably at the top of your priorities. When we feel good about ourselves, that is when we perform at our peak, and our friends and loved ones will mention that they notice when we truly have a “glow” about us. For Calgary entrepreneur Brenna Lamont, spray tanning is not just a business, it is her lifelong passion. She opened Blush Spray after having her son five years ago: she not only wanted to provide an income but spend as much time as possible with her family, a common reason for people to become their own boss.
While growing up, Brenna used tanning beds to achieve her desired golden glow, but she did not realize...
Clean eating has been an important staple of daily living in Calgary for many years: as much of the bounty that ends up on tables province-wide comes from nearby areas, Alberta residents have long loved gathering at the table together. It is truly a “three-course solution” at hand to educate and inspire communities to gravitate towards healthier eating and living, and accomplishing in under half an hour is simply a dream come true! Shalan Jaye is a Calgary resident who fully understands and embraces the difficulty of preparing meals within a certain time and budget: she began her Epicure business a decade ago while...
Oversupplied Market Ultimately Weighs on Prices
City of Calgary, November 1, 2018
Inventory levels are elevated when compared alongside sales, which is causing Calgary housing prices to ease a bit more.
Benchmark prices in the entire city during October totalled $426,300, which is a downward trend for the fifth month in a row. This resulted ultimately in a year-over-year decline of 2.9 percent.
Chief economist Ann-Marie Lurie of CREB claimed avidly that job growth in the city remained a dire concern, as unemployment levels remain well above expected. The overall cost of ownership continuing to rise also will ultimately provide a burden of weight on the housing market and demand.
Overall sales and inventories totaled 7,345 and 1,322 during the month of October. Typical monthly levels usually hover around 5.6, and while there is a bit of slowing in listing growth, this ultimately prevents further inventory risings. Currently the month of October, levels...