Calgary Real Estate Statistics for November 2019
Calgary housing market continues to favour the buyer
So far this year, residential sales year-to-date in Calgary remains just above levels last year due to increases in the attached sector.
Nevertheless, sales activity in November decreased over levels last year, chiefly due to pullbacks in the apartment sector.
While new listings eased relative to sales, causing inventories to ease and oversupply to reduced slightly compared to levels last year.
“Achieving more stable conditions will take time. Sales activity has been settling in at lower levels and is likely being influenced by the economic conditions and uncertainty weighing on our market,” said CREB® chief economist Ann-Marie Lurie.
“While the amount of supply in the market continues to ease, the persistent oversupply continues to weigh on prices.”
Citywide, as of November, the unadjusted benchmark price was $419,100. Just less than last month’s levels and two percent lower than levels last year.
Conditions in the market continue to vary depending on price, location, and product type. As an example, pricing ranges from a year-to-date two percent increase for the semi-detached product in the North district and a decrease of almost eight percent for row products in the East district.
More significant price decreases are more often than not caused by high supply in the new home and resale markets relative to demand.
HOUSING MARKET FACTS
- November detached sales improved over levels last year, chiefly due to growth in the $400,000 – $500,000 range. Yet, November sales and overall activity remain low by historical measures.
- Year-to-date sales, notwithstanding some recent increases in sales activity, remain relative to levels last year and 20 percent less than trends longer-term. However, this year, detached sales have increased in both the South and North West and zones.
- Supply levels remained elevated based on seasonal comparisons. Despite increasing sales, coupled with further declines in new listings, which helped reduce inventories in this sector in comparison to levels reported last year.
- The detached market, similar to some of the other sectors, is slowly moving toward more stable conditions. Yet, it remains oversupplied, and this trend continues to weigh on prices.
- In November, the unadjusted benchmark price for detached was $481,500, slightly less than levels last month and two percent under last years prices.
- A decrease in apartment sales this month, causing sales year-to-date to remain comparable to levels last year and 21 percent less than averages long-term.
- The decline in sales this month was driven mostly by decreases in the South East, North West, and City Centre zones. Though year-to-date, sales activity increased in the South East, North, and West zones.
- Inventory gains across the city this month with new listings increasing across most districts. As a result of an increase in new-home listings flooding into the resale market. Year-to-date new listings and inventories, despite the monthly shift, remain lower than levels last year.
- Rising inventories, combined with decreased sales, drove November months of supply to over seven months. Higher than more than five months from levels last year.
- Prices eased due to the persistent oversupply in this sector. Benchmark price year-to-date decreased by more than two percent
- Sales year-to-date continue just below averages long-term and six percent higher than levels last year.
- Improved sales and new listings eased this month in comparison to last year. Inventories continue to ease from last years recorded monthly highs. While the attached market remains oversupplied, the market continued to improve over levels last year.
- Semi-detached prices for November eased by two percent in comparison to last year. The most significant year-over-year declines occurred in the City Centre zone.
- In comparison to last year, row prices eased by almost four percent. Declines annually varied from nearly two percent in the North-West and East zones, and more than seven percent in the North-East zone.
REGIONAL MARKET FACTS
- Sales activity continues to improve in November in comparison to last year. With sales year-to-date rising to 1,146 units, an increase over last year, and consistent with averages long-term.
- The increase in sales continued to be met with a reduction in new listings, resulting in inventory declines. Reducing the months of supply and bringing the November levels closer to more balanced conditions.
- This month oversupply eased, helping to reduce the downward influence on prices. Yet, it was not enough to negate earlier declines. The benchmark price year-to-date in Airdrie was $332,345, three percent less than levels last year.
- Sales for November eased in comparison to the previous year, but it was not enough to negate earlier increases, as sales year-to-date remained just above levels last year.
- This month's most notable change was in new listings, which eased enough to offset any decreases in sales, causing additional reductions in inventory in comparison to last year. While the months of supply did not show any significant changes this month, levels year-to-date remain just above averages longer-term and have eased from the previous year.
- The market remains oversupplied, despite reductions, which continues to weigh on prices. The benchmark price for November was $394,200, less than last month, and more than four percent below levels last year.
- Sales for November continued to improve over the low levels of activity reported last year. The consistent increases have caused sales year-to-date to rise above levels last year but remain below averages longer-term.
- Eased inventory levels, thanks to an increase in sales and a decline in new listings. As the market remains oversupplied, these adjustments are encouraging progress toward more balanced conditions.
- Prices in this market have been slower to adjust. The unadjusted benchmark price for November was $412,100, less than last month, and above two percent lower than last year.