Home Sales Observe a Boost
This February shows an increase in sales in the double-digits, although last February was one of the lowest activity levels since the late '90s.
With the additional day this February, sales for this month totalled 1,197 units. With these two factors combined resulted in a 23 percent growth over last year, though sales persist well below trends longer-term and are similar to more moderate levels recorded over the past five years.
"However, this should not diminish the fact that conditions are still improving," said CREB® chief economist Ann-Marie Lurie.
"Calgary is continuing to see slow reductions in the amount of oversupply in the market, from modest changes in demand and reductions in supply. This needs to occur before we can see more stability in prices."
The unadjusted benchmark price overall for February was $416,900. Comparable to last month, yet about one percent less than levels last year. Overall,...
2020 starts with a modest increase in sales
The conditions in the housing market continue to follow trends similar to last year, with increases in sales.
Additionally, there have been further reductions in new listings, inventory, and more decreases in prices.
Sales activity in January was 863 units, almost eight percent higher than levels last year. Although sales continued well below January activity reported before 2014, they remain consistent with activity reported in the past five years.
"A persistent slowdown in the energy sector has resulted in a reset in many aspects of our economy. This includes the housing market," said CREB® chief economist Ann-Marie Lurie.
"We continue to see the slow adjustment to more balanced conditions, but it will take time before that starts to translate into price stability."
January unadjusted benchmark prices citywide were $417,100, which is moderately lower than the prior month and almost one percent...
Calgary has endured job losses, wage decreases, and toughening national housing policy since the crash of oil prices. All these factors have added to the more moderate sales environment, excess supply, and citywide price adjustments of more than 10 percent.
As Calgary goes into the sixth year of this cycle, there are signs of adjustments to these conditions in the housing market.
"Job growth, combined with recent easing in mortgage rates and price declines, is starting to bring some purchasers back into the lower end of the market," said Ann-Marie Lurie, CREB® chief economist.
"We are seeing more transactions in the $500,000-and-below price point for residential homes."
Preference for consumers toward the lower-priced product is expected to remain at the cost of continued vulnerability in the higher end of the market. Nevertheless, as the under-$500,000 market, indicates a more significant percentage of total activity, the increases in this sector will exceed the losses...
Calgary real estate market wraps up December 2019 exhibiting further signs of stability
Following weak sales activity last year, December sales increased to levels that were more consistent with activity reported over the past five years.
Annual sales were driven up by one percent, with a stronger showing in the second half of 2019.
“Price declines, lower mortgage rates and some modest improvements in full-time employment helped support some demand growth in the city. Reductions in supply are also contributing to the slow adjustment to more stable conditions in the housing market,” said CREB® chief economist Ann-Marie Lurie.
“As oversupply in the market continues to ease, we should start to see more stabilization in prices. However, conditions continue to favour the buyer and this is weighing on prices.”
Unadjusted benchmark prices for December were $418,500, one percent less than...
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...
Homes below $500,000 shifting towards balanced conditions
October sales activity increased by almost 10 percent in comparison to last year, guided by progress in the attached and apartment sectors.
New listings also eased, helping to decrease inventory levels and market oversupply. Although there's a shift towards stable conditions, the market remains oversupplied and prices continued to linger below levels last year.
"Employment has shifted in the city, with job growth occurring in our non-traditional sectors and often at a different pay scale. This is consistent with the shift to more affordable housing product," said CREB® chief economist...
Elevated sales guided by affordable product and inventory decline
The third-quarter hustle continues to show signs of growth. Comparable to last quarter, a great deal of the advancement in the market has been guided by supply corrections.
Nonetheless, the housing market has also improved this quarter from solid year-over-year growth in sales activity. A decline in prices has likely supported some of the boosts in demand. Additionally, sales growth has been guided by products priced less than $500,000.
“This is a market with divergent trends. The lower end of the market is recording improving sales and easing supply. This is supporting more stability in prices. However, at the higher end of the market we continue to see slower sales and rising supply,” said CREB® chief economist Ann-Marie Lurie.
“Persistent struggles in the overall economy have caused a shift in salary expectations, along with adjustments in housing demand. Improvements...
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Media release: Moving towards balance
Sales activity improved over last year's numbers for the third consecutive month, as year-over-year inventories and new listings eased. This direction is encouraging the housing markets stability.
“Price declines have likely brought some buyers back into the market,” said CREB® chief economist Ann-Marie Lurie, noting improvements in the market continue to be driven by homes priced below $500,000.
Sales improved by 16 per cent this month in the condominium apartment market. Symbolizing the segments best September since 2015. Growth year-to-date in both the apartment and attached sectors were adequate to balance the moderate decrease in the detached sector resulting in sales growth in the city year-to-date of almost one per cent.
The overall market remains oversupplied despite reductions in inventory and improving sales. Continuing to have an influence on prices.
“While housing demand is modestly improving,...
Media release: Lower-priced homes leads to increase in sales activity
Easing new listings and increased sales scale down August housing inventories. Chiefly sales were driven by homes valued below $500,000.
“Employment numbers have been improving, but mostly in industries that are traditionally lower paid,” said CREB® chief economist Ann-Marie Lurie. “This is contributing to the shift that we are seeing in the housing market, with growth being limited to product priced below $500,000.”
Sales in August improved by six per cent in comparison to last year. Due to the increased sales in homes valued below $500,000, which offset sales decreases in the higher price ranges.
Activity in sales increased for all types of product. Apartment-style and attached properties is where the largest growth was seen.
Sales increased in attached for the six consecutive month in comparison to last year. With this being the only property type with year-to-date...