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...
Media release: Sales improving and inventory declines for fourth month in a row
Compared to last year, inventories in the market declined for the fourth consecutive month. Due to the declines in new listings and improving sales.
A continuation in supply reduction compared to sales is needed to aid more balanced conditions, but the market continues to support the buyer.
“We are starting to see reductions in supply across the resale, rental and new-home markets,” said CREB® chief economist Ann-Marie Lurie.
“This adjustment in supply to the lower levels of demand will support more balanced conditions. It is starting to support more stability in prices. If this continues, the housing market should be better positioned for recovery as we move into 2020.”
Sales activity year-to-date remains well below longer-term averages and just below levels last year. Yet the inventory reduction has made the months...
Media release: Buyers' market continues with oversupply decreasing
Declines in new listings coming onto the market in June, helping to scale down the oversupply of homes in Calgary.
Roughly a 19 per cent decrease in new listings year-over-year. Compared to last year sales activity slowed this month by six per cent, but the decline in new listings caused inventory to decrease by 13 per cent in comparison to elevated levels last year.
As CREB® chief economist Ann-Marie Lurie states “So far, the housing market has generally behaved as expected this year. Sales activity remains just below last year’s levels, prices have eased and supply is starting to adjust to the lower level of sales."
“However, it is mostly product priced under $500,000 that is trending towards more balanced conditions.”
With the market still in favour of the buyer - showing 4.3 months of supply - oversupply has decreased and is lessening...
Media release: Improvements in sales activity for the second consecutive month
A decrease in new listings and sales growth in May. Easing the pressure on inventory levels, finishing the month at 7,467 units, a decrease of 12 per cent in comparison to last year.
Months of supply down to just under four months due to improved sales and relative inventory levels. Although improved from five months of supply recorded last May, oversupply remains.
May citywide sales totalled 1,921 units, an 11 per cent increase over levels last year. Yet, sales maintain at 10 per cent below trends longer-term. Growth in sales was chiefly directed by homes worth under $500,000.
CREB® chief economist Ann-Marie Lurie states, “While sales activity remains low based on historical activity for May, the easing prices have brought some people back to market, while also preventing some others from listing their homes.”
“This has started...
Media release: Modest inventory declines exhibited for April
City of Calgary, May 1, 2019
The number of new listings coming onto the market remains to be less in comparison to levels in 2018. As well as in sales activities, which have not shown any symbolic changes.
Compared to last year new listings have eased marginally, enough to help to scale down inventory levels overall.
With the supply levels showing modest improvement assisting in additional declines of months of supply in April to 4.6 months. Levels remain to represent an oversupply in the market, but also reflect an improvement from the start of last years nearly seven months of supply.
As CREB® chief economist Ann-Marie Lurie states, “Demand remains relatively weak in the resale market. However, if supply levels continue to adjust, this could help reduce the amount of oversupply and eventually support some price stability."
Media release: Despite improved sales activity for affordable product oversupply continues
City of Calgary, April 1, 2019
Compared to last year March saw a modest decline in city wide sales activity. Yet, for the more affordable product in the detached and attached section, sales have increased.
Sales dropped to 3,108 units in the first-quarter. This being 28 per cent below usual levels of activity and nine percent below last year. Changes in the markets lower end has not outweighed easing over the higher cost product.
Declines in pricing and comparatively slow sales activity have impacted the number of new listings. Compared to last year's levels and long-term trends, new listings have eased for the second consecutive month, although it was not enough to prevent a gain in inventory.
“If new listings continue to slow compared...
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 sellers even though the...
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 of the seven-month...
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 sat at 4,904 units....