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...
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...
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...
Expanding Calgary’s Livable Space Through CFB Calgary Redevelopment
Development plans throughout Calgary often have interesting histories, but one of the most interesting and comprehensive development stories can be traced back to 1996 when the federal budget called for closing CFB Calgary and other bases throughout the country. Not only did this decision change how Canadian Forces bases were used, but it also created a significant amount of land that could be put to use for different purposes. It was from this change in the federal budget that many of Calgary’s new residential developments were born.
Making the Decision to Close CFB Calgary
While the 1996 federal budget called...
After the wedding ends and the party is over, it is time to start thinking about a place to call home, your first martial home of all your own. While some newlyweds choose to rent, some prefer to own their new home together. Weddings can be so expensive , just ask any bride to be and she will te
ll you the budget is nearly always higher than anticipated leaving many newlyweds over extended and in marital debt after the wedding. With all that debt from the wedding , what options are there for the purchase of a home in terms of down payments ? See...
There’s no stopping urban renewal the Calgary real estate scene. Old makes way for new and many established neighbourhoods are experiencing a renaissance. The demand for new, modern homes for sale in inner-city neighbourhoods grows every day and there are so many reasons why.
From a zoning point of view, the City of Calgary’s sustainability plan dictates that developers create residential density. Housing people along transit corridors and within walking distance to work and essential services is good for the environment and creates healthy communities. Part of the plan was to stem the flow of suburban sprawl, as Calgary is one of the largest cities in North America per square kilometre but without the population...
Your little piece of Calgary real estate could quietly be killing you.
The soil on the Canadian prairies has some of the highest concentrations of naturally occurring radon gas in the country. There’s no odour – no taste and no hissing sound as it seeps into your home. While scientists have been compiling data on the prevalence of radon in Calgary since the 1970s, there is still not enough data to truly give us the whole picture. But the preliminary findings are enough that every Calgary home owner should take action.
I watched some news stories this week about radon gas in the city and a new campaign called ...
How Important is Resale Value?
With the January 1 mortgage rules on the horizon, estimated to affect about 20% of home buyers, people are scrambling to understand what exactly they can afford. The fear – if you want to call it “fear” – is that people will be forced into a lower price range and will get less home than they want and perhaps, have to buy in different neighbourhood.
It’s important to keep one of the basic tenents of buying real estate in Calgary, and that is: is this home a sound investment with good resale value down the road. You want a property...
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.
A Drop in New Listings...
Selling a House in Calgary - Even in a Buyers Market
Are you selling Calgary home in a buyers market? In a buyers market there is usually an oversupply of homes and less buyers. Sellers need to understand that they CAN sell their home in a buyer's market if the home appeals to the buyers more than the others. Here are some tips on how to sell a home in a buyers the Calgary real estate market:
1. Make repairs - In a buyers market buyers are especially critical of the homes they are viewing. Most are already scared to buy and worried about potential falling prices and the last thing most buyers want to do is spend more money on a home after they have moved in. . Most buyers will be looking...