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...
Writer: Jon Weirman
“Mad Men” has always been known as one of the most brilliant TV portrayals ever regarding the perils, pride, and rewards of the advertising business, and taking place in the last 1960's gave it a unique flair. After being challenged to come up with a tagline for Jaguar, they put their heads together and lamented in one sweeping and all-encompassing statement that the brand name offers “At last, something beautiful you can truly own”. These fictional advertising experts that...
When we provide you as the reader news from the Tost Realty Group, we happen to love the days when it is positive! According to a recent report by the Altus Group, the main reason that the housing market has been a bit lackluster this year was the absence of first-time buyers, but all indicators point to the fact that they will soon be back shopping for Calgary Real Estate. Patricia Arsenault, VP of research and consulting services at Altus Group claimed that “With all of the policy changes we've had and...
CMHC on Deck to Make Things Easier for Self-Employed Borrowers
Qualifying for a mortgage is the first step when looking for Calgary homes for sale, as this is an integral part of the process that prepares you to obtain the keys to your beautiful new home. Canada Mortgage and Housing Corp. is now making changes...
When buying a house in Calgary, finding the right real estate agent to represent you is one of the keys to finding the right home to suit your needs. As you search through your options, it is helpful to understand the differences between a real estate broker and a real estate agent as well as how these professionals can help you through the buying process.
What is the Difference Between a Real Estate Agent and Real Estate Broker?
A real estate broker is a professional who is licensed to manage his or her own business. As independent sales people, they often sell real estate that is owned buy others. In addition to helping clients buy or...
Common Mistakes to Avoid When Selling Your Calgary Home
Even people who have been selling Calgary homes for decades still make mistakes. Often, these crucial mistakes unable them to find people who are willing to purchase their home at desired price. These mistakes have to be avoided at all costs.
Here are some of the most common mistakes committed – mistakes that you should try your best not to commit when selling your Calgary home.
Showing bad photos
Many people look to listings on the newspaper, on the internet, or other such sources for information regarding properties for sale. When putting up an advertisement, it is best to put in the best photos possible. Using a high end camera or hiring a professional photographer to take pictures of the house being sold may...