Mid-year market update: economic conditions continue to weigh on housing

Wednesday, August 15, 2018Norm Rousseau

Overall, prices are expected to ease by over one per cent across the city, with expected declines ranging from 2.5 per cent in the apartment sector to nearly one per cent in the detached sector.

"Prices were not expected to improve this year. However, supply has not adjusted fast enough to weaker than expected demand. This is causing us to make a downward revision from earlier estimates."

110 Bridlerange Place SW $447000

Saturday, August 11, 2018Norm Rousseauposted in Feature Property

IMG_0545IMG_0547

FORMER SHOW HOME offered for sale by the original owner. Enjoy your AIR CONDTIONED home on a quiet cul-de-sac minutes from schools, shopping, restaurants & public transportation. Large foyer with custom bench and storage. OPEN CONCEPT wired for speakers, 9ft ceilings, 3 sided fireplace and hardwood floors. Great kitchen with raised eating bar, pantry and stainless appliances. . Family sized dining area perfect for entertaining. Convenient mud/laundry room with sink and adjacent 2 piece bath. Well designed upper level with a spacious bonus room. KING SIZED MASTER SUITE, with walk-in closet and 5 piece ensuite. Plus two other generous sized bedrooms. Bright open BASEMENT DEVLOPMENT with an additional 3 piece bath provides plenty of additional space for your teenager, pool table and over night guests. Double attached garage is drywalled, painted and heated!

More Info: https://matrix.crebtools.com/matrix/shared/hCk4GxV8fq/110BRIDLERANGEPlaceSW

HOUSING MARKET FACTS

Thursday, August 2, 2018Norm Rousseauposted in CREB Market Statistics

Detached, Attached & Apartment Facts

Detached

  • Oversupply issues continue to worsen in each district of the city compared to last year. However, compared to historical conditions, conditions today remain better than in 2016 in both the West and City Centre districts.
  • Year-to-date, the West and City Centre areas have recorded prices higher than last year's levels and continue to edge towards price recovery. Benchmark prices in the West have averaged $733,329 this year, comparable to previous highs.
  • City Centre benchmark prices have averaged $693,243, nearly three per cent below previous highs. Most districts have recorded detached prices that remain over four per cent below previous highs.

Apartment

  • Easing new listings in the apartment condominium sector have prevented any further gains in the amount of inventory in the market.
  • Supply levels remain elevated compared to sales, keeping year-to-date prices three per cent below last year's levels and nearly 14 per cent below previous highs.

CREB REGIONAL MARKET FACTS

Thursday, August 2, 2018Norm Rousseau

Airdrie

• 2018 Airdrie residential sales have totalled 732 units so far, which is 11 per cent lower than the same period last year. Sales are at the lowest level when compared to the same period in the past six years.

• Year-to-date new listings remain just above last year's levels, totalling 1,600 units and reaching a new peak when compared to the same period in previous years. Total inventories in Airdrie have averaged 544 units this year, approximately 100 units higher than the same period in 2017.

Patience required in Calgarys housing market recovery

Thursday, August 2, 2018Norm Rousseauposted in CREB Market Statistics

CREB City of Calgary, August 1, 2018 –

Recent struggles in the job market, accompanied by yet another interest rate increase, is piling on to the decisions potential purchasers have to make in the housing market.

The month of July saw 1,547 units sold in Calgary, nearly five per cent below last year. New listings eased to 2,964 units, causing inventories to total 8,450 units. With more supply than demand, prices continued to edge down, with a citywide average of $435,200. This amounted to a month-over-month price decline of 0.30 per cent and year-over-year decline of 1.89 per cent.

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