all posts marked CREB Market Statistics

Sales improving and inventory declines for fourth month in a row

Friday, August 2, 2019Norm Rousseauposted in CREB Market Statistics

City of Calgary, August 1, 2019 – For the fourth consecutive month, inventories in the market declined compared to last year. This is due to the combination of improving sales and a decline in new listings.

The market continues to favour the buyer, but a continuation in supply reduction compared to sales is needed to support more balanced conditions.Capture

“We are starting to see reductions in supply across the resale, rental and new-home markets,” said CREB® chief economist Ann-Marie Lurie.

Mid-year market update: Modest supply reductions may signal shift to balanced housing market by end of year

Tuesday, July 23, 2019Norm Rousseauposted in CREB Market Statistics

City of Calgary, July 22, 2019 – A struggling energy sector continues to weigh on the overall economy. Unemployment levels remain elevated and income growth remains weak.

However, Calgary continues to benefit from stable population growth fuelled by international migration and natural increases.

“With current economic conditions, we expect housing demand will remain similar to levels recorded last year,” said CREB® chief economist Ann-Marie Lurie. Supply continues to adjust in the resale market, as well as the new-home and rental markets. Reductions in housing supply are expected to move the resale market toward more balanced conditions and support price stability by the end of the year.

June 2019. Oversupply is slowing, but a buyers market remains

Wednesday, July 3, 2019Norm Rousseauposted in CREB Market Statistics

City of Calgary, July 2, 2019 – New listings coming onto the market continued to decline in June, which is helping to reduce the oversupply of homes in Calgary.

Year-over-year, new listings saw a decrease of nearly 19 per cent. Sales activity slowed this month compared to last year by six per cent, but the pullback in new listings was enough to cause inventories to fall by 13 per cent compared to last year’s elevated levels.Capture

“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,” said CREB® chief economist Ann-Marie Lurie.

“However, it is mostly product priced under $500,000 that is trending towards more balanced conditions.”

While the market still favours the buyer – with 4.3 months of supply – the amount of oversupply has eased and is slowing the decline in prices. As of June, the benchmark price in the city was $425,700, nearly four per cent below last year’s levels and comparable to unadjusted prices recorded last month.

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A brief summary of the real estate activity for May 2019

Thursday, June 6, 2019Norm Rousseauposted in CREB Market Statistics

Detached

• Detached sales in May totalled 1,182 units. This is a 12 per cent increase over last year, but still 13 per cent below long-term averages. The improvement in sales was driven primarily by gains in homes priced under $500,000. • Sales activity increased across most districts in May. However, year-to-dates sales have only increased in the East, South and North East districts of the city. Citywide sales remain one per cent lower than last year’s levels.Capture2

Calgary Real Estate Board April Stats

Thursday, May 2, 2019Norm Rousseauposted in CREB Market Statistics

City of Calgary, May 1, 2019 – There have been no significant changes occurring in sales activity, but the number of new listings coming onto the market continues to ease relative to 2018 levels. image







The decline in new listings was enough to start chipping away at overall inventory levels, which have eased slightly compared to last year.

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