all posts marked CREB Market Statistics

Market Shifting to stability

Wednesday, October 2, 2019Norm Rousseauposted in CREB Market Statistics

City of Calgary, October 1, 2019 – For the third consecutive month, sales activity improved over last year’s figures, and year-over-year new listings and inventories eased. This trend will help support more stability in the housing market.

“Price declines have likely brought some buyers back into the market,” said CREB® chief economist Ann-Marie Lurie, noting improvements in the market continue to be driven by homes priced below $500,000.

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In the condominium apartment market, sales improved by 16 per cent this month. This represents the segment’s best September since 2015. Year-to-date growth in both the attached and apartment sector were enough to offset the modest decline in the detached sector resulting in year-to-date sales growth of nearly one per cent in the city.

Sales activity increase led by lower-priced homes

Thursday, September 5, 2019Norm Rousseauposted in CREB Market Statistics

City of Calgary, September 3, 2019 – Increased sales and easing new listings reduced housing inventories in August. Sales were primarily driven by homes priced below $500,000. “Employment numbers have been improving, but mostly in industries that are traditionally lower paid,” said CREB® chief economist Ann-Marie Lurie.Annotation 2019-09-05 133639

“This is contributing to the shift that we are seeing in the housing market, with growth being limited to product priced below $500,000.” Rising sales for homes priced under $500,000 offset sales declines in the higher price ranges. This caused August sales to improve by six per cent compared to last year. Sales activity improved for all product types. The growth was largest for apartment-style and attached properties. Attached sales increased for the sixth consecutive month compared to the previous year. This is also the only property type with year-to-date sales higher than last year’s levels. New listings continued to ease this month, which caused inventory to decline. This is helping the market shift toward more balanced conditions. The amount of downward pressure on prices is also easing. At $426,000, the unadjusted citywide benchmark price this month remained comparable to last month, but 2.6 per cent lower than last year’s levels. Despite improving sales and reductions in inventory, housing market recovery will take time. Inventory levels remain elevated and sales activity is still well below historical norms. The market continues to favour the buyer, with over four months of supply.

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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