Prices remain stable compared to last year! City of Calgary, April 2, 2018 – As expected, slow sales this quarter have persisted through March in the City of Calgary. This is not a surprise, after stronger growth in sales at the end of last year following the announced changes to the lending market. First quarter sales totaled 3,423 units, nearly 18 per cent below last year’s levels and 24 per cent below long-term averages. Easing sales and modest gains in new listings caused inventories to rise and months of supply to remain above four months. “Economic conditions are slowly improving, but it has not been enough to outpace the current impact of higher lending rates and more stringent conditions,” said
A Bumpy Road to Recovery Calgary housing market prices hold, but sales fall Feb. 2018 City of Calgary, March 1, 2018 – Residential home sales declined in February, but a decline in new listings helped keep prices steady this month. Sales totaled 1,094 units in February, 18 per cent below last year’s activity. Easing sales occurred across all property types this month, which outpaced the sales growth that occurred in January. After the first two months of the year, sales activity remains well below longerterm averages. “Housing market conditions are still adjusting to rising lending rates and changes in lending requirements. This process is expected to be bumpy, with demand adjustments leading the changes,” said CREB® chief economist Ann-Marie Lurie.
Housing Market Déjà Vu in January As expected, Calgary sales activity similar to last year Calgary, Feb. 1, 2018 – The new year opened predictably, with monthly figures close to the Januarys of the past three years. With new mortgage rules and rates officially in effect, sales activity in January remained comparable to last year, as rising sales for attached properties were not enough to offset declines in both the apartment and detached sector. Overall January sales totaled 958 units, nearly two per cent above last year and 11 per cent below long-term averages. “2018 was kicked off with higher rates and the official implementation of the new mortgage requirements. While it is too early to see the impact of
Home – Improvement November marks a rise in sales! City of Calgary, December 1, 2017 – The November housing market was spurred by a rise in sales, particularly in the lower price ranges. Sales totaled 1,411 units in November, an increase of 15 per cent over last year. This is comparable to longer-term averages for the month of November. Improved sales activity occurred in each of the housing segments, with most of the gains occurring in homes priced under $500,000. “The combination of improved confidence and pending mortgage rule changes have likely contributed to the stronger sales activity this month,” said CREB® chief economist Ann-Marie Lurie. According to Lurie, the last time that sales activity rose to long-term averages for
Status Quo for Calgary’s Housing Market Prices remain similar to last year, but ease in October. City of Calgary, November 1, 2017 – October’s housing market conditions closely echoed previous month’s trends with easing sales, rising inventories and downward price pressure. Like last month, the monthly activity was not enough to derail gains that occurred earlier in the year. October sales and inventories totaled 1,467 and 6,463 units for a month of supply of 4.4. Several months of elevated supply in comparison to demand has weighed on pricing over the past several months. The city-wide unadjusted benchmark price in October totaled $438,900, 0.6 per cent below last month, but comparable to last year. “While economic activity has improved in 2017,