April brings a slight inventory decline 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. The decline in new listings was enough to start chipping away at overall inventory levels, which have eased slightly compared to last year. The slight adjustment in supply levels has helped support further reductions in the months of supply, which was 4.6 months in April. While this level still represents oversupply in our market, it does reflect improvement from the nearly seven months of supply that we saw at the start of the year. “Demand remains relatively weak in the
Media release: Oversupply persists despite improved sales activity for affordable product City of Calgary, April 1, 2019 – March saw a modest decline in city wide sales activity compared to last year. However, sales have been rising for more affordable product in the detached and attached sectors. Shifts in the lower end of the market have not outweighed easing across the higher priced product. First-quarter sales dropped to 3,108 units. This is nine per cent below last year and 28 per cent below typical levels of activity. Price declines and relatively slow sales activity are impacting the number of new listings. For the second consecutive month, new listings eased compared to last year’s levels and long-term trends, but it was not
Housing market feels the chill as oversupply continues. City of Calgary, March 1, 2019 – The effects of Calgary’s economic climate continue to create weak sales activity and elevated inventory in the city’s housing market. As a result, prices are being affected. “It is not a surprise that slowing activity in the housing market has persisted into February,” said CREB® chief economist Ann-Marie Lurie. “There has been no substantial change in the economic climate and concerns regarding potential layoffs in the energy sector are weighing on confidence.” As of February, citywide benchmark prices were $414,400. This is nearly five per cent below last February, slightly lower than last month’s figures and over 10 per cent below highs recorded in 2014.
Economic challenges to affect Calgary’s housing market in 2019 Calgary, Jan. 30, 2019 – The challenging economic climate in Calgary is expected to persist into 2019. Easing global oil prices, concerns regarding market access and easing investment activity are weighing on the energy sector and are expected to slow growth prospects in the province this year. “Slowing growth, weak job prospects and lack of confidence are all factors that are contributing to the expected easing in sales activity this year,” said Ann-Marie Lurie, CREB® Chief Economist. “At the same time, our market continues to struggle with high inventory levels and further potential rate hikes, all of which is expected to cause additional price declines this year.” There are signs that
New year kicks off with slow sales City of Calgary, February 1, 2019 – As economic challenges linger into 2019, housing markets remain on a sluggish pace. January sales totalled 804 units, 16 per cent below last year and 21 per cent below long-term averages for the month. “The slow start to the year does not come as a surprise, as concerns about job losses and the state of the energy sector weigh on consumers. We anticipate that the slow market conditions will persist throughout much of the first quarter,” said CREB® chief economist Ann-Marie Lurie. The number of new listings entering the market remained comparable to last year, but those levels far surpassed sales activity. This is resulted in