Oversupply is slowing, but a buyers’ market remains 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. “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®
Sales activity improves for second consecutive month City of Calgary, June 3, 2019 – Sales growth in May was met with a decline in new listings. This combination eased the pressure on inventory levels, which finished the month at 7,467 units, a decline of 12 per cent compared to last year. Improving sales relative to inventory levels caused the months of supply to ease to just under four months. While still oversupplied, this is an improvement from the five months of supply recorded last May. Citywide sales in May totalled 1,921 units, 11 per cent higher than last year’s levels. However, sales remain 10 per cent below longer-term trends. This sales growth was primarily driven by homes priced under $500,000. “While
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.