“Unemployment rate slows housing market recovery” City of Calgary, September 4, 2018 – Easing sales, gains in new listings and elevated inventory levels continue to slow Calgary’s recovery in the housing market in August. Persistent oversupply in the Calgary housing market continued to weigh on prices in August. Citywide benchmark prices edged down over previous months by 0.8 per cent and are 2.4 per cent below last year’s levels. “Calgary’s employment market has persistently high unemployment rates at 7.9 per cent and recent job losses in full time positions. The struggles in the employment market are one of the factors weighing on our local housing market,” said CREB® chief economist Ann-Marie Lurie. “A slow recovery in the energy sector combined

Patience required in Calgary’s housing market recovery City of Calgary, August 1, 2018 – Recent struggles in the job market, accompanied by yet another interest rate increase, is piling on to the decisions potential purchasers have to make in the housing market. The month of July saw 1,547 units sold in Calgary, nearly five per cent below last year. New listings eased to 2,964 units, causing inventories to total 8,450 units. With more supply than demand, prices continued to edge down, with a citywide average of $435,200. This amounted to a month-over-month price decline of 0.30 per cent and year-over-year decline of 1.89 per cent. “Despite some positive momentum in some aspects of our economy, our job market has continued

Weak sales persist in Calgary and beyond City of Calgary, July 3, 2018 – Many Canadian energy-related municipalities within Alberta and Saskatchewan have seen housing markets struggle over the past few years, resulting in price declines. The recent mortgage rule changes and higher lending rates are factors weighing on demand and prices across some of those areas. “While our economy is no longer in a recession, persistently high unemployment rates, concerns over long-term growth, rising lending costs and stricter qualifications are all weighing on the housing demand,” said CREB® chief economist Ann-Marie Lurie. “Growth in new listings is starting to ease for some property types, but it is not enough to prevent continued supply growth and, ultimately, an oversupplied housing

“Lending conditions weigh on housing demand” City of Calgary, June 1, 2018 May sales activity continue to ease with the largest declines occurring in the detached sector. Additional gains in new listings continue to increase inventory levels. City-wide sales activity in May totaled 1,726 units and is 19 per term averages. Sales activity in the detached sector declined to levels not seen in over a decade. “The impact of rising lending rates and stricter qualification levels causing demands to ease, chief economist Ann-Marie Lurie. Economic conditions have improved from a year ago, but the pace of recovery has not been enough to outweigh months of supply to 4.9 months. Elevated supply relative to demand prevented any further price recovery in

Soft Sales Continue in April Prices steady, but struggles in Alberta economy weighs on housing! City of Calgary, May 1, 2018 – Changes to the lending industry and a challenging economic recovery are weighing on sales activity in Calgary’s housing market. Supply levels have not adjusted to the weaker demand environment, and that is preventing price recovery. “Slower sales do not come as a surprise, given the economy has not yet improved enough to offset the impact of changes in the lending industry,” said CREB® chief economist Ann-Marie Lurie. “While the rising inventories are being monitored, prices have remained relatively flat as gains in some areas of the city have been offset by declines in other areas.” The easing sales