“Oversupplied market weighs on prices” City of Calgary, November 1, 2018 – Elevated inventory levels compared to sales, are causing prices to ease further in Calgary’s housing market. Citywide benchmark prices totaled $426,300 in October, trending down for the fifth consecutive month and resulting in a year-over-year decline of 2.9 per cent. “Job growth in this city remains a concern, as unemployment levels remain well above levels expected for this year. Rising costs of ownership also continue to weigh on housing demand,” said CREB® chief economist Ann-Marie Lurie. “At the same time, housing supply levels are not adjusting fast enough to current conditions, resulting in price adjustments.” Inventories and sales totaled 7,345 and 1,322 in October. This has resulted in

Persistent buyers’ market continues City of Calgary, October 1, 2018 – With no change in the economic climate, Calgary’s sales activity totaled 1,272 units in September, a 13 per cent decline over the previous year and well below long-term averages. There was a pullback in sales across all product types, most notably the detached market. “Calgary’s economy continues to struggle with unemployment, which rose again last month to over eight per cent. Concerns in the employment market, higher lending rates and shaken confidence are weighing on housing demand,” said CREB® chief economist Ann-Marie Lurie. “At the same time, supply levels continue to remain high, resulting in persistent oversupply and price declines.” Inventories totaled 7,941 units, pushing the months of supply

“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