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
Job market weakness and lending restrictions a common thread in 2018’s housing market City of Calgary, January 2, 2019 – As oversupply continues in Calgary’s housing market, December prices eased by one per cent compared to last month and are over three per cent below last December. “Persistent weakness in the job market and changes in the lending market impacted sales activity in the resale market this year,” said CREB® chief economist Ann-Marie Lurie. “This contributed to elevated supply in the resale market, resulting in price declines.” December sales totalled 794 units, a 21 per cent decline over the previous year. Overall year-to-date sales in the city totalled 16,144 units. This is a 14 per cent decline over 2017 and nearly
“Challenging economic conditions continue to impact the resale market” City of Calgary, December 3, 2018 – Sitting below long term averages, November sales in the city totaled 1,171 units. For the year so far, sales activity has totaled 15,349 units, a 14 per cent decline over last year and nearly 20 per cent below long-term averages. “Recent challenges in the energy sector have weighed on consumer confidence over the past month. Combined with weakness in the employment market and further gains in lending rates, this is impacting ownership demand,” said CREB® chief economist Ann-Marie Lurie. New listings eased by seven per cent in November compared to last year. The adjustment in new listings has helped prevent further inventory gains, with