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

“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