With gains in every price range, residential sales activity in February totalled 1,836. This reflects the best February since 2014.
New listings improved in February, but the gap between new listings and sales narrowed. This is causing the sales-to-new-listings ratio to rise to 65%, keeping the months of supply well below three months.
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For the sixth month in a row, sales in the Calgary market recorded a year-over-year gain. Sales growth over the past several months has been the strongest seen in the past five years, but the activity has not been strong enough to offset the pullbacks from the spring. Year-to-date sales remain over 3% lower than last year’s levels.
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After three months where COVID-19 weighed heavily on the housing market, sales activity in June continued to trend up from the previous month, totalling 1,747 units.
Caution remains necessary, as monthly sales are nearly 2% lower than activity recorded last year. However, this represents a significant improvement compared to the past several months, where year-over-year declines exceeded 40%.
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After the first full month with social distancing measures in place, the housing market is adjusting to the effects of COVID-19. April sales hit 573 units, a decline of 63% over last year.
“The decline in home sales does not come as a surprise. The combined impact of COVID-19 and the situation in the energy sector is causing housing demand to fall,” said CREB® chief economist Ann-Marie Lurie.
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Due to COVID-19 impacts in Calgary’s housing market and general economy, it is not business as usual. This year was projected to be a time when Calgary would start to see some modest improvements.
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After a strong start to 2020, economic conditions have dramatically changed. March sales activity started the month strong, but quickly changed, as concerns regarding the spread of COVID-19 brought about social distancing measures. This had a heavy impact on businesses and employment.
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This month saw a double-digit gain in sales, but last February was one of the slowest levels of activity since the late ’90s.
With the extra day this February, monthly sales totaled 1,197 units. A combination of these two factors resulted in a 23 per cent improvement over last year, but sales remain well below longer-term trends and consistent with the lower levels reported over the past five years.
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Housing market conditions continue to follow similar trends to last year, with gains in sales. At the same time, there have been further reductions in new listings, inventory and more declines in prices.
January sales activity was 863 units, nearly 8% higher than last year’s levels. While sales remained well below January activity recorded before 2014, they remain consistent with activity recorded over the past five years.
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Year-to-date residential sales in the city remain just above last year’s levels due to improvements in the attached sector so far this year.
However, November sales activity eased over last year’s levels, mostly due to pullbacks in the apartment sector.
Meanwhile, new listings eased enough relative to sales to cause inventories to ease and the amount of oversupply to come down slightly compared to last year’s levels.
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Modest supply reductions may signal shift to balanced housing market by end of year…
A struggling energy sector continues to weigh on the overall economy. Unemployment levels remain elevated and income growth remains weak.
However, Calgary continues to benefit from stable population growth fueled by international migration and natural increases. Continue reading →