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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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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Sales activity in October improved by nearly 10 per cent compared to last year, driven mostly by improvements for apartment and attached product.
New listings also eased, which helped reduce inventory levels and the oversupply in the market. Despite the move to more balanced conditions, the market remains oversupplied and prices continue to remain below last year’s levels.
For the third consecutive month, sales activity improved over last year’s figures, and year-over-year new listings and inventories eased. This trend will help support more stability in the housing market.
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Sales activity increase led by lower-priced homes
Increased sales and easing new listings reduced housing inventories in August. Sales were primarily driven by homes priced below $500,000.
Rising sales for homes priced under $500,000 offset sales declines in the higher price ranges. This caused August sales to improve by six per cent compared to last year.
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 →
Oversupply is slowing, but a buyers’ market remains…
New listings coming onto the market continued to decline in June, which is helping to reduce the oversupply of homes in Calgary.
Year-over-year, new listings saw a decrease of nearly 19 per cent. Sales activity slowed this month compared to last year by six per cent, but the pullback in new listings was enough to cause inventories to fall by 13 per cent compared to last year’s elevated levels. Continue reading →
The First-Time Home Buyer Incentive (the Incentive) helps qualified first-time homebuyers reduce their monthly mortgage carrying costs without adding to their financial burdens.
You need to have the minimum down payment to be eligible. You can then apply for a 5% or 10% shared equity mortgage with the Government of Canada. Your maximum qualifying income is no more than $120,000 and your total borrowing is limited to 4 times the qualifying income.