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Calgary Market Insider November 2019

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.

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Market Insider September 2019

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.

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Market Insider August 2019

Sales improving and inventory declines for fourth month in a row…

For the fourth consecutive month, inventories in the market declined compared to last year. This is due to the combination of improving sales and a decline in new listings.

The market continues to favour the buyer, but a continuation in supply reduction compared to sales is needed to support more balanced conditions. Continue reading

Market Insider July 2019

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

Market Insider June 2019

Sales activity improves for second consecutive month 

Sales growth in May was met with a decline in new listings. This combination eased the pressure on inventory levels, which finished the month at 7,467 units, a decline of 12 per cent compared to last year.

Improving sales relative to inventory levels caused the months of supply to ease to just under four months. While still oversupplied, this is an improvement from the five months of supply recorded last May. Continue reading

Market Insider May 2019

April brings a slight inventory decline.

There have been no significant changes occurring in sales activity, but the number of new listings coming onto the market continues to ease relative to 2018 levels.

The decline in new listings was enough to start chipping away at overall inventory levels, which have eased slightly compared to last year.

The slight adjustment in supply levels has helped support further reductions in the months of supply, which was 4.6 months in April. While this level still represents oversupply in our market, it does reflect improvement from the nearly seven months of supply that we saw at the start of the year. Continue reading

Market Insider April 2019

March saw a modest decline in city wide sales activity compared to last year. However, sales have been rising for more affordable product in the detached and attached sectors.

Shifts in the lower end of the market have not outweighed easing across the higher priced product. First-quarter sales dropped to 3,108 units. This is nine per cent below last year and 28 per cent below typical levels of activity.

Price declines and relatively slow sales activity are impacting the number of new listings. For the second consecutive month, new listings eased compared to last year’s levels and long-term trends, but it was not enough to prevent inventory growth. Continue reading

Market Insider March 2019

HOUSING MARKET FACTS

Detached

  • After the first two months of the year, detached sales were 1,079 units. This is 13 per cent below last year’s levels and nearly 30 per cent below long-term averages. Sales eased across all city districts except the North West. Activity remained well below normal levels across all districts of the city.
  • The adjustments in new listings ranged from a 15 per cent increase in the North West district to a decline of 23 per cent in the North district. Overall, year-to-date new listings were 2,544 units, nearly two per cent below last year’s levels.
  • Despite some adjustments in new listings, average inventories in the detached sector so far this year rose by 25 per cent compared to last year. However, some of the most affordable detached areas, including the North East and East districts, have seen inventories fall compared to last year.
  • With detached months of inventory remaining above five months, prices continue to trend down. In February, citywide detached benchmark prices were $475.600, 0.2 per cent below last month and over five per cent below levels recorded last February.

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Market Insider January 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 20 per cent below long-term averages.

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Market Insider December 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. Continue reading