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June 1, 2018

Calgary Housing Stats May 2018

Lending Conditions Weigh on Housing Demand

HOUSING MARKET FACTS

• Year-to-date detached sales in Calgary totaled 4,047 units. This is 21 percent below last year's levels and 26 percent below long-term levels. Further gains in new listings across most districts pushed up inventory levels.

• Detached benchmark prices totaled $504,500 in May. This is similar to last month and 0.4 percent below last year. Year-to-date, benchmark prices remain comparable to last year but remain nearly four percent below 2014 highs.

• Detached price changes have varied depending on the district. Compared to last year, year-to-date benchmark prices have risen in the City Centre and West areas, while remaining relatively stable in the  North West, South and South East areas of the city.

• Apartment condominium sales totaled 1,104 units this year, a decline of nearly 12 percent over last year. The number of new listings has eased slightly over last year and is preventing more significant gains in inventory levels. Overall months of supply remain elevated in this sector causing further declines in prices. City-wide unadjusted benchmark prices totaled $256,200 in May. This is slightly lower than last month and nearly four percent below last year's levels and 15 percent below previous highs.

• Attached sales eased and new listings rose to cause further inventory gains and months of supply to push above five months. Overall attached prices in May remained relatively stable. This was due to gains occurring in the row sector being offset by declines in the semi-detached market.

• Year-to-date semi-detached benchmark prices averaged $418,480, 0.5 percent below last year. Price adjustments did vary by district, with easing occurring in the North, North West and South East areas. This offset the gains recorded in other districts of the city.

• Year-to-date row benchmark prices improved over last year's levels due to gains mostly in the City Centre and North end of the city. Row prices continue to remain over nine percent below the unadjusted highs recorded in 2014.

For full detailed data from CREB click here.

 

May 1, 2018

Calgary Housing Stats April 2018

Prices steady, but struggles in Alberta economy weighs on housing. 

HOUSING MARKET FACTS

by CREB

Click here for City of Calgary full data

• Detached sales activity slowed across each district in the city, causing inventory gains. Inventory levels were only significantly higher than long-term averages in the North district, which is likely a reflection of the growth coming from new communities.

• Price changes in the detached market have varied in each district. Year-to-date, the districts seeing price declines have been limited to the North, North East, and East districts. Prices remain over three percent higher than last year in the City Centre and West districts. Citywide detached prices average $502,625 this year 0.49 percent higher than last year.

• Year-to-date apartment condominium sales totaled 823 units. This is 15 percent below last year and 27 percent below long-term averages. New listings have eased slightly over last year, but inventory levels remain elevated, keeping months of supply well above seven months.

• Elevated supply based on sales continues to weigh on apartment condominium prices. In April, the benchmark price totaled $256,700. This is nearly three percent below last year and 14 percent below monthly highs recorded in 2014.

• Year-to-date semi-detached prices remained relatively unchanged over benchmark prices from last year, as gains in the City Centre, North East, West, South, and East districts were offset by declines in the North, North West and South East areas.

• After the first four months of the year, row prices remain nearly one percent above levels recorded last year. Like many other property types, price trends vary depending on the district. Year-over-year price adjustments range from a 1.86 percent increase in the City Centre district to a 6.14 percent decline in the South district.

 

 

April 16, 2018

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Posted in Just Listed
April 2, 2018

Calgary Housing Stats March 2018

Prices remain stable compared to last year 

by CREB Click here for full detail

City of Calgary, April 2, 2018 – As expected, slow sales this quarter have persisted through March in the City of Calgary. This is not a surprise, after stronger growth in sales at the end of last year following the announced changes to the lending market.

First quarter sales totaled 3,423 units, nearly 18 percent below last year’s levels and 24 percent below long-term averages. Easing sales and modest gains in new listings caused inventories to rise and months of supply to remain above four months.

“Economic conditions are slowly improving, but it has not been enough to outpace the current impact of higher lending rates and more stringent conditions,” said CREB® chief economist Ann-Marie Lurie.

“We are entering the most active quarters in the housing market with more inventory, which could create some price fluctuations. However, the improving economy is expected to prevent overall prices from slipping by significant amounts.”  While prices trended down on a quarterly basis, they remained relatively unchanged over last year’s levels due to modest gains in the detached sector offsetting declines in the apartment sector.

The citywide benchmark price for detached product averaged $502,000 in the first quarter. This is slightly lower than the fourth quarter of last year, but comparable to levels recorded in the first quarter of last year. In March, the detached price reached $503,800, 3.6 percent below pre-recession highs, but one percent above the lows recorded during the recession. 

“The market today is better than what we experienced at the peak of the recession,” said CREB® president Tom Westcott. “You can find good value if you’re looking to buy a home, and you can also get good value if you’re selling. Being well-informed, in any economic condition, is the key, because there are differences in the market depending on what type of property it is and where it is located.”

Detached market inventories in the first quarter of 2017 were low compared to historical standards. This year, detached inventories have averaged 2,573 units over the first quarter, 10 percent below first quarter averages recorded during 2015 and 2016. Spring will have more inventory than last year, slowing progress on price recovery. However, the amount of price adjustment will vary depending on competing for supply by location and product type

March 1, 2018

Calgary Housing Stats February 2018

Calgary housing market prices hold, but sales fall 

by CREB for full details click here

City of Calgary, March 1, 2018– Residential home sales declined in February, but a decline in new listings helped keep prices steady this month.

Sales totaled 1,094 units in February, 18 percent below last year’s activity. Easing sales occurred across all property types this month, which outpaced the sales growth that occurred in January. After the first two months of the year, sales activity remains well below longer-term averages.

“Housing market conditions are still adjusting to rising lending rates and changes in lending requirements. This process is expected to be bumpy, with demand adjustments leading the changes,” said CREB® chief economist Ann-Marie Lurie.

“However, it is important to remember that it is early in the process and the impact on prices will ultimately be dependent on the supply response.”

A decline in new listings was not enough to prevent further gains in inventory levels, but it offset some of the impacts of slower sales activity. In the detached sector, activity in the $600,000 - $999,999 range recorded the largest gains in supply relative to sales.

“This is a market where the fundamentals of a sound pricing strategy need to be understood by sellers. At the same time, savvy buyers typically have a clear understanding of how much of a mortgage they can get,” said CREB® president Tom Westcott.

“With all the recent changes, potential purchasers should be obtaining pre-approvals so they understand exactly what they can afford prior to making an offer on a home. It also provides the flexibility in this market.”

Citywide benchmark prices totaled $434,300 in February, which is just above levels recorded last month, but comparable to last years levels. While year-over-year price growth remained relatively stable in both the detached and attached markets, apartment prices remained three percent below last year’s levels. 

Feb. 1, 2018

Calgary Housing Stats January 2018

As expected, Calgary sales activity similar to last year

by CREB click here for the full report

City of Calgary, February 1, 2018 – The new year opened predictably, with monthly figures close to the Januarys of the past three years.

With new mortgage rules and rates officially in effect, sales activity in January remained comparable to last year, as rising sales for attached properties were not enough to offset declines in both the apartment and detached sector. 

Overall January sales totaled 958 units, nearly two percent above last year and 11 percent below long-term averages.

“2018 was kicked off with higher rates and the official implementation of the new mortgage requirements. While it is too early to see the impact of these changes, so far, January levels are consistent with what we saw last year,” said CREB® chief economist Ann-Marie Lurie.

“The recovery will be bumpy, and we will continue to monitor the impact of the lending changes relative to the overall economic climate.”

Stable sales were met with rising new listings, causing further gains in inventory levels and impacting prices. Citywide, unadjusted prices totaled $432,300, 0.21 percent below last month and 0.25 percent below last year’s figures. Prices eased across all product types compared to last month, but price declines were more pronounced in the apartment and attached sectors.

In the detached sector, new listings rose with declining sales activity for the product priced over $500,000. However, product priced between $300,000 and $399,999 saw an increase in activity. This will be an adjustment to the new reality buyers and sellers face, as pockets of the market will experience a mismatch between supply and demand.

“Sellers needs to be aware of the competing supply in the market. This can influence the timing of their decision, along with setting realistic expectations regarding time on the market and selling price,” said 2018 CREB® president Tom Westcott. “For buyers, getting pre-approved for a mortgage is essential, along with getting advice from a REALTOR® to get into a home they will be happy with.” 

Jan. 6, 2018

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Jan. 2, 2018

Calgary Housing Stats December 2017

December sales activity rises again but so does supply.

by CREB. click here for full data report 

Dec. 2017 City of Calgary, January 2, 2018– Sales activity for all product types improved in December and pushed monthly sales to long-term averages for the second month in a row.

However, new listings also rose, keeping inventory elevated compared to typical levels for December. With more supply remaining compared to sales, benchmark prices edged down for the fifth consecutive month.

“Many of the economic indicators continue to post modest improvements, including improving sales. However, demand gains have not outpaced the additional supply coming into the housing market. This is creating some of the bumpiness in terms of price recovery,” said CREB® chief economist Ann-Marie Lurie, who added that prices have stayed comparable to last year.

The gap between detached supply to demand closed in the first half of 2017 and supported early price growth. As prices improved, this was perceived as a signal for many who delayed selling their home and caused a late rise in inventory which limited price growth.

Overall, the detached benchmark price in 2017 averaged $504,867, 0.63 percent above last year’s levels.

Challenges continue to face the apartment sector, with elevated supply in the resale market. The new home and rental markets weighed on this sector. The excess supply caused average annual benchmark prices to decline by four percent this year. This is a total annual adjustment of nearly 12 percent since the start of the recession. 

In the attached sector, the first half of the year saw an improvement in sales relative to the inventory levels. This supported stronger price gains in the second and third quarter. However, a late rise in inventory levels took some of the momentum away from price growth. On an annual basis, attached prices totaled $332,325, comparable to last year’s levels.

“This year, we saw a rise in the number of consumers willing to purchase in the market with the expectation that the economy had already shifted. There were also many who waited to list their property until prices showed more stability,” said CREB®president David P. Brown.

“Those who acted were typically driven by long-term plans that best suit their current lifestyle. We are ending the year with stronger sales in the last quarter, but supply levels are holding back price gains. The year played out as expected with a transition from price declines to general price stability in most sectors of the market.” 

Dec. 1, 2017

Calgary Housing Stats November 2017

November marks a rise in sales.

BY CREB

City of Calgary, December 1, 2017 – The November housing market was spurred by a rise in sales, particularly in the lower price ranges. Sales totaled 1,411 units in November, an increase of 15 percent over last year. This is comparable to longer-term averages for the month of November. Improved sales activity occurred in each of the housing segments, with most of the gains occurring in homes priced under $500,000.

“The combination of improved confidence and pending mortgage rule changes have likely contributed to the stronger sales activity this month,” said CREB® chief economist Ann-Marie Lurie. According to Lurie, the last time that sales activity rose to long-term averages for the month was October 2016, when the stress test for high-ratio loans was first announced.

“Moving forward, we will continue to monitor shifts in demand as improving economic conditions should help offset the impact to the housing market after the new lending policy comes into force in January,” said Lurie.

The largest gains in the detached sector were in the $300,000 - $399,999 price range, while the apartment and attached sectors saw the largest gains among homes priced below $300,000.

“We have seen some improvements in confidence with many of our clients. There are some concerns regarding the changes in the lending market, but there is also a significant amount of confusion regarding how it will affect them,” said CREB® president David P. Brown.

“For a lot of buyers, they are interested in taking advantage of the choice in the market at all price ranges.” The rise in sales relative to new listings improved this month, helping ease inventory levels over the previous month and keeping the months of supply relatively stable. However, the amount of supply relative to the sales in the market remains elevated. This continues to weigh on prices.

Citywide benchmark prices totaled $436,700, 0.50 percent below last month, but 0.46 percent above last year’s levels. Both median and average prices recorded a more significant decline compared to last year. This should not come as a surprise, as more sales in the lower price range this year compared to last November would cause a more pronounced drop in average and median prices.   

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Nov. 1, 2017

Calgary Housing Stats October 2017

Status Quo for Calgary's Housing Market

by CREB

Prices remain similar to last year but ease in October.

November 1, 2017– October’s housing market conditions closely echoed previous month’s trends with easing sales, rising inventories, and downward price pressure. Like last month, the monthly activity was not enough to derail gains that occurred earlier in the year.

October sales and inventories totaled 1,467 and 6,463 units for a month of supply of 4.4. Several months of elevated supply in comparison to demand has weighed on pricing over the past several months. The city-wide unadjusted benchmark price in October totaled $438,900, 0.6 percent below last month, but comparable to last year. 

“While economic activity has improved in 2017, it will take some time for this to translate into housing market growth. There have been employment gains, but most of this has occurred in areas with traditionally lower income,” said CREB® chief economist Ann-Marie Lurie.

“We also continue to face weak migration, higher lending rates and changes to lending policy. The combination of these factors is impacting housing demand, which is prolonging the pace of recovery.” 

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