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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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Oct. 2, 2017

Calgary Housing Stats September 2017

The Big Picture

by CREB

Inventory increases and sales drop in September, but overall sales for the year remain higher than last year.

City of Calgary, October 2, 2017– Strong gains in the first-half of 2017 have put the Calgary year-to-date sales at seven percent above last years’ levels and 11 percent below long-term averages, but challenges remain with easing sales and rising new listings...Read more

Sept. 1, 2017

Calgary Housing Stats August 2017

Housing recovery a balancing act

Growth in new listings outpaced sales preventing inventory declines

Calgary, Sept. 1, 2017 - Sales posted a modest gain in August, but a rise in new listings kept inventory levels elevated...Read more

 

 

 

Aug. 1, 2017

Calgary Housing Stats July 2017

Housing recovery remains a work-in-progress

City of Calgary, Aug. 1, 2017 – Sales exhibited stable growth through the first half of the year in the Calgary housing market, but the number of transactions slowed slightly in July compared to last year...... read more.

July 4, 2017

Calgary Housing Stats June 2017

June spells a gradual recovery

by CREB on July 04, 2017 

Click here to view the full City of Calgary monthly stats package. 

Click here to view the full Calgary region monthly stats package.

Stable prices in detached sector signal balanced conditions despite increased inventory 

Calgary’s housing market in June saw a modest improvement in sales along with an increase in new listings.  

However, demand gains have not kept pace with a number of new listings coming onto the market. This caused inventory levels to increase to 6,659 units, which is 11 percent higher than last year’s levels. 

Despite the recent shift in inventory this month, second quarter activity continues to demonstrate improved supply-demand balance and price stability. Citywide benchmark prices totaled $441,500 in June. This is a 0.5 percent gain over last month and nearly one percent higher than last year. 

“The supply gain this month will be monitored. However, on a quarterly basis, inventory levels remain comparable to last year, sales have improved and there have been modest price gains. All of this remains consistent with expectations of a gradual recovery,” said CREB® chief economist Ann-Marie Lurie.

Year-to-date residential sales in Calgary totaled 10,322 units, which is 12 percent above last year’s levels. New listings increased by three per cent over the same time period. 

Overall, both the sales-to-new listings ratio and months of supply have trended down this year. This signals more stable pricing in the housing market this year. 

“While there were many buyers waiting for lower prices to step into the housing market, there were also many sellers waiting until prices stabilized before listing their home,” said CREB® president David P. Brown. 

“Some of this recent growth in listings will help provide more choice, particularly in the detached market where market conditions had significantly tightened over the past few months.”

Detached inventories and sales totaled 3,224 and 1,385 units, for a month of supply of 2.3 in June. Despite the recent rise in supply, over the first half of this year inventories have averaged 16 percent below last year’s levels while sales are 13 per cent higher, keeping this segment in more balanced conditions.  

While activity is also improving in the attached segment of the market, resale activity in the ownership of apartment-style product continues to face challenges with weak sales relative to listings and rising months of supply. 

As of June, the unadjusted benchmark price for an apartment style product totaled $265,800. This is nearly four percent below last year’s levels and 11 percent below recent highs.

 

June 2, 2017

Calgary Housing Stats May 2017

Home prices remained stable in May

by CREB

Click here to view the full City of Calgary monthly stats package. 

Click here to view the full Calgary region monthly stats package.  

Demand for detached housing continues to rise

City of Calgary, June 1, 2017– Fueled by the detached sector, Calgary home prices trended up for the fourth consecutive month, but remain

“The economic climate is supporting detached housing market recovery,” said CREB® chief economist Ann-Marie Lurie. 

“Improved demand and easing supply has created more balanced conditions and ultimately some modest price gains. While it will still take some time for prices to recover, the transition in the detached segment is an important first step to stabilization across all segments of the housing market.” 

For the first time since June 2015, prices in the detached sector did not decline on a year-over-year basis.  Unadjusted detached benchmark prices reached $509,000 in May, one per cent higher than last month and May 2016 levels. Like the detached market, the attached product has moved towards more balanced conditions. This has supported some recent directional shifts in pricing.  However, monthly price declines had fallen by 4.7

Like the detached market, the attached product has moved towards more balanced conditions. This has supported some recent directional shifts in pricing.  However, monthly price declines had fallen by 4.7 percent over peak levels and year-to-date benchmark prices remain two percent below last year’s levels.

“We can really see a slow but sure recovery in the housing market,” said CREB® president David P. Brown.  “Demand for

“Demand for the detached product is driving a new sense of optimism for consumers as we move further into spring.” Against this backdrop, the number of new listings rose to 3,866 units in May, which is 17

Against this backdrop, the number of new listings rose to 3,866 units in May, which is 17 percent higher than last year’s total for the month. Despite this rise, year-to-date new listings have declined by one percent over last year.  “With the change in market dynamics, people no longer feel like they may need to settle for a second choice in a property,” said Brown. “There are lots of housing choices in every segment of the market and that made for a good situation in an already active spring market.” The variation in market activity also extends to regional areas outside the city of Calgary. Please go to CREB®’s Regional Report for highlights on regional activity. 

“With the change in market dynamics, people no longer feel like they may need to settle for a second choice in a property,” said Brown. “There are lots of housing choices in every segment of the market and that made for a good situation in an already active spring market.” The variation in market activity also extends to regional areas outside the city of Calgary. Please go to CREB®’s Regional Report for highlights on regional activity. 

“There are lots of housing choices in every segment of the market and that made for a good situation in an already active spring market.” The variation in market activity also extends to regional areas outside the city of Calgary. Please go to CREB®’s Regional Report for highlights on regional activity. 

The variation in market activity also extends to regional areas outside the city of Calgary. Please go to CREB®’s Regional Report for highlights on regional activity.