Calgary Real Estate Market Reports

Found 17 blog entries about Calgary Real Estate Market Reports.

Looking forward into 2019, We in the Real Estate World are hoping for a better year than 2018. Although reports from economists are saying all but our wish. The Calgary Market has continued to slow down, as well as Toronto & Vancouver, which in turn may positively impact our home market. The following is a report from "Better Dwelling" on how All but 3 Canadian Cities should continue to see a slow down for the remainder of the year.

"Canadian real estate buyers are taking a break after driving most of the country’s markets to new highs. Canadian Real Estate Association (CREA) numbers show the sales to listings ratio declined across most of Canada in January. There were only three exceptions, all located east of Toronto.

The sales to new listings

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Kenney wants mortgage stress test removed for Albertans as house prices sag

A United Conservative Party government would call on Ottawa to eliminate mortgage rules that are making it harder for Albertans to buy homes, UCP Leader Jason Kenney said Wednesday. 

Speaking to a crowd of hundreds of realtors at the Calgary Real Estate Board’s annual forecast event, Kenney said the mortgage stress test introduced at the beginning of 2018, which was meant to ensure homebuyers can still afford their mortgages even if interest rates rise substantially, is an “unfair attack on Alberta home ownership.” He said if he becomes premier, he will introduce a motion in the legislature calling for the federal government to remove the rules from the Alberta market

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Elevated inventory levels compared to sales, are causing prices to ease further in Calgary’s housing market.

Citywide benchmark prices totaled $426,300 in October, trending down for the fifth consecutive month and resulting in a year-over-year decline of 2.9 per cent.

“Job growth in this city remains a concern, as unemployment levels remain well above levels expected for this year. Rising costs of ownership also continue to weigh on housing demand,” said CREB® chief economist Ann-Marie Lurie.

“At the same time, housing supply levels are not adjusting fast enough to current conditions, resulting in price adjustments.”

Inventories and sales totaled 7,345 and 1,322 in October. This has resulted in months of supply of 5.6, above levels typical

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Calgary continues to be a buyers’ market as home sales fell 13% in September compared to a year ago.

There were 1, 272 home sales last month, with the detached market leading the widespread decline according to new figures from Calgary Real Estate Board.

Year-to-date sales are 20% below 10-year averages for both detached and apartment properties and 14% below for attached homes.

"Calgary's economy continues to struggle with unemployment, which rose again last month to over 8%. Concerns in the employment market, higher lending rates and shaken confidence are weighing on housing demand," said CREB® chief economist Ann-Marie Lurie.

Inventory continues to exceed typical levels with 7,941 units available, amounting to 6.25 months of supply. For

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City of Calgary, August 1, 2018 –

Recent struggles in the job market, accompanied by yet another interest rate increase, is piling on to the decisions potential purchasers have to make in the housing market. 

The month of July saw 1,547 units sold in Calgary, nearly five per cent below last year. New listings eased to 2,964 units, causing inventories to total 8,450 units. With more supply than demand, prices continued to edge down, with a citywide average of $435,200. This amounted to a month-over-month price decline of 0.30 per cent and year-over-year decline of 1.89 per cent.

"Despite some positive momentum in some aspects of our economy, our job market has continued to struggle as of late, with some easing in total employment levels over the

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Calgary’s top-tier $1-million+ real estate market had a glimmer of recovery in 2017 but has since slipped in the first half of 2018.

The regression has been attributed to high interest rates and the introduction of stricter federal mortgage rules brought in earlier this year, constraining the ability to borrow money and making it harder for first time home buyers to enter the market. The report claims that these factors helped stall progress in a city still recovering from an economic downturn in previous years.

Downward price adjustments have been seen across high-end condos, attached, single-family homes and acreages.

$1-million+ real estate sales have decreased 11% year-over-year to only 350 units sold in the first half of 2018.

The

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Living on water isn’t relegated to oceanfront properties, in Calgary, thousands of people live in lake communities, and it’s not hard to see why. Here are seven reasons Calgarians love the local lake living lifestyle.

 

year round active living:

With everything from skating to swimming, lakes bring people together. Calgary’s bestselling community for four years running, Mahogany, is one such community.

"Mahogany has Calgary’s largest freshwater lake and 8.5 hectares (21 acres) of beach,” says Nicole McLaws, marketing manager at Hopewell Residential, Mahogany’s developer.

Mahogany residents enjoy swimming, paddle boarding, kayaking and pedal-boating throughout the summer, and miles of winter ice for skating and old-time shinny in winter.

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THE HOUSING MARKET IS EXPECTED TO CONTINUE MOVING TOWARDS RECOVERY IN 2018, BUT CHALLENGES REMAIN

Housing market conditions are expected to remain relatively unchanged in 2018, as the impact of higher lending rates and stricter lending criteria are offset by modest improvements in the economic climate. Recent changes may have prolonged the recovery period in our market, but it is not expected to completely derail the transition.

The path to recovery is expected to be bumpy, as the market adjusts to a new normal. We are entering 2018 with elevated supply levels and an environment of rising rates paired with stricter lending criteria. However, the improving economy generated modest job growth and net migration last year, with expectations of further

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'The rebalancing of the oil market has likely been achieved, six months sooner than we had expected'

Crude climbed by the most in a week amid a wave of bullish sentiment pinned on expectations that tightening supplies and a rosy economic outlook will keep prices elevated.

Goldman Sachs Group Inc. boosted a price forecast by a third and said global crude markets have probably rebalanced.

The bank now estimates Brent will reach US$75 a barrel over the next three months and will climb to US$82.50 within six months, analysts including Damien Courvalin wrote in an emailed report. Their previous estimate for both time periods was US$62 a barrel.

“The rebalancing of the oil market has likely been achieved, six months sooner than we had

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Alberta's economy is slowly emerging out of a deep hole, but there are lingering worries about a massive inventory of condominiums available for sale.

While it could be a buying opportunity for someone who wants to get into the market as the province's fortunes improve, the sizable inventory could just as easily drive down prices. New condo projects and purpose-built rental apartments planned when oil was riding high are now hitting the market, even as the vacancy rates in both Edmonton and Calgary remain high, and employment and migration remain weak. The number of new housing units sitting unsold in Alberta this year is striking. The figure soared above 4,000 in early 2017, and peaked at a record 4,447 in July. In October, it still sat at 4,161,

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