Anthony Luong

403-836-8208

Unemployment rate slows housing market recovery

By CREB

HOUSING MARKET FACTS

Detached

• Year-to-date detached sales eased across each district. Elevated inventory levels caused months of supply to remain just below five months in August and continued to weigh on housing prices across all districts.

• Detached benchmark prices totaled $497,000 in August. This is a 0.74 percent decline over last month and 2.6 percent below the previous year.

• Prices have trended down in all districts in August, however, on year-to-date basis prices remain above last year in both the City Centre and West.

• Year-to-date average detached benchmark prices have eased by 0.56 percent over the previous year, reducing some of the price recoveries from last year.

Apartment

• Year-to-date sales totaled 1,892 units, seven percent below the previous year. However, sales did not ease across all districts. Sales in both the North East and North West districts remained slightly higher than levels recorded last year.

• New listings in the apartment sector eased compared to the previous year, preventing more significant gains in inventory levels. However, oversupply in this sector persists, causing further price declines.

• Year-to-date city-wide prices eased by nearly three percent, with the largest declines occurring in the North East, South, and East districts. Overall prices remain nearly 14 percent below 2014 highs.

Attached

• Like the apartment sector, sales have eased in the attached sector. However, year-to-date sales have improved in some districts of the city for semi-detached and row product. Semi-detached sales improved in both the North West and West districts.

• Row sales remained relatively stable in both the North East and East districts of the city.

• Oversupply in the semi-detached sector has placed some downward pressure on prices this year, but year-to-date

average benchmark price remains higher than last year in the City Centre, North East and East districts of the city. Gains in these areas were enough to offset declines in other areas, keeping semi-detached prices one percent higher than last year.

• Year-to-date row prices eased by 1.5 percent over last year. However, price movements ranged from relatively stable levels in the City Centre and North West to declines of nearly seven percent in the North East district.

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

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Patience required in Calgary's housing market recovery

Click here for full detail 

HOUSING MARKET FACTS

Detached

• Oversupply issues continue to worsen in each district of the city compared to last year. However, compared to historical conditions, conditions today remain better than in 2016 in both the West and City Centre districts.

• Year-to-date, the West, and City Centre areas have recorded prices higher than last year’s levels and continue to edge towards price recovery. Benchmark prices in the West have averaged $733,329 this year, comparable to previous highs.

• City Centre benchmark prices have averaged $693,243, nearly three percent below previous highs. Most districts have recorded detached prices that remain over four percent below previous highs.

Apartment

• Easing new listings in the apartment condominium sector have prevented any further gains in the amount of inventory in the market.

• Supply levels remain elevated compared to sales, keeping year-to-date prices three percent below last year’s levels and nearly 14 percent below previous highs.

• Citywide inventory levels remain just below last year. July inventories edged down in the North East, North, North West, South, and East areas of the city compared to the previous year.

• Levels remain elevated by historical standards, but any reductions in inventory can help reduce oversupply.

Attached

• Like the other sectors, attached sales have been easing this year, with 2,225 sales this year representing a 15 percent decline over the previous year.

• Gains in new listings pushed up inventory levels and months of supply compared to last year.

• Citywide year-to-date semi-detached prices have eased by nearly one percent compared to last year. Benchmark price changes have ranged from a three percent decline in the North West district to a six percent increase in the South district. Despite the annual gain this year in the South district, semidetached prices remain nearly five percent lower than that district’s peak.

• Year-to-date benchmark row prices have increased on a  citywide basis due to gains in the City Centre, North and North West districts. The annual gain is a positive move towards recovery, but row prices remain well below previous highs in every district of the city.

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Weak sales persist in Calgary and beyond

for full detail by CREB click here

HOUSING MARKET FACTS

•Detached sales eased while new listings rose across most districts in the city after the first half of the year, keeping inventories elevated.

•The quarterly average months of supply increase compared to last year across all districts, keeping most areas in buyers’ market territory for the second quarter.

•As of the second quarter, detached benchmark prices totaled $504,033. This is just above the previous quarter, but 0.41% below last year’s levels. North East, North, North West, and South districts recorded year-over-year quarterly price declines. However, only the North East district saw prices slip further over the level recorded in the first quarter of this year.

•After the first half of the year, apartment sales totaled 1,396 units. This is nearly nine per cent below last year and 24 per cent below long-term averages. Easing sales were met with a decline in listings, helping to limit further growth in inventory levels. As of June, there were 1,872 apartment units in inventory, causing the months of supply to ease, averaging 6.8 months for the quarter.

•While most areas of the city are struggling with oversupply, there does appear to be some improvements. While remaining far from long-term averages, In the second quarter the months of supply edged down over first quarter levels in the city Centre, North, North West, West, South and East districts.

•The easing of the oversupply in most districts helped prevent further declines in quarterly benchmark prices. However, the overall second quarter prices remain over three per cent below last year’s levels, and nearly 14 per cent below the quarterly high.

•Year-to-date sales activity fell for both semi-detached and row product across most districts, but new listings remained similar to last year in the row sector, while increasing by 22 per cent for semi-detached property types. This resulted in stronger inventory gains in the semi-detached market and pushed up the quarterly months of supply to above five months

•While row product did not see the same recent increase in inventory, gains in the previous quarters have not eased, causing the second quarter months of supply to total 5.47. This is similar to last quarter and above the second quarter of 2017 figure of 3.66.

•Semi-detached and row benchmark prices averaged $419,000 and $301,833 in the second quarter. Row prices were nearly 2 per cent higher than the previous quarter and nearly three per cent above last year’s levels. Meanwhile, semi-detached prices were similar to the first quarter, but over two per cent below 2017 levels.

•While some easing in the semi-detached market has occurred, quarterly prices are only two per cent below quarterly highs compared to the row sector which remains over 8 per cent below quarterly highs.

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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.

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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.

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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

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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. 

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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.” 

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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.” 

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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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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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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

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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


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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.

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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.

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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. 

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Housing market retains momentum in April

by CREB on May 01, 2017 

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

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

City-wide prices hold steady as labour market improves.

Calgary’s housing market continued to show signs of stability in April. With improvements in the labour market and a balanced detached sector, city-wide benchmark prices reached $439,600 in April, similar to the previous month, but 0.90 percent below last year’s levels.

“More jobs means less uncertainty for people who are sitting on the fence,” said CREB® president David P. Brown. “There also tends to be fewer people who need to sell when employment improves, and that can prevent inventory gains and further price reductions in the market. It’s a good scenario for sellers who are entering a spring market that’s in better shape than anything we’ve seen in recent years.”

While adjustments are still occurring in the apartment condominium sector, the detached segment of the market is improving across all price segments.

“Detached product has not faced the same supply pressure as the apartment sector,” said CREB® chief economist Ann-Marie Lurie. “Detached supply from new construction didn’t surpass previous highs. That helped prevent steeper price adjustments in the detached sector when demand eased.” 

The relationship between sales and inventory will be a key driver for pricing in the months ahead. Total transactions improved to 1,917 units in April, while inventories totaled 5,495 units, pushing months of supply below three for the second consecutive month.

With sales up and overall market inventory down, months of supply has already pulled back from elevated levels recorded over the past two years. While activity continues to vary by location and product type, more balanced conditions will help to support overall price stability. 

“Improvements in the employment situation were necessary to prevent further declines in the housing sector,” said Lurie. “However, economic recovery is still expected to be slow, impacting the pace and quality of job growth. Based on current expectations this should translate into a more prolonged period of recovery in the housing market.”

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Spring cleaning is a cute moniker and sometimes reminder that it’s that time of the year to do some deep cleaning of your home. Here are some tips and tricks that you should bookmark for the weekend. Spring is also prime home buying season. Do you have a friend or family member looking to relocate? Send them my way! Toll-free 855-688-1603.

1. April Showers Bring May Flowers – But, only if you prep the garden today! Lay mulch around shrubs and flower beds before the weeds take over next month. However, resist the urge to plant warm season annuals and vegetables until the last frost date has passed in your area.

2. Fresh Air, Fresh Paint – Planning to paint the exterior of your home, deck or front door? Start preparing exterior surfaces now by scraping and sanding so that when the warmer weather arrives, you’ll be ready to apply the first coat (without a coat on!)

3. Dust Off the Chaise Lounges – The days of lounging in the backyard are almost here! Take some time to clean and repair any outdoor furniture.

4. Get Rid of House Guests – While we all love having family and friends visit over the holidays, other unwelcome house guests can often make themselves at home in our roofs and walls during the winter. Follow this guide to inspect and repair damage from animals who took shelter in your home this winter season.

5. Organize the Garage or Shed – For most of the country, it’s finally time to stash the snow shovels and bust out the lawnmower. While you’re at it, consider these 5 things husbands need for spring cleaning at home.

6. Spring Clean That Closet – Kick off your spring cleaning project by tackling one of the most cluttered spots of the home. Follow these three steps to a spring miracle: an organized closet.

Spring Forward with a Fresh Start!

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Housing market set for favourable lead into spring

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. 

Detached prices stabilize as city-wide inventory trends down

After a long period of disconnect between supply and demand, Calgary's detached housing sector is firmly in balanced territory. Sales were still 10 percent below long-term trends in March, but above levels seen in recent years, while average inventory declined compared to last year, supporting price stability in the detached market.

"It's not so much that demand went through the roof in March, but that we had less supply come onto the market, which is really helping to balance things out," said CREB® president David P. Brown. "These changes are lifting the cloud of uncertainty for housing consumers and nicely positioning our market as we move into the more active spring season."

Unadjusted detached benchmark prices totaled $503,900 in March, 0.4 percent above last month and similar to levels recorded last year. Meanwhile, Apartment and attached prices continue to remain well below levels recorded last year.

"Market conditions are quite different in the apartment sector," said CREB® chief economist Ann-Marie Lurie. "The additional supply coming from the new home sector is not easily reversed and the added competition is continuing to weigh on prices in the higher density sectors of the market."

City-wide inventory levels totaled 5,114 on March, 16 percent below last year's levels. This is primarily driven by the 25 and 17 per cent contraction in the detached and attached markets. Inventory levels in the ownership apartment sector remain three per cent higher than levels recorded last year.

"The housing market transition in the first quarter appears to be consistent with trends in the labour market," said Lurie. "However, the way the rest of the year unfolds will be largely determined by what happens in the next two-quarters, as nearly 60 percent of all housing sales typically occur in that time frame."

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Detached sales activity boosts February housing market

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After the first two months of the year, Calgary's detached sector continues to drive a slow transition in the housing market. February sales totaled 1,342 units, which is still 19 percent below long-term averages, but an improvement over the past two years. As sales kept trending upward, detached inventory levels continued to ease in February. These conditions caused months of supply to fall to 2.4 months, putting less downward pressure on pricing. 

Unadjusted detached benchmark prices totaled $501,900 in February, which is one percent lower than prices recorded last year, but slightly higher than January figures.

"There seems to be a new sense of optimism these days," said CREB® president David P. Brown. "Some sellers are feeling upbeat about the changing landscape and the improved chances of selling their home. Other people are looking at the spring market with caution and wondering if we're going to see a higher than expected surge of listings. While there's less product on the market right now, sellers still need to be realistic with their pricing."

The amount of excess inventory eased in the overall market in February, setting the stage for a transition to a more stable market this year. Months of supply totaled 3.4 months, down from five months over last February. At the same time, the sales-to-new-listings ratio trended from a near-record February low of 39 percent last year to 55 percent this February.

With sales improving and new listings and inventories contracting—two key measures of market balance, there's good evidence to show that the housing market has started a trend toward more balanced conditions.

 "The transition in the housing market appears to be underway," said CREB® chief economist Ann-Marie Lure. "However, it is important to note that this change is primarily being driven by improvements in the detached market and stability in the labour market."

"It will take some time for these conditions to translate into all housing segments and achieve price recovery," said Lurie. "But all indicators continue to point toward a slow transition from a contracting market toward one that is stabilizing at lower levels."

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