Calgary Real Estate

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Blogging has not been my strength and so this is officially a work in progress.  I have some big plans for the blogging page in the foreseeable future so I ask for your patience as I venture into this side.

Market Updates

February Housing Market Update
Market Knowledge

February Housing Market Update

Low inventory and high demand drive price gains in February March 1, 2024 Rising Sales and New Listings | Despite a rise in new listings ...

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January 2024 Housing Market Update
Market Knowledge

January 2024 Housing Market Update

January sees strong sales fueled by boost in new listings February 1, 2024 Sales Growth | January sales saw a significant increase ...

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Top-Tier Real Estate 2023: Year in Review
Market Knowledge

Top-Tier Real Estate 2023: Year in Review

Canada’s metropolitan luxury real estate market evolved over the course of 2023 as buyers emerged from the sidelines with newly altered ...

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CREB® 2024 Forecast Calgary and Region Yearly Outlook Report
Market Knowledge

CREB® 2024 Forecast Calgary and Region Yearly Outlook Report

The Calgary Real Estate Board (CREB®) is pleased to announce the release of its highly anticipated 2024 Forecast Calgary and Region ...

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Style & Design

Things To Do This Month FOR FREE in Calgary

Posted by Steven Hill on Dec 12, 2023

Times Are Tough, But Finding Low-Cost Fun Shouldn't Be Here Are Things To Do This Month FOR FREE Legacy’s ...

10 Halloween Safety Tips For Your Home

Posted by Steven Hill on Oct 03, 2023

Home safety for trick or treaters As a responsible homeowner, making your property safe for young trick-or-treaters ...

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Low inventory and high demand drive price gains in February

 
March 1, 2024

Rising Sales and New Listings | Despite a rise in new listings in February, sales also increased significantly, by nearly 23% compared to the previous year, reaching a total of 2,135 units. This suggests a healthy level of activity in the housing market.

High Sales-to-New Listings Ratio | The sales-to-new listings ratio remained exceptionally high at 79%, indicating strong demand relative to supply. This high ratio has kept inventories near historic lows, contributing to a competitive market environment.

Low Inventory Levels and Tight Market Conditions | The months of supply fell to just over one month, signaling very tight market conditions. Low supply coupled with high demand has contributed to price gains in Calgary, particularly in homes priced under $500,000, where inventories fell by 31% compared to the previous year.

Price Gains and Varied Growth Rates Across Districts | The unadjusted detached benchmark price in February was $585,000, representing a gain of over two per cent compared to the previous month and over 10% higher than the previous year. Price growth rates varied across districts, with the most affordable East district experiencing the highest year-over-year growth at 25%, while the City Centre reported the slowest growth at under five per cent.
Housing Market Facts

DETACHED | In February, 1,195 new listings came onto the market, of which 75 per cent were priced over $600,000. While new listings did improve over last month in line with seasonal expectations, levels are still below typical levels for February. At the same time, sales in February rose to 954 units, a year-over-year gain of 20 per cent. The growth in sales was driven by where we saw listings growth, but with a sales-to-new listings ratio of nearly 80 per cent, inventory levels were near record lows for February.

Exceptionally tight market conditions drove further price growth. In February, the unadjusted detached benchmark price rose to $721,300, nearly three per cent higher than last month and over 13 per cent higher than last February. While prices rose across every district, the most significant year-over-year gains occurred in the North East and East districts.

SEMI-DETACHED | Last month’s rise in listings compared to sales was short-lived, as the 223 new listings this month were met with 191 sales, driving up the sales-to-new-listings ratio to 86 per cent. This prevented any significant change to the low inventory situation and caused the months of supply to fall to just over one month.

In February, the unadjusted benchmark price reached $639,100, a monthly gain of over two per cent and 13 per cent higher than last year. Year-over-year price gains ranged from a low of 10 per cent in the City Centre to over 26 per cent in the East district.

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January sees strong sales fueled by boost in new listings

 
February 1, 2024
Sales Growth | January sales saw a significant increase to 1,650 units, surpassing last year's levels and long-term trends.

New Listings Impact | The growth in sales was attributed to a rise in new listings, totaling 2,137 units. Notably, the largest gains occurred for homes priced above $700,000.

Low Inventory Situation | Despite the rise in new listings, the city's housing inventory remains low, with 2,150 units, nearly 49% below the long-term average for January, contributing to supply challenges.

Market Tightness and Price Growth | The market remains tight with a 1.3 months supply in January, leading to upward pressure on home prices.

Housing Market Facts

DETACHED | A boost in new listings helped support stronger sales this month. However, with a sales-to-new-listings ratio of 77 per cent, there was minimal change in the low inventory situation reported in the detached sector. New listings rose for all homes priced above $500,000, but the largest gains occurred in the over $700,000 market segment. Low inventory levels compared to sales prevented any improvement in the months of supply, which at 1.4 months was lower than levels reported last month and last January.

The exceptionally tight market conditions continued to drive further price growth. In January, the unadjusted detached price reached $702,200, nearly one per cent higher than last month and nearly 13 per cent higher than prices reported last year. Year-over-year price gains ranged from a low of 10 per cent in the City Centre and South East districts to a 27 per cent gain in the East district of the city.

SEMI-DETACHED | With 223 new listings and 131 sales, the sales-to-new listings ratio fell to 59 per cent, the lowest level reported since 2020 and significantly improved over the 82 per cent average reported in 2023. The sudden shift did cause inventories to improve over the last month, but they remain well below long-term trends.

The unadjusted benchmark price in January was $625,000, slightly lower than last month but over 11 per cent higher than last January. The monthly decline was driven mainly by adjustments in the higher-priced districts of the West and City Centre.

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Top-Tier Real Estate 2023: Year in Review

Canada’s metropolitan luxury real estate market evolved over the course of 2023 as buyers emerged from the sidelines with newly altered housing preferences and sharpened priorities, as well as negotiating power that steadily increased as the year progressed. Although overall sales activity was subdued by a volley of stressors that ranged from economic and geopolitical shocks to interest rate hikes, persistent inflation and regulatory changes, high-end buyers remained engaged and strategic.  By the end of 2023, as segments of the country’s major metropolitan markets saw softening prices, and an increase in inventory and conditions that leaned in favour of buyers, the collective resilience and preparation of affluent home buyers and investors became apparent. Following years of unyielding constraints on luxury housing supply, affluent buyers and investors were primed to seize opportunities for upward housing mobility in a favourable market with replenished inventory and still-limited competition, foreshadowing strategic sales activity in early 2024.

“In the aftermath of an era marked by soaring housing prices across Canada’s largest cities, the conventional and luxury real estate market continues to shift towards a period of opportunity for home buyers and investors. While prices remained resilient in the country’s most prestigious neighbourhoods for the better part of 2023, those areas in which new property listings began to accumulate are now seeing softening prices, and a greater willingness from sellers to adjust to market realities. Meanwhile, prospective luxury property buyers and investors have been strategically preparing for the right opportunity,” says Don Kottick, President and CEO of Sotheby’s International Realty Canada.  “As properties are listed by motivated sellers in early 2024, buyers will have more options, considerable negotiating power and will face less competition than in years past. This is a window of opportunity for luxury buyers and ‘up-sizers’ to purchase a home to meet their lifestyle and investment needs before interest rates fall, competition stiffens and the market swings in the opposite direction.”

According to Kottick, market conditions have momentarily shifted the lifestyle and investment preferences of every generation of luxury homebuyer in favour of single family homes across Canada’s largest urban markets. Elevated condominium prices, rising maintenance fees and carrying costs, as well as unpredictable government regulation of the rental market have spurred buyers to assess the relative benefits of single family home ownership. Although softening competition and prices will offer motivated luxury condominium buyers with favourable opportunities in the near-term, Kottick maintains that the fundamentals of Canada’s luxury condominium market remain sound, and demand for developments bearing internationally-acclaimed luxury brands and meeting a global standard for luxury architecture and design will remain particularly resilient. Record-high population growth, demographic pressures, and the attractiveness of a “lock-and-leave” lifestyle will continue to support demand for condominium housing in the longer term.


MARKET HIGHLIGHTS

Greater Toronto Area

According to data released by Sotheby’s International Realty Canada, luxury sales activity in the Greater Toronto Area (Durham, Halton, Peel, Toronto and York) remained calm and confident throughout 2023 as high-end buyers strategically repositioned themselves to capitalize on emerging opportunities. Although residential real estate sales over $4 million (condominiums, attached and single family homes) experienced a 20% year-over-year decline overall, ultra-luxury sales over $10 million on Multiple Listing Service (MLS) were stable compared to 2022 levels with a nominal 5% shortfall. $4 million-plus sales of single family homes were down 22% year-over-year, while attached home and condominium sales over $4 million saw modest annual gains of 8% and 10% respectively. Overall, $1 million-plus residential sales were down 19% year-over-year in 2023.

Vancouver

Vancouver’s luxury real estate market experienced a dramatic transformation over the course of 2023, as single family homes emerged as a focal point for luxury buyers. Despite fluctuating consumer sentiment over the course of the year, residential sales transactions over $4 million closed the year 8% above 2022 levels, while sales over $10 million saw a significant 43% annual increase, buoyed by an uptick in ultra-luxury transactions in the third quarter of the year. Overall residential sales over $1 million fell 5% short of 2022 levels. Although the city’s luxury condominium and attached home sales over $4 million fell 36% and 33% year-over-year respectively, $4 million-plus single family home sales were up 14% year-over-year. Ultra-luxury single family home sales over $10 million on Multiple Listings Service (MLS) increased 36%. Overall in 2023, residential real estate sales over $1 million fell 5% short of 2022 levels.

Calgary

Calgary’s luxury real estate market continued to surpass the performance of Canada’s largest major metropolitan areas in 2023, as buoyant economic prospects, robust job gains and affordable property prices attracted record-setting net interprovincial migration and local housing demand. Positive consumer and investor sentiment set the tone for the city’s top-tier market, and residential sales over $1 million increased 13% year-over-year from 2022 levels. Sales over $4 million gained ground with nine properties sold, up from six properties sold in 2022. $1 million-plus single family and attached homes sales saw 12% and 14% annual sales gains, respectively, while condominium sales over $1 million climbed 26% year-over-year.

Montreal

Luxury sales activity in Montreal was uneven over the course of 2023, with an uptick in activity over the summer months before transitioning to a more balanced market towards the end of the year. $4 million-plus residential real estate sales experienced a 22% annual decline, while sales over $1 million fell 14%. Single family and attached home sales over $1 million were down 14% and 6% year-over-year respectively, while $1 million-plus condominium sales saw a more pronounced 21% annual decline.

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The Calgary Real Estate Board (CREB®) is pleased to announce the release of its highly anticipated 2024 Forecast Calgary and Region Yearly Outlook Report. This comprehensive report, prepared by CREB® Chief Economist Ann-Marie Lurie, offers a detailed analysis of Calgary's economic and housing market trends and surrounding areas for the upcoming year.
 
CREB® Unveils 2024 Forecast Calgary and Region Yearly Outlook Report

The report delves into the impact of rising lending rates on the housing sector, as buyers looked for more affordable housing options, and some potential sellers held back from listing to navigate the challenges posed by higher lending rates.
 
Chief Economist Ann-Marie Lurie underscores this dynamic, stating, "Despite higher rates, 2023 was a year of relatively strong sales thanks to a robust labour market and strong migration. The challenge was limited supply, especially for low-priced homes with the strongest demand. This resulted in significant price growth with the largest gains in our lowest-priced homes.”
 
As the report looks ahead to 2024, Lurie anticipates another strong year for sales, stating, "We expect potential buyers, who were on the sidelines due to limited supply choices, to re-enter the market as lending rates ease and listings improve. At the same time, interprovincial migration and a healthy labour market should continue to support stronger sales activity.”
 
Supply remains an issue this year, but gains in new home starts and new listings are expected to support some modest gains.
 
“Conditions are not expected to be as tight as in 2023," Lurie said, "but supply growth takes time, and sellers’ market conditions are expected to persist through the spring, driving further price growth in 2024.”
 
Supply growth is anticipated to be driven mainly by upper price ranges, decelerating the pace of price growth for higher-priced properties. Meanwhile, lower-priced properties are expected to face continued tight conditions, contributing to sustained price gains.
 
The Calgary Real Estate Board remains committed to providing valuable insights to industry professionals and the public, fostering informed decision-making in the ever-evolving real estate landscape.
 
Click here for the full CREB® 2024 Forecast Calgary and Region Yearly Outlook Report.

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Strong migration and low supply drive Calgary housing prices in 2023

Sales in 2023 did ease relative to last year's peak, but with 27,416 sales, levels were still far higher than long-term trends and activity reported before the pandemic. While sales stayed relatively strong, there was a notable shift in activity toward more affordable apartment condominiums style homes.

“Higher lending rates dampened housing demand this year, but thanks to strong migration levels, housing demand remained relatively strong, especially for affordable options in our market,” said CREB® Chief Economist Ann-Marie Lurie. “At the same time, supply levels were low compared to the demand throughout the year, resulting in stronger than expected price growth.”

Inventory levels were persistently below long-term trends for the city throughout most of the year, averaging a 44 per cent decline over the 10-year average. We also saw the months of supply remain well below two months throughout most of the year across homes priced below $1,000,000.

The persistently tight conditions contributed to our city's new record high price. While the average annual benchmark price growth did slow from 12 per cent in 2022 to nearly six per cent growth in 2023, the price growth was still relatively strong especially compared to some markets in the country. 

Detached

With an annual decline of nearly 20 per cent, the detached market saw the most significant decline in sales activity. While sales did improve for homes priced above $700,000, limited supply choices in the lower price ranges caused consumers to turn to alternative housing styles. Despite some recent gains in higher-priced new listings, inventories have remained near record lows, and the months of supply have remained relatively low throughout 2023.

The persistently tight market conditions have supported further price growth for detached homes, albeit at a slower pace than last year. On average, the benchmark price rose by nearly eight per cent in 2023, with the most significant gains occurring in the city's most affordable districts.
 

Semi-Detached

Like the detached sector, year-over-year sales growth since May was not enough to offset the pullbacks at the beginning of the year, leaving 2023 sales down by 10 per cent. The decline in sales was driven by pullbacks for homes priced under $500,000, while sales improved for higher-priced properties. The decline in the lower range was primarily due to limited supply choices, preventing stronger sales.

Persistently tight market conditions this year caused prices to trend up throughout most of the year. On an annual basis, the benchmark price rose by seven per cent over last year—a slower gain than the 12 per cent reported in 2022, but still relatively strong. Price growth ranged from a low of six per cent in the city centre to over 16 per cent in the east district.
 

Row

Limited supply choices in the lower price ranges contributed to the pullback in sales in 2023. Annual sales declined by over 11 per cent despite rising sales for homes priced above $400,000. While new listings did show signs of improving in the second half of the year, all of the gains were reported in the higher price ranges, causing relatively more balanced conditions in the upper price ranges versus the sellers’ market conditions in the lower price ranges.

Conditions favoured the seller throughout the year, supporting an annual benchmark price gain of over 13 per cent. Prices improved across each district, ranging from a low of 11 per cent in the city centre to over 20 per cent price growth in both the North East and East districts.
 

Apartment Condominium

Apartment-style properties were the only property type to report a gain in sales this year, resulting in a record high of 7,884. The growth in sales was possible thanks to the higher starting point for inventory levels and gains in new listings. However, conditions tightened throughout the year, favouring the seller and driving price growth.

Apartment condominium prices finally recovered from their 2014 high earlier this year and have pushed above those levels, reaching a new record high of $321,400 by December. On an annual basis, the 2023 benchmark price rose by over 13 per cent, a faster pace than the annual growth levels reported last year.  

REGIONAL MARKET FACTS


Airdrie

Primarily due to pullbacks for detached homes, sales in Airdrie declined by 24 per cent over last year's record high. Low inventory levels and a pullback in new listings have somewhat limited sales. While new listings have risen over last year's levels for the past four months, they are still 24 per cent lower than last year. The decline in sales and new listings ensured inventories remained low this year, declining over last year’s and falling to the lowest annual average levels seen since 2006.

For the third year in a row, conditions in Airdrie have generally favoured the seller. This has driven further price gains this year, albeit at a slower pace. On an annual basis, the benchmark price rose by nearly five per cent. This year, the price growth for row and apartment-style properties has been more than double that reported in the detached and semi-detached sectors.
 

Cochrane

Both sales and new listings in Cochrane fell over last year’s levels. However, recent gains in new listings relative to sales did help support some inventory gains. While inventory levels have improved over the low levels reported last year, they remain over 40 per cent below what we traditionally see in the market.

The recent shifts in new listings relative to sales have helped the months of supply stay above two months since September. However, conditions are still relatively tight, and prices continue to rise. While the growth was stronger in the higher-density sectors of the market, the detached benchmark prices increased by four per cent in 2023 over last year.


Okotoks

Supply has been a challenge in Okotoks, impacting sales and prices. While we have seen some improvements lately regarding the level of new listings compared to sales, inventories have remained near record lows and averaged 63 per cent below long-term trends on an annual basis.

Conditions have remained relatively tight throughout most of the year, especially throughout the busier spring season. Despite some monthly variation, prices generally trended up this year and, on an annual basis, rose by over six per cent.
 

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

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

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Times Are Tough, But Finding Low-Cost Fun Shouldn't Be
Here Are Things To Do This Month
FOR FREE
 
 
 
Legacy’s Community Light Display
Legacy's Lights is a FREE event starting again this December with breathtaking lights strung everywhere from houses in the community to the clock tower!
When: Friday December 1st, 2023 – January 14th, 2024
Where: Legacy Community, Calgary
Cost: FREE
 
Firepit Rentals
Spend some time outdoors at one of Calgary's fire pits. Getting a permit to book a fire pit is easy and free! Find one to book today and save us a s’more or two!
Where: Various Locations (see here)
Cost: FREE
 
Lions Festival of Lights
Come see the beautiful Festival of Lights along 14th Street in a dazzling display! Dress warm and enjoy – for FREE!
When: Until January 8th, 2024
Where: Confederation Golf Course – 14th Street NW
Time: 6 pm – 12 am
Cost: Free
 
Deck The Walls - Newzones Gallery
The return of the highly anticipated exhibition “Deck the Walls!” is now open! View an entire wall filled with small to medium sized artworks perfect for the holiday gift giving!
When: November 30, 2023 - January 5, 2024
Where: Newzones Gallery, 730 11 Ave SW,
Cost: FREE to attend (art purchases are additional)
 
Olympic Plaza Skating
Grabs some friends and family and head to Olympic Plaza to enjoy a lap around the ice rink!
When: Open daily 10am-9pm
Where: 228 8 Ave. SE, Calgary
Cost: FREE
 
In Search of Christmas Spirit
Heading to Banff this holiday season? Celebrate a heartwarming story told through colour, illumination, and music. FREE Tickets are required to attend, so book now!
When: Various dates from November 17th and December 31st, 2023
Where: Cascades of Time Garden – Cave Avenue, Banff
Time: 4:30 pm to 9:30 pm
Cost: FREE
 
A Christmas to Remember - Granary Road Shop the annual market with 70 vendors at Calgary’s Granary Road! Grab a hot chocolate, snap a selfie with an alpaca, take a wagon ride and explore arts and crafts in this FREE event for everyone!
When: Until December, 17th 2023
Where: 226066 112 St W, Foothills County, AB
Time: 10 am – 5 pm
Cost: FREE
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Increased listings, strong sales, and price growth

New listings in November reached 2,227 units, nearly 40 per cent higher than the exceptionally low levels reported last year at this time. Gains in new listings occurred across most price ranges, but the most significant gains occurred from homes priced over $600,000.

Despite the year-over-year jump in new listings, inventory levels remained low thanks to relatively strong sales. With 1,787 sales in November, the sales to new listings ratio remained high at 80 per cent, and the months of supply remained below two months.

“Like other large cities, new listings have been increasing,” said CREB® Chief Economist Ann-Marie Lurie. “However, in Calgary, the gains have not been enough to change the low inventory situation thanks to strong demand. Our market continues to favour the seller, driving further price growth.”

As of November, the benchmark price was $572,700, up over last month and nearly 11 per cent higher than November 2022. Year-to-date, the average benchmark price has risen by over five per cent. 

Detached

Limited supply choice for homes priced below $700,000 has been the primary cause of the decline in detached home sales. While November reported a marginal gain over last year, year-to-date sales have declined by 20 per cent. November saw a rise in new listings compared to the previous year, but higher-priced homes drove most gains. This has left the detached market with exceptionally tight conditions for prices below $700,000 and more balanced conditions for higher-priced homes. Overall, the month of supply remains exceptionally low at under two months.

Persistently tight conditions continue to cause further price gains in the detached market. As of November, the unadjusted benchmark price reached $699,500, a slight increase over last month and over 13 per cent higher than last November. While detached home prices are much higher than last year's levels in every district, year-to-date gains are the highest in the most affordable districts of the North East and East. 
 

Semi-Detached

November saw a boost in new listings compared to last year, helping to prevent a year-over-year decline in inventory levels. However, inventory levels are still over 40 per cent below typical levels seen in November. With a sales-to-new-listings ratio of 77 per cent and a month-of-supply below two months, conditions remain exceptionally tight, especially for homes priced below $700,000. 

Despite tight conditions, benchmark prices remained stable compared to last month. However, at an unadjusted benchmark price of $628,700, prices are still over 12 per cent higher than last year. The year-to-date average benchmark price has risen by nearly seven per cent, with the largest gains occurring in the North East and East districts.
 

Row

New listings rose again this month compared to last year. The 370 new listings were met with 267 sales, and for the first time since 2021, the sales-to-new-listings ratio fell below 75 per cent. The jump in new listings was enough to support a gain in inventory levels compared to last month and last year. While inventories are still nearly half the levels we traditionally see, this did help cause the months of supply to push up to 1.6 months, a significant improvement from the less than one month of supply that has persisted over the past seven months. While conditions are much more balanced in the higher price ranges, there is less than one month of supply for homes priced below $500,000.

Despite the shift away from exceptionally tight conditions, prices still rose over the last month and last year. As of November, the unadjusted benchmark price reached $429,100, 21 per cent higher than last November and an average year-to-date gain of nearly 13 per cent.
 

Apartment Condominium

Thanks to the relative affordability of the apartment-style homes, sales continued to reach record highs in November, contributing to year-to-date sales of 7,487. With one month left in the year, sales have already surpassed last year’s record high. This, in part, was possible thanks to the growth in new listings. While inventory levels are similar to levels reported last year, with less than two months of supply, conditions still favour the seller, placing further upward pressure on prices. 

The unadjusted November benchmark price reached $320,100 in November, a monthly gain of over one per cent and a year-over-year increase of 18 per cent. Year-to-date price gains have occurred across every district in the city, with some of the largest gains arising in the lower-priced North East and East districts.

REGIONAL MARKET FACTS

Airdrie

Gains in November sales were not enough to offset earlier pullbacks, leaving year-to-date sales down by over 26 per cent over last year's record levels. Much of the decline has been driven by the detached market, which has struggled with supply, especially in the lower price ranges. New listings in November did improve over last year's levels. Still, thanks to the gain in sales, the sales-to-new listings ratio rose to 96 per cent, preventing any significant shift from the low inventory levels. 

With less than two months of supply, we continue to see upward pressure on home prices. In November, the unadjusted benchmark price rose over last month, reaching $524,500, a year-over-year gain of 11 per cent. Year-to-date price gains have been the highest in the apartment sector at 17 per cent, with detached and semi-detached prices rising by nearly six per cent.
 

Cochrane

With 87 new listings and 51 sales, the sales-to-new listings ratio fell to 59 per cent in November, the first time it fell below 60 per cent since 2020. Higher-priced properties have primarily driven the recent gain in new listings. Improved new listings compared to sales did help support increases in inventory levels. However, November inventory levels remain over 30 per cent below long-term trends.
 
Tight market conditions have supported further price growth in Cochrane. As of November, the unadjusted benchmark price reached $548,600, a monthly gain of over one per cent and a year-over-year increase of 11 per cent. On average, year-to-date benchmark prices have increased across all property types, with the most significant gains occurring in the apartment condominium sector at over seven per cent. 


Okotoks

November saw a boost in new listings, helping support some of the year-over-year gain in sales. The rise in new listings compared to sales also helped support gains in inventory levels. However, inventory levels are nearly half what we would typically see in the market in November. Nonetheless, the shift this month did help push the months of supply up to nearly two months. 

While the months of supply did improve, conditions remained exceptionally tight, and prices continued to trend up this month. As of November, the unadjusted benchmark price was $590,200, a one per cent gain over last month and over eight per cent higher than last November.
 

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

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

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CREB Quarterly Stats - Q3 2023

CREB® unveils Q3 housing market report with special 2024 forecast preview

City of Calgary, Nov. 17, 2023 — The Calgary Real Estate Board (CREB®) has released its Q3 2023 housing market report, providing a comprehensive overview of the real estate landscape in the City of Calgary and surrounding areas. The report showcases trends in sales and pricing, offering valuable insights for industry professionals and prospective homebuyers and sellers.
 
“Sales activity in the Calgary market has followed expectations, with declines earlier in the year offsetting gains in the second half,” said CREB® Chief Economist Ann-Marie Lurie. “Thanks to persistent supply challenges, the market has favoured sellers, resulting in stronger-than-expected price growth. As we move into 2024, we expect to see better supply-demand balances, but given the strong migration levels over the past two years, supply adjustments will take time supporting further price gains.”
 
Higher interest rates and inflation levels are expected to weigh on consumer spending and business investment, slowing economic growth in 2024. However, thanks to higher commodity prices and migration levels, economic activity in Alberta is expected to outpace national growth levels.
 
Supply challenges impacted both sales and prices in the Calgary market last year. As we move into 2024, a rise in new listings and an improved number of starts are projected to offer more supply choices; this, along with population gains and a stable employment market, is expected to support stronger sales this year. And as we shift toward more balanced conditions, the pace of price growth is expected to slow from the high levels reported in 2023.
 
While both sales and prices are expected to rise in 2024, there is considerable risk to the outlook. Shifts in global growth could impact commodity prices and, ultimately, our economic growth, employment, and migration. Migration and employment shifts will influence the path to housing market balance and the rate of price growth experienced in our city.
 
For the full report, please download CREB®’s Q3 2023 Calgary & Region Quarterly Update Report here.

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OCTOBER 2023 HOUSING MARKET UPDATE

November 1, 2023 

Price gains continue in Calgary's real estate market as inventory remains low

October sales activity slowed over the last month in alignment with typical seasonal patterns. However, with 2,171 sales, levels were 17 per cent higher than last year and amongst the highest levels reported for October. Sales activity has been boosted mainly through gains in apartment condominium sales as consumers seek affordable housing options during this period of high-interest rates.

New listings also improved this month compared to last year, reaching 2,684 units, reflecting the highest October levels reported since 2015. Despite the gain, relatively strong sales prevented any significant shift in inventory levels, which remain over 40 per cent lower than levels traditionally available in October.

“Despite some recent improvements in new listings, supply levels remain challenging in our market,” said CREB® Chief Economist Ann-Marie Lurie. It will take some time to see a shift toward more balanced conditions and ultimately more price stability.”

With a months of supply of one and a half months, we continue to experience upward pressure on home prices. The unadjusted benchmark price in October reached $571,600, a gain over last month and nearly 10 per cent higher than last October.

Detached

Both sales and new listings improved over levels reported last October. However, with 1,302 new listings this month and 976 sales, inventory levels slowed over the last month. Inventory levels remain the lowest ever reported for October. Inventory levels have declined for all homes priced below $700,000, leaving conditions exceptionally tight for lower-priced homes. The only area where conditions are not as tight as last year is for homes priced above $1,00,000, where the months-of-supply has risen to 4.3 months.
 
Persistently tight conditions continue to cause further price gains in the detached market. As of October, the unadjusted benchmark price reached $697,600, a slight increase over last month and 12 per cent higher than last October. Prices trended up over the last month across every district except the South East. Year-to-date benchmark prices have increased the most in the North East and East districts.
 

Semi-Detached

New listings in October improved over the low levels reported last year. However, with 235 new listings and 179 sales, the sales to new listings ratio remained relatively high at 76 per cent, preventing any significant change in the inventory levels. Inventory levels are nearly half the levels traditionally seen in October and have not been this low since October 2005.
 
Persistently tight conditions have continued to support price growth. In October, the unadjusted benchmark price increased over the last month, reaching $628,700, a year-over-year gain of 13 per cent. Prices trended up over September across most districts, with the most significant monthly gain occurring in the City Centre district. Like the detached sector year-to-date, the highest price growth has happened in the most affordable districts of the North East and East.
 

Row

The 420 new listings this month were met with 375 sales, keeping the sales-to-new listings ratio high at 89 per cent and preventing a significant shift in inventory levels. Row inventory levels have not been this low since October 2005. At the same time, October sales reached a record high for the month, keeping the months of supply low at one month.
 
Persistently tight market conditions have supported further gains in prices this month. In October, the unadjusted benchmark price reached $425,200, a monthly gain of over one per cent and nearly 19 per cent higher than last October. Prices have risen across most districts, but this month, the largest monthly gain occurred in the City Centre, which has also seen the lowest year-to-date price growth compared to the other districts.
 

Apartment Condominium

Record high sales in October were possible thanks to the steep gain in new listings.   However, with 727 new listings and 641 sales, the sales to new listings ratio remained high at 88 per cent, and inventories continued to trend down. The decline in inventory levels has been driven mostly by condos priced below $300,000, which now represent only 38 per cent of all inventory, a significant decline compared to the 53 per cent reported last year.
 
Persistent seller market conditions have driven much of the recent gains in prices. The unadjusted October benchmark price reached $316,600 in October, a monthly gain of over one per cent and a year-over-year increase of 16 per cent. Year-to-date price gains have occurred across every district in the city, with some of the largest gains arising in the lower-priced North East and East districts.

REGIONAL MARKET FACTS

Airdrie

Sales in the city eased in October, contributing to the year-to-date decline of 29 per cent. Much of the decline has been driven by detached home sales. Limited supply choice in the lower price ranges has contributed to some steep drop in home sales priced below $500,000. While Inventory levels have improved over last year's low levels, the growth was driven by homes priced above $500,000.
 
While adjustments in both sales and inventory levels did cause the months of supply to trend up over the last month, with less than two months of supply, conditions remain tight, supporting further price gains. In October, the benchmark price rose over the last month, reaching $521,400, a year-over-year gain of nearly 10 per cent.
 

Cochrane

New listings improved over last month's and last year’s levels, likely supporting some of the monthly gains in sales. Nonetheless, year-to-date sales have eased by nearly 22 per cent as sales have eased across all property types. While sales have slowed, levels remain far higher than long-term trends for the town. Despite the monthly improvement in new listings, inventory levels were lower than last year and remain well below long-term trends.
 
Persistently tight market conditions supported further price growth this month. In October, the unadjusted benchmark price reached $539,900, a monthly gain of over one per cent and a year-over-year increase of seven per cent. Price growth has occurred across all property types, with the largest year-over-year gains occurring in the apartment condominium sector. 


Okotoks

The 48 new listings in October were met with 41 sales, keeping the sales-to-new listings ratio high at 85 per cent and preventing any adjustments to the exceptionally low inventory levels. Low inventory levels have likely prevented stronger sales activity, as year-to-date sales have declined by 26 per cent, primarily due to pullbacks in detached activity.
 
Despite some price adjustments over the last few months, the unadjusted benchmark price rose slightly over September and was over nine per cent higher than last October. Prices have increased across all property types, but the year-over-year gains have been highest for detached and semi-detached homes.
 

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

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

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10 Halloween Safety Tips For Your Home

Home safety for trick or treaters

As a responsible homeowner, making your property safe for young trick-or-treaters is essential. 

Everyone wants an accident-free Halloween in the neighborhood, so these few tips will ensure the local kids have a scary and super-fun night.

Clear paths

Little trick-or-treaters are excited and ususally run from house to house.  Tidy up the front yard, removing any garden tools or toys that might be left out to avoid tripping hazards.

Light it up

Turn on your exterior lights, especially if you have illuminated the edges of your garden path.

Flame-free

If you plan to decorate your home, it's a cool idea not to use anything flammable.

Animal Friendly Decor

Avoid using the faux spider web decor. These cobwebs are hard to remove after Halloween and birds often try to use it in nesting material come spring.  Although it's cozy, it's actually dangerous as it often tangles around the beaks and feet of both parents and babies in the nest.

Cable danger

If your Halloween installation needs electricity, please tape down extension cords and cables from where trick-or-treaters will walk.

Sweet treat 

If you're in the “treat brigade”, consider giving kids candy in reflective bags. Or offer gifts that are reflective, as these will help drivers see them as they move down your street.

Allergies

Don't include nuts or chocolate with nut content in your stash of treats. 

Check the candy

Sometimes treat wrappers aren't properly sealed when coming out of the box. It's a great idea to go through your candy stash to ensure everything is edible. Where wrappers are even slightly opened, discard the candy.

Be blunt

Many folks will use items like swords and wands to help dress the house so it's super-spooky. Please ensure these items are soft, and there's no possible way kids could come to any harm from them.

Brief neighbours

If you're planning a big Halloween party, it's a great idea to let the neighbors know.


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