Calgary Real Estate

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Confession Time About This Blog

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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April 27, 2023 | CREB

CREB®'s Q1 2023 Housing Market Report

City of Calgary, April 27, 2023  –  Sales activity has behaved as expected through the start of 2023 and slowed by 43 per cent over last year’s all-time record-high performance in the first quarter. The steeper decline in the first quarter was expected, given the surge in sales last year, as purchasers were eager to enter the market ahead of expected rate gains.

“While no further rate gains have occurred so far this year, the higher lending rates and limited supply options are contributing to some of the pullbacks in sales,” said CREB® Chief Economist Ann-Marie Lurie. “Nevertheless, despite the decline, sales activity has remained well above pre-pandemic levels thanks to recent gains in migration coupled with a stronger employment market.”

The most notable challenge in the market has been related to supply levels. New listings were expected to ease as higher lending rates would make it more difficult for the move-up buyer. However, the pace of decline in new listings has exceeded expectations. New listings in the first quarter declined by 40 per cent, preventing any significant shift in the supply levels given the relatively strong sales.

Inventory levels in the city averaged 2,814 units in the first quarter, 21 per cent lower than last year’s levels and over 42 per cent below long-term trends for the first quarter. With a sales-to-new-listings ratio of 71 per cent and a months of supply of under two months in the first quarter, conditions continue to favour the seller.

Exceptionally tight market conditions early last year drove significant price gains throughout the 2022 spring market, peaking at $544,733 in the second quarter. While supply-demand balances remained tight throughout 2022, prices did trend down over the third and fourth quarters, somewhat adjusting for the rapid rise earlier in the year.

Further tightening in the supply-demand balance in the first quarter was enough to stop the downward price trend as the quarterly benchmark price rose by nearly two per cent over the fourth quarter to $531,200 but remained below the Q2 high.

“Some of the fluctuations in price were expected this year, given what happened last year,” said Lurie. “However, price growth to date has been stronger than expected. Given the limited supply currently on the market, we could expect to see some stronger price growth through spring, potentially supporting a modest annual gain in 2023.”

For the full report, please download CREB®’s Q1 2023 Calgary & Region Quarterly Update Report here.

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Top-Tier Real Estate: Spring 2023
State of Luxury Report*

Canada’s luxury real estate market saw muted sales activity in the first quarter of 2023, as a shortage of housing supply across every spectrum of the market compelled real estate sellers and buyers to delay market engagement to the second quarter. The country’s major metropolitan areas are primed to see a resurgence of newly pre-qualified and highly motivated home buyers across the luxury and conventional markets this spring, as those who paused their activity in 2022 renew their search, albeit with an empowered mindset that will deter significant price escalation. Despite buoyant consumer confidence and a level of demand that would typically prime the market for healthy activity, a deficit of property listings is expected to place a ceiling on potential spring sales, hampering the housing needs and aspirations of Canadians.

Our latest market report, Top-Tier Real Estate: Spring 2023 State of Luxury Report*, covers the performance of luxury residential real estate sales in Canada’s largest real estate markets during the first quarter of 2023.

“After an era of intense hyperinflation, new post-pandemic benchmarks for Canadian conventional and luxury real estate were established in 2022 as the market processed the impact of aggressive interest rate hikes and the effects of an increasingly uncertain global and domestic economic climate. By the end of the year, luxury housing segments in several major metropolitan areas were on the brink of buyers’ market conditions, while others had very clearly shifted into this territory,” says Don Kottick, President and CEO of Sotheby’s International Realty Canada. “The market is now on the verge of another important adjustment, this time in terms of pricing. It has taken several months for home sellers to realize the impact of the changing market on the market values of their properties. As new property listings come onto the market in 2023, their pricing will shift to meet current realities. This will start to unlock long-awaited opportunities for buyers and upsizers to purchase homes that meet their lifestyle needs as they acclimatize to the market.”

 
Market Highlights
  • Record in-migration and a dynamic economy bolstered Calgary’s luxury market performance in the first quarter of 2023. Although $1 million-plus residential sales were down 36% from January 1– March 31 year-over-year, this sales volume was a significant 223% higher than levels recorded in the pre-pandemic first quarter of 2020 and more than the city’s 10-year average for sales over $1 million.
  • Montreal’s luxury market continued to rebalance, as residential sales over $1 million pulled back by 43% year-over-year in the first quarter of 2023.
  • A scarcity of luxury listings in the City of Toronto limited potential transactions and contributed to a 64% year-over-year decline in Greater Toronto Area residential sales over $4 million in the first quarter of the year.
  • In Vancouver’s inventory-starved market, first-quarter luxury sales activity over $4 million receded 53% year-over-year as prospective home buyers and sellers strategically deferred activity to spring.

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April 27, 2023 | CREB

CREB®'s Q1 2023 Housing Market Report

City of Calgary, April 27, 2023  –  Sales activity has behaved as expected through the start of 2023 and slowed by 43 per cent over last year’s all-time record-high performance in the first quarter. The steeper decline in the first quarter was expected, given the surge in sales last year, as purchasers were eager to enter the market ahead of expected rate gains.

“While no further rate gains have occurred so far this year, the higher lending rates and limited supply options are contributing to some of the pullbacks in sales,” said CREB® Chief Economist Ann-Marie Lurie. “Nevertheless, despite the decline, sales activity has remained well above pre-pandemic levels thanks to recent gains in migration coupled with a stronger employment market.”

The most notable challenge in the market has been related to supply levels. New listings were expected to ease as higher lending rates would make it more difficult for the move-up buyer. However, the pace of decline in new listings has exceeded expectations. New listings in the first quarter declined by 40 per cent, preventing any significant shift in the supply levels given the relatively strong sales.

Inventory levels in the city averaged 2,814 units in the first quarter, 21 per cent lower than last year’s levels and over 42 per cent below long-term trends for the first quarter. With a sales-to-new-listings ratio of 71 per cent and a months of supply of under two months in the first quarter, conditions continue to favour the seller.

Exceptionally tight market conditions early last year drove significant price gains throughout the 2022 spring market, peaking at $544,733 in the second quarter. While supply-demand balances remained tight throughout 2022, prices did trend down over the third and fourth quarters, somewhat adjusting for the rapid rise earlier in the year.

Further tightening in the supply-demand balance in the first quarter was enough to stop the downward price trend as the quarterly benchmark price rose by nearly two per cent over the fourth quarter to $531,200 but remained below the Q2 high.

“Some of the fluctuations in price were expected this year, given what happened last year,” said Lurie. “However, price growth to date has been stronger than expected. Given the limited supply currently on the market, we could expect to see some stronger price growth through spring, potentially supporting a modest annual gain in 2023.”

For the full report, please download CREB®’s Q1 2023 Calgary & Region Quarterly Update Report here.

Read

Latest Blog Posts

February Housing Market Update

Posted by Steven Hill on Mar 01, 2024

Low inventory and high demand drive price gains in February March 1, 2024 Rising Sales and New Listings ...

January 2024 Housing Market Update

Posted by Steven Hill on Feb 01, 2024

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

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.