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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

2024 TOP TIER REAL ESTATE SPRING REPORT
Market Knowledge

2024 TOP TIER REAL ESTATE SPRING REPORT

Canada’s luxury real estate market eased into spring with modest sales gains across key metropolitan cities, as the dynamic between ...

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March 2024 Housing Market Update
Market Knowledge

March 2024 Housing Market Update

March reflects strong seller's market and price increases City of Calgary, April 1, 2024 – March sales rose to 2,664 units, a 10 per ...

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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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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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If you're watching mortgage trends moving weekly around, and feeling anxious about the cost of a new apartment or house, that's perfectly okay.

Buying real estate is an emotional business. You're about to make one of the biggest financial decisions of your life

These are some of the typical feelings buyers are likely to experience

Uncertainty

This is common when you're poised to make a big decision. Crunch the numbers to help ease this anxiety. If the math makes sense, then so does your decision. 

Nervous

Many folks worry about talking to a bank loan officer or mortgage broker. Mostly, they're worried about hearing the word “no” and having plans derail. So, prepare thoroughly for the encounter. Get your down payment savings as high as possible and ensure your credit score is in good shape. Avoid job-hopping and pay off as much debt as possible.

Super-excited

It's hard to not become excited when you find a perfect property that's in your price range. However, try not to fall too deeply in love until you've bought it. You'll find plenty of buyers just as excited and willing to outbid you. 

Disappointment

This feeling can be almost overwhelming when you can't negotiate a deal, or someone has snatched victory from you. Don't be too disheartened if this happens. Honestly, it's okay. There are other homes out there just as good. We'll find one.

Exhaustion

If you've been home-hunting every weekend for the past six months, burn-out could set in. It's at this moment you can make a bad decision. If you're feeling drained, restrict yourself to open houses or take a break for a couple of weeks.

Anxiety

After your offer is accepted, it's natural to be anxious that nothing goes wrong with a building inspection or your loan application. Again, this is normal. Don't be afraid to discuss any fears with your agent or mortgage broker, as they will be able to ease your anxiety.

Happy

You've got the keys! You should be happy! It's this emotion that makes everything else totally worth it.

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May sales reach a record high

Thanks to a significant gain in apartment condominium sales, May sales rose to 3,120, a new record high for the month. While the monthly gains have not outweighed earlier declines, this does reflect a shift from the declines reported at the start of the year.

At the same time, we continue to see fewer new listings on the market than last year, causing inventory levels to fall. With a sales-to-new-listings ratio of 85 per cent and months of supply of one month, conditions continue to favour the seller placing further upward pressure on home prices.

“Calgary’s housing market continues to exceed expectations with the recent gain in sales activity this month,” said CREB® Chief Economist Ann-Marie Lurie. “The higher interest rate environment and recent rental rate gains have driven more consumers to seek apartment condominium units. In addition, the recent rise in new apartment listings has provided enough options to support the sales gain. Calgary continues to benefit from the relatively healthy job market and recent population growth keeping housing demand strong across all property types.”

Persistently tight market conditions drove further price growth this month. In May, the unadjusted benchmark price reached $557,000, over one per cent higher than last month and nearly three per cent higher than last year’s monthly peak price of $543,000. 

Detached

Rising sales for homes priced above $600,000 was not enough to offset declines in the lower price ranges as May sales reached 1,486, a year-over-year decline of eight per cent. New listings continue to fall for homes priced below $700,000, providing limited choice for consumers seeking out lower-priced detached homes. While new listings did improve for higher-priced properties, the relatively strong demand kept conditions tight across all price ranges, driving further price gains.
 
In May, the detached benchmark price reached $674,000, nearly two per cent higher than last month and over four per cent higher than last year’s peak price of $647,000. While each district reported a new record high price this month, the year-over-year gains ranged from a high of 12 per cent in the East District to a low of two per cent in the City Centre.
 

Semi-Detached

Sales also rose to near-record highs for the month for semi-detached homes. However, with 279 sales and 269 new listings this month, inventories fell, and the months of supply dropped below one month.
 
The exceptionally tight conditions caused further price gains, which for the first time, pushed above $600,000. This is the seventh consecutive month where prices have trended up, and as of May, levels are over three per cent higher than last year’s monthly peak. Like the detached sector, each district reported new record high prices in May. However, the strongest year-over-year gains occurred in the most affordable East district at nearly 12 per cent.
 

Row

New listings in May improved over levels seen earlier in the year, but thanks to monthly gains in sales, the sales-to-new listings ratio remained exceptionally high at 89 per cent, preventing any significant shift in the low inventory situation. While sales activity is still lower than last year’s levels, this is likely related to the lack of supply in this segment of the market.  Inventory levels are down 50 per cent compared to last year.
 
With less than one month of supply, it is not a surprise that prices continue to rise. In May, the benchmark price reached $390,500, a two per cent gain over last month and nearly nine per cent higher than last year's peak price of $359,600. Row prices rose across all districts, with year-over-year gains exceeding 15 per cent in the city's North East, South and East districts. The slowest price gains occurred in The City Centre, North West and South East at rates of over seven per cent.
 

Apartment Condominium

Sales in May reached 858 units, a year-over-year gain of 36 per cent and high enough to cause year-to-date sales to rise by four per cent for a new record high. Stronger sales were possible thanks to the recent gains in new listings. There were 1,025 new listings in May, a year-over-year gain of eight per cent. Despite the gain in new listings, the sales-to-new listings ratio remained high at 84 per cent, preventing any significant shift in inventory levels. As a result, inventory levels remained 23 per cent lower than what was available in the market in May 2022. The rising sales and low inventories kept the months of supply low at just over one month.
 
Persistently tight conditions drove further price gains in May. The unadjusted benchmark price reached $298,600, a monthly gain of over one per cent and a year-over-year gain of nearly 11 per cent. The recent growth has finally caused unadjusted apartment condominium prices to return to 2014 levels. Unlike other areas, not all districts reported a new record high price. The only areas to report a full recovery were the North, North West, West and South East districts. Overall year-over-year price growth ranged from a high of 16 per cent in the North District to a low of 10 per cent growth in the City Centre.


REGIONAL MARKET FACTS

Airdrie

Limited supply choice continues to weigh on sales activity in Airdrie. In May, there were 260 new listings and 225 sales, keeping the sales to new listings ratio high at 87 per cent and preventing any significant shift in inventory levels. However, with less than one month of supply, conditions are tighter than they were last year at this time.
 
Persistently tight conditions caused prices to trend up for the fifth consecutive month. The benchmark price reached $502,900 in May, remaining shy of the record high of $504,200 achieved in April 2022. While total residential prices have not reached new record highs, detached home prices have reached a new record with a benchmark price of $587,200.


Cochrane

Like other markets in the area, the limited level of new listings is preventing stronger sales activity. In May, 135 new listings came onto the market, and there were 122 sales, keeping the sales-to-new listings ratio elevated at 90 per cent. While inventory levels are still higher than last year’s, they are still exceptionally low for this time of year, leaving the months of supply just above one month in May.
 
The persistently tight conditions caused prices to trend up for the fourth consecutive month. While the benchmark price of $515,600 remains below the monthly high of $517,900 achieved in June 2022, should conditions continue to remain this tight, we could see further upward pressure on home prices over the next several months. 


Okotoks

Like other markets, low levels of new listings are limiting sales activity in the town. In May, new listings reached 87 units, and with 76 sales, the sales to new listings ratio pushed above 87 per cent. This also prevented any significant shift in inventory levels, and the months of supply once again dropped below one month.
 
Persistently tight market conditions caused prices to trend up for the fifth consecutive month. With a benchmark price of $575,900, prices are nearly four per cent above last year’s levels and at a new record high.

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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Latest Blog Posts

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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™.
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