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Living in Calgary

Calgary Real Estate: Window of Opportunity Closing?

Increase in Oil Price Improves Calgary Market

 Updated May 1 2016: At the risk of sounding repetitive, Calgary real estate sales continue to be slow as April nears an end. Traditional 1st quarter seasonality combined with oil’s February’s 13-year low of $26 per barrel have had a negative impact on sales and prices.

While market activity increased with the arrival of spring, sales continue to trend downward year-over-year. There was a 3% decline Yr/Yr for detached home sales in April. Meanwhile apartment condo sales were 21% lower than 2015. Compared to the pre-oil drop of 2014, detached home sales are 25% lower while apartment sales are down 39%.

The median sale price for detached homes is virtually the same as 2015 (+0.6%), and only 1.2%

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Calgary Real Estate & The Falling Price of Oil

Home Prices & the Fall In Oil Prices

 January 13 2016: 2015 was a challenging year for businesses, and the Calgary real estate market wasn't immune to lower oil prices and the resulting downturn in the economy.

The falling price of oil impacted sales of Calgary property as well as home values across most price ranges. Nonetheless, some Calgary homes sold for more last year than they would have in 2014.

Between 2011-2014, the price of detached Calgary homes increased by 20% as WTI oil sold for an average price of $94 per barrel.

In the space of just over a year the price of oil has fallen by 70%, trading today at just over $30/bbl. These are price levels not seen in 12 years, 40% lower than the average 2015 price of $49/bbl .

Price of WTI Oil 2011 thru 2015


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Calgary Market Falters as Oil Prices Fall

Oil Price Falls 60%

 In the past 7 months the price of WTI oil has plunged 58%, closing Friday at close to a five-year low of $45.29 US per barrel. The economic consequences of the collapse in oil prices can’t be understated and are bound to cause a shift in the Calgary real estate market, which has experienced a mini-boom for the past 43 months.

It will come as no surprise that Calgary real estate sales have plunged this month. January month-to-date property sales in Calgary are down 36% from the same period last year, while listing inventory in the city is 81% higher than a year ago *January 28th*.

What is a surprise to some is that the price of Calgary homes - to this point - has not plummeted. While the median sale price of

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Kevin O'Leary talks Calgary Real Estate

Kevin O'Leary Calgary Real Estate Forecast 2015 Kevin O'Leary, a Canadian entrepreneur perhaps most famous as a Shark on ABC's Shark Tank and CBC's Dragons' Den was in Calgary earlier this week for an appearance as the keynote speaker at the Calgary Real Estate Board's 2015 Forecast Breakfast.

Kevin took some time to speak with CREB's Kelsey Hipkin about the impact the volitility of oil prices is having on the real estate market in Calgary, and Kevin was remarkably candid.

His comments may even surprise some of you

 

Kevin O'Leary Interview: Calgary Prices

Kelsey Hipkin, CREB®: What are your thoughts on the oil price drop? [3:55 of video]

Kevin O'Leary: This is a very interesting time in Calgary, and in Alberta. For not only domestic buyers

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Calgary luxury real estate sales 2014 Calgary’s buyers purchasing luxury homes and condos have dramatically shifted their focus away from areas impacted by the June 2013 floods.

The perennial leader for most multi-million dollar property sales - Elbow Park - is now 4th on the list of communities with most luxury property sales, while Discovery Ridge & Eau Claire, which ranked 8th & 9th at this time last year have fallen to 34th & 40th position.

Traditionally, communities such as Elbow Park and Mount Royal come to mind when thinking about million-dollar Calgary real estate. But in 2014 both fall short of topping the list of top million dollar communities and only Elbow Park makes the top five.

Top 5 Calgary Million Dollar Sales Communities

#5 Springbank Hill – (20) Sales

There

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Calgary Real Estate: May Review

Calgary real estate stats: May 2014

 May was another big month for the Calgary real estate market, with a record number of home and condo sales in the city.

In addition, while the number of home listings is nearly 12% lower than the same time last year, listing inventory for homes has finally started to increase. This is expected to continue through the summer months. Listing inventory for Calgary condos is now 10% higher than last June.

Demand for Calgary property continues to be stronger than anything seen since 2006, with the highest demand seen in homes priced under $700,000 and condos listed for under $500,000 (less than 2 months of listings). *See Figure 1 & 2 below*

Ann-Marie Lurie, chief economist with the Calgary Real Estate Board,

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Calgary Real Estate: March Update

Calgary real estate stats: March 2014

 Calgary's real estate market recorded yet another record month in March, with sale numbers & prices up in all segments. 

CREB®'s chief economist Ann-Marie Lurie says the continued growth in the Calgary real estate market is a result of "the inflow of people to our province over the past 2 years combined with strong gains in employment and tight rental conditions".

Demand for property continues to be stronger than anything seen in seven years, and present listing inventory levels are lower than at anytime since 2006.

 

 

March 2014 Calgary Home & Condo Sales

 Calgary Homes March 2014  March 2013  Change 
 Calgary Home Sales  1,704  1,481  +15% 
 Calgary Home Median
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Calgary Real Estate: Mid-March Update

Calgary real estate stats: Mid-March 2014

 Calgary's real estate market continued to fire on all cylinders through the first 15 days of March, with sale numbers & prices up in both the home and condo segments. BMO Capital Markets released a report Friday which suggested Alberta was bound for another housing boom, but not at the frenzied pace seen in 2006/2007.

The pace of growth in Alberta's economy today, while "clearly superior" and "head and shoulders above the rest of the country", does not match that seen in 2006. 

Demand for property continues to be stronger than anything seen since 2007, and while inventory levels are lower than at anytime since then, they are still higher than they were during the peak.

Globe & Mail Video: Demand for

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February Sees Continuing Seller's Market in Calgary

Calgary real estate stats: February 2014

 (Calgary March 1, 2014) Low listing inventory continued to put pressure on Calgary property prices in February, resulting in double digit increases in both home and condo prices. Buyers are desperate in price ranges under $600,000, where listing inventory is now only 1 month. 21% of all Calgary homes sales in February sold for over list price as property listing inventory fell 19% below levels seen same time last year.

Prices for Calgary homes rose 10% vs a year ago, while condos sold for 15% more in February. Combined home & condo sales volume rose 9%, with condo sales increasing by 25% while homes sales were up 2% versus February 2013.

February was the 11th consecutive month with a Yr/Yr

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calgary_vs_toronto_719


Calgary vs Toronto (GTA): Head to Head

 Canada’s quickly growing cities are grabbing more attention in the past few years than ever. Cities such as Calgary and Toronto are making headlines worldwide. While recently attention has been understandably focused on Toronto's ongoing mayor scandal, business networks continue referring to Canadian cities when recommending investment opportunities.

While all of this is good news for Canadians, the statistics pertaining to Canadian real estate are often skewed to promote the market in Toronto and the GTA over other cities.  Given the fickle nature of statistics, understanding data sets is often difficult enough. Combined with the task of filtering out bias much of the mainstream statistics becomes

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