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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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Calgary starts 2014 with 17% Sales Increase

Calgary real estate stats: January 2014

 (Calgary February 2, 2014) MLS® sales and prices for Calgary real estate started 2014 with the same momentum showed in 2013. Prices for Calgary homes rose 5.4%, while condos sold for 16.4% more in January. Combined sales volume rose 17%, with condo sales increasing by a whopping 33%. Calgary home sales rose 11% versus the same period last year.

Last month was the 10th consecutive month with a Yr/yr sales increase, and the highest number of sales for the month in six years (January 2008 recorded 6.3% more sales: 1,530). At the same time, the median sale price for Calgary homes ($459,900) and condos ($305,000) both set new records for the month. January marked the 31st consecutive month with

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CREB 2014 Calgary Real Estate Forecast

Calgary Real Estate 2014 Forecast

 (Calgary, January 15 2014): CREB®'s 2014 forecast for the Calgary real estate market projects a 2.4% rise in resale home sales and a 6.4% rise in condominium sales (apartment-style condo sales: +5.0%, townhouse-style condo sales: +8.3%).

Sustained employment growth in the city on the back of 2 years of higher net migration levels will see a 3.8% increase in Calgary resale home prices, while combined condo prices will rise by 5.3% (Calgary apartment price: +5.8%, townhouse price: +4.75%).

"In 2014, both sales activity and prices are expected to improve, but not at the same pace recorded in 2013," said Ann-Marie Lurie, CREB®'s cheif economist. "While factors influencing demand will support growth in 2014,

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Calgary closes 2013 with 11% Sales Increase

Calgary real estate stats: December 2013

(Calgary January 3, 2013) Despite near-record snowfall & bitterly cold weather, Calgary saw an 8.3% rise in Yr/Yr sales in December, the ninth consecutive month of sales volume increase.  2013 Calgary home & condominium sales topped last years number by 10.8%.

December sale prices rose in both the home and condo segments Calgary. The median sale price of a Calgary home rose 10.4% ($463,500), while the median sale price of a Calgary condo jumped 10.9% ($288,250) last month.

For the entire year, the median sale price of a Calgary home rose 7.1% ($450,000), while the median Calgary condo sale price increased 6.3% (284,900).

 

"Sales growth exceeded expectations in 2013, pushing above long-term

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Average vs Median Sale Price

Why average sale price isn't a good indicator of property values

 Ever wonder why the media and real estate boards quote average prices rather than the median sale price of homes? The reason is because headlines with higher numbers grab far more attention.

Average and median home prices are usually very different. Sale prices aren't evenly distributed because there are large gaps in price between the least and most expensive homes. This price gap skews the average price even moreso in larger statistical groups such as the average home price of an entire city.

Fully two-thirds of all Calgary houses sold in November sold for less than the city's average sale price of $516,447. Only 1% of all Northeast Calgary homes sold for more than the average sale price for the entire city.

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Calgary Sales Increase 19%

Calgary real estate stats: November 2013

(December 1, 2013) Calgary residential property sales continued to outperform other markets in the country with a 19% increase in homes and condos sold in November.

Last month marked the 8th consecutive month with a year-over-year sale increase, with the highest number of November sales recorded in seven years *November 2006 had 15% more sales (1,995)*.

February & March have been the only months this year that Yr/Yr sales haven't increased, with both those months seeing only low single-digit differences.

Prices in both the Calgary home and condo segments were up 8% (median sale price vs November 2012). 

According to The Bank of Montreal, Calgary has the strongest major residential housing market in the

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