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All Blog Entries by Jim Sparrow

Found 82 blog entries published by Jim Sparrow.

Calgary Real Estate Market Report
July 2017

Downtown Calgary from Mission District

Sales Fall while Prices Rise

While July sales in Calgary slowed for the first time this year, prices for most property segments have stabilized.

Price increases in the detached and attached segments are the main movers in the Calgary market, with only the apartment (condo) sector showing year over year price declines. High listing inventory levels in the condo sector continue to put downward pressure on prices throughout the city.

Detached homes, which represent 63% of Calgary's MLS® sales, are in balanced market with 3.1 months of listings. This compares to the 7.1 months of inventory the apartment segment now has, which is higher than a year ago. Buyers are firmly in control of the Calgary

1,550 Views, 1 Comment

Calgary Market Update - May 2017

Calgary Home Sales: Mid-May Update

(May 15 2017) After the first 2 weeks of May, sales have increased in all Calgary property segments month-to-date.

Confidence in a real estate market is a funny thing: It evaporates quickly and returns very slowly. With oil stabilizing around $50 per barrel, confidence has returned to most property sectors in Calgary, most notably detached single family homes.

Below are current sales and listing inventories for May MTD as well as well as last months numbers.

Detached Single Family Home Segment

Detached Calgary market segment represent 64% of all Calgary MLS® sales, and have increased 13.2% MTD vs last May. While the number of new listings has risen 12.6% vs last year, the total number of listed

1,868 Views, 0 Comments

Calgary Home Sales Continue to Grow

Calgary housing market gains momentum in April

(May 03 2017): Sales were up across all Calgary property segments in April, setting the stage for the best spring market in the past three years. The job market in Calgary has turned the corner and is beginning to look stronger.

Calgary property sales increased 8.4% year over year. The city-wide benchmark price, which is CREB's combined property sale price, was slightly under 1% lower than last year ($439,600). Note - April sales would have been 4-5% higher had it not been for the Easter long weekend, which occurred in March last year.

More jobs means less uncertainty for people who are sitting on the fence. There also tends to be fewer people who need to sell when employment improves
David Brown,

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Q1 2017 Royal LePage House Price Survey

LePage 1st Quarter Price Survey

(April 18 2017) The Royal LePage house price survey showed most Canadian housing markets had modest price gains in the 1st quarter of the year. The two notable exceptions were Toronto and surrounding area, and the great Vancouver region.

Despite Toronto and Vancouver both showing double-digit year-over-year price gains, the two markets are heading in opposite directions. The Foreign Buyer's Tax introduced by the BC government last summer caused a price reset, with sales in the Lower Mainland down 40% and home prices falling.

The hasty introduction of new real estate-related regulations or taxes in Ontario, in the absence of data and analysis to support these policy moves, could lead to a sharp price

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Calgary Home Sales Continue to Show Strength

(April 15 2017): Calgary home sales continue to show strength in mid-April, outpacing 2016 sales by almost 20%. The detached home sector, which accounts for 2/3's of Calgary's overall sales, bottomed out last year and prices are on track to rise 2 - 3% this year. It's not the 30% increase that Toronto home owners are seeing, but Calgarians will take it.

Sales of detached homes to mid-April are 19% higher than 2016 as the correction continues to take strength. The listing inventory is 24% below last years levels. In some price points, demand has caused the number listings to fall below balance and into a seller's market. Homes priced under $500,000 have only 1.5 months of inventory, meaning half of

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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%

6,781 Views, 0 Comments

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

34,813 Views, 2 Comments

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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