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Calgary Real Estate Market Report

Posted by Jim Sparrow on Monday, August 14th, 2017 at 12:46pm.

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 condo market.

Sales growth exceeded expectations so far this year. Clients were re-entering the market after delaying decisions until there were some signs of economic improvement,” said CREB® president David P. Brown.

Benchmark Prices July for Calgary Vancouver & Toronto

Calgary Benchmark Prices vs Vancouver, Toronto - July 2017

The Calgary benchmark sale prices certainly compare favourably for similar property types in Greater Vancouver and Toronto. Note the changes in benchmark prices are all year over year, as recorded July 2017.


 

Real estate is hyper-local, whether it be in metro Calgary, Vancouver or Toronto. The variance in price across different parts of the city is dramatic, as displayed below. 

Calgary Price Changes July 2017

Calgary Benchmark Prices by City District - July 2017

CREB's economist had this to say about the Calgary housing market ....

Modest improvements in the labour market and net migration were necessary to support the turnaround in the housing market. However, current inventory levels and changes in the lending market continue to weigh on housing demand. Easing demand growth combined with elevated levels of supply will slow the pace of price recovery in our market. ” chief economist Ann-Marie Lurie, CREB®

CREB Calgary Market Report July 2017

 


 

Even with the July slowdown in sales, overall city sales were 12% higher in the first half of this year vs. 2016. The moderation we're now seeing is due to changes made last October in the high-ratio lending market, as well as the more active market seen in the second half of last year.

This just released CREB® market stats video summarizes last months activity:

CREB's July Stats Video

Key influencers that shaped Calgary's July housing market

 

New Listings Calgary Luxury Homes Calgary Condos
SW Calgary Listings SE Calgary Listings NW Calgary Listings

If you're looking to sell or buy, do not hesitate to contact us.

We are prepared to work hard ensuring that your needs are met and that the result is more than you were hoping for. Nothing gives us more pleasure than your success and being with you through major life changes.

1 Response to "Calgary Real Estate Market Report"

Tarek wrote: Great article Jim Sparrow, definitely worth the read.

Posted on Monday, August 14th, 2017 at 4:56pm.

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