Calgary Real Estate Market Trends
Calgary has long been considered one of the best cities in Canada to live. In the past 10 years, the strength of the area's oil & gas economy have created an incredible environment for lifestyle and real estate investment, a trend analysts expect to continue for years to come.
Summary of Calgary Housing Statistics for December 2014
- The Median Calgary House Sale Price was $473,900 up 2% from Dec 2013
- The Average Calgary house sale price was $550,115 up 4% vs. same period last year
- The Median Calgary Condo sale price was $302,000 up 5% vs. same period last year
- The Average Calgary condo sale price was $333,278 up 7% from Dec 2013
- Average Days on Market (DOM) was 41 Days for Calgary homes sold vs. 44 days last year. Average DOM for Calgary condo listings was 44 days vs. 49 days last December
- There were 1,085 properties sold on the Calgary MLS® System in December 2014, 7% lower than the same period last year *metro Calgary homes & condos combined*. 709 Calgary homes sold last month, 8% fewer than last December. 376 Calgary condos sold, 6% fewer than the same period last year *Sales reflect residential metro Calgary MLS® system sales only*
- Metro Calgary Real Estate listing Inventory is currently 3.0 months worth of supply, 45% more listings than at the same time last year. Calgary home listing inventory is now at 2.8 MOI *months of inventory* (vs. 2.0 MOI last Dec). Listing inventory for Condos in Calgary is now 3.3 MOI vs. 1.8 MOI last December. Last month only 36% of all Calgary home listings & 30% of all condos listed on the Calgary MLS® System sold.
- Calgary SF home Sales to new listing ratio was 80% vs 119% last December. Calgary condo Sales to new listings ratio was 77% vs 124% last December.
- The seller's market Calgary property owners have enjoyed earlier in 2014 has become more balanced with sale prices for homes beginning to soften as a result of falling oil prices. At the same time, 16% of all December home sales were for list price or above.
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2015 Market Forecast
The Calgary Real Estate Board released their 2015 Market Forecast on January 15th, suggesting that the strong demand experienced over the past 2 years will pullback due to the significant drop in oil prices.
CREB® predicts sales of Calgary homes and condos will be 4.1% lower this year. CREB® remains bullish on the Calgary economy, and predicts detached home prices to rise 1.8%, attached home prices to rise 1.5%, and apartment condo prices to increase 1.0% from 2014 levels.
I'm not as bullish as CREB® on the outlook for 2015. As of January 22 2015, year-to-date home sales are down 37% while condo sales are off by 30% *vs. first 22 days of 2014*.
2014 Market Trends
The Calgary Real Estate Board (CREB®) predicted growth in sales to continue in 2014, projecting home sales to increase 2.4%, while condo sales would grow by 6.4%. Sales increase for the year were 5.5% for Calgary homes & 18.2% for Calgary condos.
While CREB® anticipated Calgary home prices would increase 3.8% in 2014, they actually rose by 7.6%, Calgary condo prices were projected to rise by 5.3%; 2014 saw an 8.8% increase for condominiums.
December 2014 Update: Calgary's real estate market was well ahead of the projected CREB® forecast, both for number of sales and increases in selling price.
The median price of a Calgary home was $484,000 in 2014, up 7.6% from 2013 *median price*. Sales of Calgary homes increased 5.5% in 2014 vs 2013 home sales. Meanwhile, the median price of a Calgary condo for 2014 climbed to $310,000, up 8.8% vs 2013 on the back of an 18% increase in condo sales.
2013 Market Trends
Higher prices & sales volume continued in 2013. Total Calgary sales rose 11% over 2012's numbers and both average & median home prices reached new record levels. The median price of a Calgary home rose 7.1% in 2013 ($450,000), while the median price for a Calgary condo increased 6.3% ($284,900).
2012 Market Trends
2012 marked a breakout year for Calgary real estate, with the greatest number of sales since 2007 and a new record for average home prices.
2008 - 2011 Market Trends
2008 began much as 2007 had ended. Home & condo prices had experienced a slight downward correction following the 2005-2007 bubble, but demand was still strong and prices were stable. Following the collapse of Lehman Brothers in September 2008, the Calgary market became sluggish, with a 14% drop in Calgary home prices and a 20% correction in price of condos. Prices did begin to rise again mid-2009, but demand remained realtively weak until the end of 2011.
2003-2007 Market Trends
Back in 2003, the typical Calgary home was worth about $196,000 while the average Calgary condo cost less than $140,000. 2004 marked the year crude oil prices climbed above $40 per barrel, at which time Calgary's economic boom began.
The price of Calgary homes rose 26% by the end of 2005, condo prices increased by 35%. 2006 brought a staggering 47% increase in home prices vs the previous year, while condo prices rose 36% that year. By mid 2007, Calgary property prices, both homes and condos, had risen by 115% vs. the 2003 prices. The market at that point took a breather, even correcting slightly by Christmas time.
It's not just Calgary home for sale listings that are performing well, either. Alberta's booming economy attracts workers from all over the country in the oil and high tech sectors, pushing up demand for all types of property. Calgary is now second in the nation to Toronto for its concentration of corporate head offices, with investment return for downtown property commonly topping 50 per cent. Calgary is also the nation leader for industrial real estate return.
Property Market Trend
Calgary property is in high demand, and the average Calgary home is now selling in just 35 days *Sept 2014*. Many of the hottest properties only remain on the MLS® System a day or so before they are sold, as buyers seek to close the deal with as little competition as possible. If you're in the market for a Calgary home for sale, and want a leg up on other buyers, consider working with a qualified Calgary real estate agent - it's a decision that will save you considerable time and money.
Please fill out our contact form, or call 403-703-2404 for assistance anytime you need to know more about Calgary real estate or any property that interests you. When you're ready to take the next step toward purchasing a home, we're here to help.
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