Calgary Real Estate Market Trends
Calgary has long been considered one of the best cities in Canada to live. In the past 15 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 will continue as the price of oil recovers.
While the city was not immune to the recent economic downturn, Calgary's real estate market is more resilient to commodity prices than it was in the early '80's. Despite lower sales volume, the majority of homes saw only single digit declines in value.
With oil prices returning to the $50 range, the detached home market is now balanced, and prices are rising. Home listing inventories are just over 3 months, indicating a balanced market.
Past Month - October 2017 - Calgary Market Stats
Calgary Detached House Market: Balanced
Calgary Condo Market: Buyer's Market
- Detached House Median Sale Price $473,250 (up 2.0% Yr/Yr)
- Detached House Benchmark Sale Price $506,200 (up 0.6%)
- Apartment Median Sale Price $257,500 (up 3.0% Yr/Yr)
- Apartment Benchmark Sale Price $261,600 (down 3.3%)
- Detached Homes Days on Market = 44 vs 42 days last year
- Apartments Days on Market = 66 vs 54 days vs last year
- Detached homes sales down 11.9%; Apartment sales down 6.8%.
- Detached home Listing Inventory is now 3.6 months vs 2.5 last year
- Apartment listing inventory is now 7.0 months vs 6.2 last year
(A listing inventory of 2 months or less indicates a Seller's market,
2-4 months a Balanced market; over 4 months a Buyer's market)
- 7.7% of all home sales last month sold for full list price or more vs 10.5% last October
Search for Calgary Homes:
Third Quarter 2017 Update
To no one's surprise, sales in the July thru September '17 quarter were marginally lower than 3rd quarter 2016. The Alberta economy turned the corner in mid-2016, and Calgary's real estate market finished the year with a strong second half.
- Single family detached home sales up 19.2%
- Attached home sales up 19.6%
- Condo (apartment) sales down 2.2%
Year over year benchmark prices have risen in all three property segments with the exception of condo (apartments):
- Single family detached home price up 1.1%
- Attached home price up 1.54%
- Apartment (condo) price down 2.8%
Calgary Market Forecast 2017
(January 14 2017): Calgary's Real Estate Board CREB® released the 2017 Market Forecast yesterday, and they're predicting signs of an economic recovery and stabilization of the citiy's housing market.
Total city MLS® sales volume are forecast to increase 3% over last year:
- Single family detached home sales to rise 3.0%
- Attached home sales to rise 3.5%
- Apartment (condo) sales to rise 2.0%
Calgary's economic recovery is expected to accelerate in 2017. Home prices are expected to stabilize or perhaps show small gains; the apartment sector will continue to show downward pressure on prices.
Overall City of Calgary MLS® sale prices are expected to rise 0.3%:
- Single family detached home price to rise 0.8%
- Attached home price to rise 0.5%
- Apartment (condo) price to decline 2.0%
Calgary Market Forecast 2016
(January 15 2016): Calgary's Real Estate Board CREB® released their Market Forecast for 2016 earlier this week, predicting a sluggish market for the first half of the year.
CREB® predicts sales of Calgary homes and condos will decrease 2.2% this year. Detached home sales are expected to drop 2.5%, attached homes by 1.5%, and apartments by 2.0%.
CREB's annualized benchmark price is projected to fall in all three sectors:
- Detached Calgary home prices to fall by 3.2%,
- Attached Calgary home prices to fall by 3.5%,
- Calgary apartment condo prices to fall by 4.2% from 2015 levels
Until the price of oil finds a bottom, home and apartment prices will be weaker across all price ranges. Higher valued properties will be under more price pressure than more affordable homes.
First-time and move-up buyers have the opportunity to choose from a great selection of properties at historically low interest rates. Timing the bottom of the market is a dangerous game, as analysts expect significantly higher oil prices by the second half of 2016.
Seller's are advised to work with a real estate professional they trust, and strategize as regards to timing and pricing.
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
With the slower economy, Calgary homes are now selling in about 38 days on market *March 2016*. Just as always, well priced properties only remain on the MLS® System a short time 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, you definitely want to have a leg up on other buyers. Working with a member of the Jim Sparrow Team - all experienced Calgary REALTOR's - is a decision that you'll be glad you made.
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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