Calgary Real Estate Market Report
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.
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 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®
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
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