Past Month - November 2017 - Calgary Market Stats

Calgary Detached House & Condo Buyer's Market

The following stats will give you a glimpse into the Calgary detached house and condo market for November 2017.

• Detached House Median Sale Price $465,000 (down 4.1% Yr/Yr)
• Detached House Benchmark Sale Price $504,000 (up 1.0%)
• Condo Median Sale Price $250,000 (down 2.0% Yr/Yr)
• Condo Benchmark Sale Price $258,300 (down 3.9%)
• Detached Homes Days on Market = 48 vs 45 days last year
• Condos Days on Market = 65 vs 58 days vs last year
• Detached homes sales up 12.8%; Apartment sales up 14.4%.
  
• Detached home Listing Inventory is now 3.12 months vs 3.00 months last year
  
• Condo listing inventory is now 6.69 months vs 7.34 months last

Q1 2017 Royal LePage House 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

Calgary Real Estate & The Falling Price of Oil

 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 .

Kevin O'Leary talks Calgary Real Estate

 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

Calgary Real Estate: March Update

 Calgary's real estate market recorded yet another record month in March, with sale numbers & prices up in all segments. 

CREB®'s chief economist Ann-Marie Lurie says the continued growth in the Calgary real estate market is a result of "the inflow of people to our province over the past 2 years combined with strong gains in employment and tight rental conditions".

Demand for property continues to be stronger than anything seen in seven years, and present listing inventory levels are lower than at anytime since 2006.

March 2014 Calgary Home & Condo Sales

Calgary's real estate market continued to defy the slumping national trend by ending the year with another month of year-over-year increases in both the price and sales number categories. This comes as no surprise to most analysts as 2012 saw the metro Calgary residential market record the highest number of sales since 2007. Both the average and the median house price established new record highs for December.

Number of Calgary Residential Sales: December

• Combined residential sales in Calgary totalled 1,083 (4.9% increase vs 1,025 sold in Dec 2011)
• Total Calgary homes (houses) sold: 745 (3.2% increase over 722 sold in Dec 2011)
• Total Calgary condos sold: 338 (9.0% increase over 310 sold in Dec 2011)
• Previous 5 year average was:

Calgary Home Sale Price Sets New Record

June 8th: May 2012 was another strong month for the Calgary real estate market, with a couple of new records set for May MLS sales.

Both the average and median sale price for a Calgary home eclipsed previous record levels for the month, and were close to topping the all-time records in both these categories.  

Calgary Home Sales

Calgary home sales (single family) totalled 1,713 in May, 31% more than last years number and the highest number of sales since May 2007. The average sale price of $501,957 was a new record for the month, as was the median sale price of $436,000. Median sale price is the level at which half the number of sales are higher and the other half are lower

• May 2012 SF home

Calgary house sales surge in March? 

Calgary Herald headline (April 2/12) read "Calgary house sales surge in March". Great tagline, the story goes on to describe how Calgary home sales showed a "stunning" growth when compared with a year ago (read full article here).

While all of this is fact, these numbers are all relative to those they're being compared to. We'd like to offer another perspective on the market, and allow readers make up their own minds.

According to WEBSTERS, Surge (verb) = "to rise suddenly to an excessive or abnormal value"

Not convinced that "surge" was the best way to describe last month's sales numbers, I checked the Calgary Real Estate Board's (CREB's) database for March sales in each of the past 10 years:

While the graph

 "Pay attention. Something's happening here" is what Don R Campbell, well known Vancouver author & president of the Real Estate Investment Network says about the Calgary real estate market.

Campbell is paying attention to the reports coming out showing positive economic news for Alberta and Calgary. Good economic growth. In-migration levels rising. And employment growth leading the way in Canada.

Campbell has long held the view that real estate booms are preceded by predicable market cycles. Initially a market sees GDP & job growth, followed by an inflow of population. This is followed by increased rental demand coupled with decreased vacancies & rising rents, and ultimately rising purchase demand for home & condos and increased property prices. 

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Calgary Real Estate: October 2011 Market Review

•  SF Calgary MLS® sales for the month of October 2011 showed an 11.5% increase over October 2010.
• Average sale price for Calgary homes was $455,247, a 2.3% increase over Oct 2010.
• Median sale price for Calgary homes was $395,000, a 1.5% increase over Oct 2010.
• Average days on market (DOM) for SF Calgary home sales in October was 52 days

• Calgary MLS® condo sales also were much stronger, with 20.2% more condo units selling last month vs October 2010.
• Average sale price for Calgary condos was $282,743, a 1.8% decrease over from Oct 2010
• Median sale price for Calgary condos rose 2.0% from the October 2010 level
• Average days on market (DOM) for Calgary condos was 57 days

 Calgary Real Estate