JULY MARKET REPORT
Wednesday, August 17th, 2016
Archive for the ‘Uncategorized’ Category
JUNE MARKET REPORT
Wednesday, August 17th, 2016
Demand down with net migration
Thursday, August 4th, 2016Demand down with net migration
In step with City census data on declining net migration levels, housing sales activity totaled 1,741 units in July, a 12.6 per cent decrease over last year and the 20th consecutive month of year-over-year sales declines.
“Continued pullback of sales activity is a sign of economic conditions,” said CREB® chief economist Ann-Marie Lurie. “The number of unemployed workers keeps rising and when you combine job losses with declining net migration, t…he result is going to be weaker housing demand.”
Slower sales were accompanied by declining new listings in July. This helped prevent further inventory gains and minimize the downward pressure on benchmark prices. By months end, the residential benchmark price was $440,000, similar to last month, but 4.2 per cent below July figures from the previous year.
While detached prices seem to be leveling, this is not the case for all property types. With over six months of inventory in the apartment sector, oversupply continues to create steep price declines.
The apartment benchmark price totaled $277,000 in July, a 0.4 per cent decline over the previous month and 6.6 per cent below last year’s levels.
City-wide benchmark prices for detached product totaled $502,300 in July, which is similar to last month, but 3.4 per cent lower than last year’s levels. Meanwhile, semi and row attached product recorded a year-over-year decline of 3.1 and 5.5 per cent for July prices of $385,200 and $310,300.
“To buyers and sellers that have been paying attention to the housing market in Calgary and surrounding areas, it should come as no surprise that we continue to see a slowdown in sales activity,” said CREB® president Cliff Stevenson. “Buyers are expecting further declines in sold prices, and sellers are adjusting to softer demand with price decreases. When these expectations intersect, we’re seeing sales activity in the market, but not at the level realized over the last several years.”
MARKET REPORT
Monday, February 22nd, 2016
NEW MORTGAGE RULES
Friday, February 19th, 2016The new down payment rules are in full effect. Those purchasing homes above $500,000 will be required to put 10% down on any additional amount above $500,000. Home buyers who purchase homes below $500,000 will see no change. Homes above $1,000,000 require 20% down payment. This is a much better solution than the minimum 10% down payment to $1,000,000 that was under consideration.
While this might sound like a significant change, less than 1 in 10 first time homebuyers in Canada purchase a home valued at more than $500,000 and a substantial amount of those buyers put more than 5% down.
So who does it affect? It’s targeted at buyers in larger Canadian cities like Toronto and Vancouver. Our government appears to be trying to slow down the real estate market in larger cities and manage their risk regarding CMHC insured mortgages. The Canadian Real Estate Association (CREA) confirmed that real estate prices across the country have risen 18% year over year but if Vancouver and Toronto were removed, the increase is at a more sustainable rate of 5.4%.
Lenders are gearing up for the spring market with competitive rates and real estate inventory is beginning to grow in Calgary.
This is a great time to make a change and move up in Calgary, after 26 years of selling real estate in Calgary what I do know is this market is not permanent and times will change.
Now is a great time to move up!
Life is exciting for the bold.
Call or email me today.
Brian Currey
Re/Max Realty Professionals
#10 6020 1a Street SW
T2H 0G3
Phone: 403-259-4141
Ifax: 403-592-6617
I’m a RE/MAX Miracle Agent!
Tuesday, December 15th, 2015
City of Calgary – Detached
Friday, December 4th, 2015
October Tech Report
Friday, December 4th, 2015
Surrounding Area Quarterly Report
Friday, October 30th, 2015
Top 100 in Western Canada
Friday, August 21st, 2015
