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City of Calgary, April 1, 2024 –March sales rose to 2,664 units, a 10 per cent year-over-year gain and much higher than long-term trends. While new listings did pick up over last month, the 3,172 units were still below what we typically see in March and not enough relative to sales to drive any change in the supply situation. In March, the sales-to-new listings ratio rose to 84 per cent, and the months of supply fell below one month.
“We have not seen March conditions this tight since 2006, which is also the last time we reported high levels of interprovincial migration and a months-of-supply below one month,” said Ann-Marie Lurie, Chief Economist at CREB®. “Moreover, we are entering the third consecutive year of a market favouring the seller as the two-year spike in migration has driven up demand and contributed to the drop in re-sale and rental supply. Given supply adjustments take time, it is not a surprise that we continue to see upward pressure on home prices.”
Inventory levels have declined across properties priced below $1,000,000, with the steepest declines occurring for homes priced below $500,000. In March, there were 2,532 units in inventory, 22 per cent lower than last year and half the levels we traditionally see in March.
In March, the unadjusted total residential benchmark price rose to $597,600, a two per cent gain over last month and nearly 11 per cent higher than last year. Prices have increased across all property types, with the most significant year-over-year gains occurring for the relatively more affordable row and apartment-style homes.
January sees strong sales fueled by boost in new listings
City of Calgary, February 1, 2023 – January sales rose to 1,650 units, a significant gain over last year’s levels and long-term trends. The growth was possible thanks to a rise in new listings totalling 2,137 units in January. New listings rose for homes priced above $300,000, but the largest gains occurred for homes priced above $700,000.
The rise in new listings relative to sales did little to change the low inventory situation in the city. With 2,150 units in inventory, levels are near the January record lows set in 2006 and are nearly 49 per cent below the long-term average for the month.
“Supply challenges have been a persistent problem since last year. This month’s gain in new listings has helped provide options to potential purchasers, supporting sales growth. However, the growth in sales prevented any significant adjustments in supply, keeping conditions tight and supporting further price growth,” stated Ann-Marie Lurie, Chief Economist at CREB®.
The months of supply in January was 1.3 months, falling over last month’s and last year’s levels. The persistent tightness in the market contributed to further upward pressure on home prices. The unadjusted benchmark price in January reached $572,300, a gain over last month and ten per cent higher than levels reported last January.
Strong migration and low supply drive Calgary housing prices in 2023
Sales in 2023 did ease relative to last year’s peak, but with 27,416 sales, levels were still far higher than long-term trends and activity reported before the pandemic. While sales stayed relatively strong, there was a notable shift in activity toward more affordable apartment condominiums style homes. “Higher lending rates dampened housing demand this year, but thanks to strong migration levels, housing demand remained relatively strong, especially for affordable options in our market,” said CREB® Chief Economist Ann-Marie Lurie. “At the same time, supply levels were low compared to the demand throughout the year, resulting in stronger than expected price growth.” Inventory levels were persistently below long-term trends for the city throughout most of the year, averaging a 44 per cent decline over the 10-year average. We also saw the months of supply remain well below two months throughout most of the year across homes priced below $1,000,000. The persistently tight conditions contributed to our city’s new record high price. While the average annual benchmark price growth did slow from 12 per cent in 2022 to nearly 6 per cent growth in 2023, the price growth was still relatively strong especially compared to some markets in the country. |
In the realm of real estate, the significance of impeccable photography and accurate measurements cannot be overstated. Your home’s first impression on potential buyers is through visuals, making good photography a crucial introduction. Striking images not only attract buyers but also serve as a powerful marketing tool. In Alberta, adhering to the Registered Measurement Standards (RMS) set by the Real Estate Council of Alberta (RECA) is mandatory. Correct measurements not only ensure accurate representations of home sizes but also fulfill agents’ legal obligations to RECA when representing sellers.
In essence, the synergy of great photography and proper measurements becomes the cornerstone of a successful home sale. This dynamic duo ensures that your property is showcased attractively, capturing the attention of the right potential buyers while fulfilling legal standards, thus optimizing your chances for a swift and successful transaction.
PRICES REMAIN STABLE COMPARED TO LAST YEAR
City of Calgary, April 2, 2018
As expected, slow sales this quarter have persisted through March in the City of Calgary. This is not a surprise, after stronger growth in sales at the end of last year following the announced changes to the lending market.
First quarter sales totaled 3,423 units, nearly 18 per cent below last year’s levels and 24 per cent below long-term averages. Easing sales and modest gains in new listings caused inventories to rise and months of supply to remain above four months.
“Economic conditions are slowly improving, but it has not been enough to outpace the current impact of higher lending rates and more stringent conditions,” said CREB® chief economist Ann-Marie Lurie.
“We are entering the most active quarters in the housing market with more inventory, which could create some price fluctuations. However, the improving economy is expected to prevent overall prices from slipping by significant amounts.”
While prices trended down on a quarterly basis, they remained relatively unchanged over last year’s levels due to modest gains in the detached sector offsetting declines in the apartment sector.
The citywide benchmark price for detached product averaged $502,000 in the first quarter. This is slightly lower than the fourth quarter of last year, but comparable to levels recorded in the first quarter of last year. In March, the detached price reached $503,800, 3.6 per cent below pre-recession highs, but one per cent above the lows recorded during the recession.
“The market today is better than what we experienced at the peak of the recession,” said CREB® president Tom Westcott.
“You can find good value if you’re looking to buy a home, and you can also get good value if you’re selling. Being well-informed, in any economic condition, is the key, because there are differences in the market depending on what type of property it is and where it is located.”
Detached market inventories in the first quarter of 2017 were low compared to historical standards. This year, detached inventories have averaged 2,573 units over the first quarter, 10 per cent below first quarter averages recorded during 2015 and 2016.
Spring will have more inventory than last year, slowing progress on price recovery. However, the amount of price adjustment will vary depending on competing supply by location and product type.
You’re in a rush. You have just three weeks to find and buy the right home. Whoa! How are you going to make that happen?
Don’t stress. Here are some tips that will help:
1. Get a pre-approved mortgage. With this document you’ll know exactly what you can afford. A seller will take your offer-to-purchase more seriously, too.
2. Make a wish list. Be clear about what you want in a home. Two bedrooms or three? A finished basement? A large kitchen? A spacious backyard? If you know what you want, you’ll be able to quickly zero in on the right homes.
3. Be flexible. You may have a wish list, but to find a home quickly you’ll also need to be flexible. Think about what you absolutely must have in a new home.
4. Neighborhood matters. Generally, buying a less than ideal home in a great neighborhood is better than purchasing the perfect home in a bad area. So, create a list of neighborhoods you’ll consider.
5. Work with a REALTOR®. I can help you view the best opportunities on the market and quickly select the right home for you.
Every year, house fires are caused by the use of outdated extension cords, or the improper use of extension cords certified for specific home applications. To avoid potential danger, be sure to adhere to the following guidelines:
1. Do not use old extension cords that have a thin cord and two prongs of equal size. They lack standard safety features such as a neutral “ground” that can prevent a short circuit.
2. Check the maximum amperage load of your extension cord to ensure it can handle the electrical demands of the appliance or device you intend to power.
3. Do not plug several items into a single extension cord.
4. Do not connect one extension ford into another.
5. Do not remove the third prong of a plug in order to fit the cord into a two-prong wall plug.
6. Whenever possible, use a power bar with surge protection to connect an item to your wall plug.
The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Calgary Real Estate Board. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license. |
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