The Fall 2012 edition of CMHC”s Housing Market Outlook – Calgary is now available and can be accessed by clicking on the link below.
http://www.cmhc-schl.gc.ca/odpub/esub/64339/64339_2012_B02.pdf
This report show some great info on the Calgary Housing Market. If you have any questions about Calgary Real Estate feel free to contact me.
Our Market Snapshot gives you information on a few key areas in Calgary Real Estate, in minutes you will have a clear picture of what is really happening in the Calgary Real Estate Market. We have condensed 20 pages of the Realtor’s report from the Calgary Real Estate Board into this simply easy to read format.
Calgary Listing Inventory: Inventory levels for all categories decreased slightly in October. Seeing our inventory decrease is very normal at this time of year as many people like to wait until after Christmas and into spring to list their homes. In my opinion this is not always the best strategy but it seems to happen every year.
| Inventory |
Sept 2012 |
Oct 2012 |
Change |
| Single Family Home |
3486 |
3114 |
-372 |
| Condo Townhouse |
548 |
506 |
-42 |
| Condo Apartment |
1064 |
985 |
-79 |
| Total |
5098 |
4605 |
-493 |
Calgary Home Sales:
Sales increased slightly in all categories except apartment condos this month. This, I find a little surprising as the normal trend for this time of year is to see sales decrease slightly. What I am seeing (especially in Single Family homes) is that it’s hard to find good homes for clients due to low inventory levels.
| Sales |
Sept 2012 |
Oct 2012 |
Change |
% Change |
| Single Family Home |
1132 |
1174 |
+42 |
+3.7% |
| Condo Townhouse |
209 |
219 |
+10 |
+4.8% |
| Condo Apartment |
276 |
272 |
-4 |
-1.5% |
| Total |
1617 |
1665 |
+48 |
+3.0% |
Calgary Real Estate Sales Prices: Please note that we are now using the Benchmark price for this comparison.
As the chart below demonstrates the benchmark price for all categories stayed flat this month. In my opinion this is a very healthy market with good activity level and prices showing modest increases.
| Sales Prices | Sept 2012 Benchmark Price |
Oct 2012 Benchmark Price |
Change |
| Single Family Homes |
432,900 |
433,300 |
+$400. |
| Condo Townhouse |
277,700 |
279,000 |
+$1300. |
| Condo Apartment |
249,300 |
247,000 |
-$2300. |
Absorption Rate (Months of Inventory)
The absorption rate is the inventory divided by the number of sales in the last month. What does this mean you might ask?
A rate of below 3.0 indicates a Seller’s Market
A rate of between 3.0 to 4.0 indicates a Balanced Market
A rate of above 4.0 indicates a Buyer’s Market.
| Absorption Rate |
Sept 2012 |
Oct 2012 |
Change |
| Single Family Homes |
3.08 |
2.65 |
-.43 |
| Condo Townhouse |
2.62 |
2.31 |
-.31 |
| Condo Apartment |
3.85 |
3.62 |
-.23 |
| Total Calgary |
3.15 |
2.76 |
-.39 |
Calgary has made the shift from a balanced market to a definite sellers market with the exception of apartment condos and they are still in a balanced market.
Please note that these numbers do change on a community basis and more so for towns. If you would like to find stats on your community just let me know.
If you have any questions about this summary, the attached stats package or any Real Estate questions please feel free to contact us anytime.
If you know anyone else who might enjoy seeing our monthly summary please feel free to pass it on.
Gord, Eric & Brent