Despite all the doom and gloom in the media the Calgary Real Estate Market has not crashed and in certain sectors is actually fairing quite well considering the circumstances.
Stay ahead of the curve by following our Monthly Market Snapshot of the Calgary Real Estate Market. This shows what’s really happening! The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and the effect on the price of Calgary Real Estate. A simple way to keep up to date and ahead of most!
Below are the details along with a few comments, all numbers were taken from the Calgary Real Estate Boards Stats package for Realtors.
Calgary Listing Inventory
In October our inventory declined for detached homes and increased in the attached homes and apartments sectors.
| Inventory | Sept 2015 | Oct 2015 | Change |
| Detached | 3012 | 2922 | -90 |
| Attached | 1232 | 1290 | +58 |
| Apartment | 1282 | 1366 | +84 |
| Total City of Calgary | 5526 | 5578 | +52 |
Calgary Sales:
Sales for attached homes increased slightly this month while detached homes and apartment sales decreased. The largest decrease is in the apartment sector. Looking at the total sales we are down by only 27 sales from last month. We are down substantially from 2014 (2014 was a huge year) and are down from the long term average.
In my opinion seasonal adjustments are a small part of this and it is a bigger reflection of a weakened economy and uncertainty.
| Sales | Sept 2015 | Oct 2015 | Change | % Change |
| Detached | 906 | 872 | -34 | -3.75% |
| Attached | 283 | 312 | +29 | +3.2% |
| Apartment | 259 | 237 | -22 | -8.5% |
| Total City of Calgary | 1448 | 1421 | -27 | -1.9 |
Calgary Real Estate Sales Prices:
Prices for all categories decreased this month. The overall price decrease from September was .66%. Looking at today’s absorption rate I predict that detached and attached homes will continue with small decreases while the apartment sector will show higher decreases. Why you might ask am I predicting a decrease for detached homes while we are still in a balanced market – my answer is simply the consumer confidence level out there.
| Sales Prices | Sept 2015
Benchmark Price |
Oct 2015
Benchmark Price |
Change |
| Detached | 517,200 | 513,800 | -3,400 |
| Attached | 357,000 | 354,100 | -2,900 |
| Apartment | 290,600 | 288,300 | -2,300 |
| Total City of Calgary | 456,100 | 453,100 | -3,000 |
Sales Prices “Year to Date”
Year to date prices – The numbers here speak for themselves. As you can see the largest decrease is in the apartment sector. Overall I am surprised at how well Real Estate has held up so far with all the uncertainty.
| Sales Prices | Dec 31, 2014 Benchmark Price | Oct 2015
Benchmark Price |
Change
$ |
% Change |
| Detached | 510,900 | 513,800 | +2,900 | +.57% |
| Attached | 357,000 | 354,100 | -3,000 | -.84% |
| Apartment | 300,300 | 288,300 | -12,000 | -4.0% |
| Total City of Calgary | 459,000 | 453,100 | -5,900 | -1.28% |
Absorption Rate (Months of Inventory) (the inventory divided by the number of sales in the last month). What does this mean you might ask?
| Buyer’s Market | >4.0 | Drives prices down |
| Balanced Market | Between 2.8 to 4.0 | Prices typically remain stable |
| Seller’s Market | <2.8 | Drives prices up |
*** Absorption Rate:
In October all categories increased with apartment condos taking the biggest jump. This will have an impact on prices in the coming months.
| Absorption Rate | Sept 2015 | Oct 2015 | Change |
| Detached | 3.32 | 3.35 | +.03 |
| Attached | 4.35 | 4.13 | -.22 |
| Apartment | 4.95 | 5.76 | +.81 |
| Total City of Calgary | 3.82 | 3.93 | +.11 |