What is really happening in the Calgary Real Estate Market? Everything you need to know at a glance.
What is really happening in the Calgary Real Estate Market?
The market is simply a result of Supply and Demand therefore we look at both Supply (inventory) and Demand (Sales) and the relationship between the two. We also update you on the current benchmark price for all housing sectors.
Following is a graph that shows the months of inventory for each Sector. Looking at a 2-year trendline gives you and indication of where things are really heading.
2 year Market Trend
Following is a summary of what I deem to be the most important numbers. Again, we look at Total Inventory, Sales for the past 30 days, Months of Inventory and of course the benchmark price. All numbers are taken from the Calgary Real Estate boards monthly stats package.
A quick look at key numbers in the Calgary Real Estate Market.
Gord’s commentary for the month (just my opinion).
Much to everyone’s surprise the Calgary Real Estate market has come back as quickly as it declined with Covid-19.
Calgary Listing Inventory
Our listing inventory increased in all sectors. The good news is that inventory increase less than sales. Keeping our inventory in check is important in keeping balance in the market.
Calgary Sales:
June’s sales increased by a whopping 61.76% over may sales. Again, this increase was in all sectors. All sectors increases were in the 60% range except Semi Detached where the increase was less at 47.24%
Sales Compared to 2019:
It is critical to note that in all my other numbers I look at month over month. This shows us the numbers this year compared too last year. In June, our sales ended at 1.6% less than last year. It is important to note that total sales in the first week of June were only at 301. By the last full week of June we 492 sales so if all weeks were as strong as the last week we would have blown out last years sales. Another interesting note is 492 is the highest number of sales in a week since June 2017.
One last mote on sales: CMHC ( the government’s mortgage insurance company) changed the qualifying rules and the change came into effect as of July 1, 2020 so some people may have jumped into the market before this change came in.
| |
Jan |
Feb |
Mar |
Apr |
May |
June |
July |
Aug |
Sept |
Oct |
Nov |
Dec |
| 2019 |
801 |
973 |
1327 |
1544 |
1915 |
1775 |
1642 |
1574 |
1365 |
1440 |
1146 |
858 |
| 2020 |
861 |
1195 |
1175 |
573 |
1080 |
1747 |
|
|
|
|
|
|
| Change |
+60 |
+222 |
-152 |
-971 |
-835 |
-28 |
|
|
|
|
|
|
| % change |
+7.49 |
+22.8 |
-11.4 |
-62.8 |
-45.5 |
-1.6 |
|
|
|
|
|
|
Calgary Real Estate Sales Prices: In my opinion fairly good considering Covid.
Detached homes increased by $500.
Semi-Detached decreased by $1,800
Attached Row increased by $100
Apartment Condos Decreased by $1,700
Total Market decreased by $300
Calgary Real Estate Sales Prices Year to Date
Sorry to report that all sectors have declined in year to date pricing. The lowest decline is in Semi-Detached at .62% The largest decrease was in Apartment Condos and they lost 3.18%
Current Months of Inventory (Absorption Rate):
At the end of June all sectors except apartment condo are less than 4.0 months of Inventory so all are in a balanced market. Apartment condos were a 6.79 which is a good improvement from 10.13 at the end of May.
It is also important to note that these numbers vary by community, and by price range. If you would like numbers for your community contact us.
