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Calgary Real Estate Market Snapshot Feb 1, 2023

Thursday, February 2nd, 2023

What is really happening in the Calgary Real Estate Market?

 

Following is a graph that shows the months of inventory for each housing sector. Looking at a one-year trendline gives you an indication of where things are really heading.

Months of Inventory Calgary Real Estate

 

Gord’s commentary for the month (just my opinion).

December 2022 Highlights

The Calgary Market is exploding again, as an agent I feel like I am reliving 2022!

  • Our inventory edged up slightly.
  • Demand for homes under the $600,000 price range has exploded, as long as listings are priced reasonably I am seeing between 5-15 offers on most listings, and of course they are selling well above list price.
  • Sales increased marginally over December.
  • Months of Inventory increased slightly.

 

Calgary Listing Inventory

Listing inventory increase an overall of 10.7% this month.  Keep in mind that December is typically the lowest inventory months and the next several months you will see increases. The economist for the Calgary Real Estate Board indicated that the level of new listings in January fell to the lowest level seen since the late 90s.

 

Calgary Sales:

Total Sale in January were 5 less than in December or down .42% It is critical to understand this is in no way a lack of demand, but a lack of supply (inventory).

 

Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for December were down 40.1% when compared to last December of 2022. Although this looks like a substantial number, we also need to consider that last December is when things in the Calgary Real Estate Market started getting heated so not meeting last years sales does not concern me at all. As noted above if we had more inventory sales would have been higher – it is supply not demand causing lower sales.

 

  Jan Feb Mar Apr May June July
2022 2004 3305 4107 3401 3071 2842 2254
2023 1199            
Change -805            
% Change -40.1%            

   

Calgary Real Estate Benchmark Sales Prices:

The overall benchmark price increased by $2,100 for January.  Increases were in all sectors except for Semi-Detached homes which saw a decrease of $3,800.

 

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

Same as above.

 

Current Months of Inventory (Absorption Rate): 

The months of inventory increased a total of .21.  This increase was in all sectors except Semi-Detached homes which decreased by .59   Even with the slight increase every sector is currently in a seller’s market position.

 

Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

 

All numbers vary by community and price ranges, if you would like stat specifically for your neighborhood, please contact us.

 

Calgary Real Estate Stats for 2023 – Information from the Calgary Real Estate Board

Calgary Real Estate Stats

Calgary Real Estate Stats

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Prohibition on the Purchase of Residential Property by Non-Canadians Act

Saturday, January 7th, 2023

On January 1, 2023 the Canadian government’s Prohibition on the Purchase of Residential Property by Non-Canadians went into effect and will last 2 years.

Ultimately the government is trying to make housing more affordable for Canadians.  Following are some key points I am seeing in the act.

The act applies to all non Canadians  corporations controlled by a Non Canadian.

Residential Property is defined as a detached home, attached home, Condominium, Row Home (Townhouse style).

Exception: The act includes many exceptions and also carries penalties for anyone caught either not following the act or assisting someone with their purchase who is not allowed to buy.

If there is any remote chance that this act may affect you, my advice would be to talk to a lawyer before you do anything else.

Here is a link to the Federal Governments Website 

 

 

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Calgary Real Estate Market Snapshot for Jan 1, 2023

Tuesday, January 3rd, 2023

What is really happening in the Calgary Real Estate Market?

 Following is a graph that shows the months of inventory for each housing sector. Looking at a one-year trendline gives you an indication of where things are really heading.

Calgary Real Estate Market Trend

Graph shows the months of inventory for all sectors in the Calgary Real Estate Market. Also show for each sector it that sector is in a Buyers, Sellers or Balanced Market position.

Gord’s commentary for the month (just my opinion).

December 2022 Highlights

The Calgary Market continues to stay strong!

  • Our Inventory continues to decline, and we are well below normal levels of listings
  • Sales declined but not as much as Inventory
  • Months of Inventory declined again

 

2022 Summary at a Glance

The first half of the year sales were sky high and tapered off in the last half of the year.

  • Sales reached a record high in 2022 with 29,672 sales
  • As of January 1, there were 2214 listings on the market – the lowest level of Inventory for December in over a decade.
  • Calgary continues to report activity that is better than levels seen before the pandemic and higher than long term trends.
  • Benchmark Prices eased to $518,000 in December down 5% from the peak in May but are still almost 8% higher than December last year.

 

Calgary Listing Inventory

Listing Inventory declined again this month. In all sectors combined we are down 28.79% in listings from December 1st. While declining numbers of listings are normal for this time of year this is a steeper decline than what I would like to see. Although this is good for sellers, I think this could be another tough year for buyers.

 

Calgary Sales:

All sectors saw a decrease of sales in December, overall sectors the decline was 26.94% putting the decline of sales less than the decline of inventory (listings).

 

Sales Compared to 2021: 

It is also important to look at sales compared to the Previous year. Sales for December were down 30.61% when compared to last December of 2021. Although this looks like a substantial number, we also need to consider that last December is when things in the Calgary Real Estate Market started getting heated so not meeting last years sales does not concern me at all. Overall sales in December were still above the long-term average.

 

  Jan Feb Mar Apr May June July
2021 1207 1831 2903 3204 2981 2914 2314
2022 2009 3305 4107 3401 3071 2842 2254
Change + 802 1474 +1204 +197 90 -72 -60
% Change + 66.4% +180.5% +141.5% +1.06 +1.03% 2.5% 2.7%

 

 

  Aug Sept Oct Nov Dec
2021 2146 2157 2184 2108 1735
2022 2136 1901 1857 1648 1204
Change -10 -256 -327 -460 -531
% Change -.5% -11.9% -17.6% -21.8% 30.61%

  

Calgary Real Estate Benchmark Sales Prices:

The benchmark price for all sectors combined declined by $1,400 in December. All sectors saw a decline except the Semi-Detached Sector that increased by $200.

 

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

Year to date the Calgary Benchmark Price increased by 7.81% in 2022. All the increases were between 7.8% to 9.8% except the Attached Row Sector which increased by 14.36%. See stats below for sector breakdowns.

 

Current Months of Inventory (Absorption Rate): 

The Detached and Attached Row houses both saw a small decline in the months of inventory.

The apartment condo market saw a slight increase of .11 while the Semi-Detached market saw a significant increase of .58 months of Inventory.

 

What might the first quarter of 2023 bring: (again just my opinion)

Based on what I am seeing, I believe that for the first half of the year we will continue to see a low inventory of listings. This is going to push sales numbers down as buyers are just not finding what they are looking for so are waiting. Depending what the Federal bank does with interest rates, but I speculate that we will see another 1 or 2 increases in the interest rate which will put more downward pressure on demand.

 

Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

All numbers vary by community and price ranges, if you would like stat specifically for your neighborhood, please contact us.

Stats from the Calgary Real Estate Board

Shows the number of listings, sales, Benchmark Price and Months of Inventory for all sectors of the Calgary Real Estate Market for the last 2 months along with the change. Numbers are taken from the Calgary Real Estate Board Realtors Stats package.

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Calgary Real Estate Market Snapshot, December 1, 2022

Thursday, December 1st, 2022

What is really happening in the Calgary Real Estate Market?

 Following is a graph that shows the months of inventory for each housing sector. Looking at a one-year trendline gives you an indication of where things are really heading.

Months of Inventory

Chart shows the months of Inventory for all sectors of the Calgary Real Estate Market for the last year. 

 

Gord’s commentary for the month (just my opinion).

November 2022 Highlights

The Calgary Market continues to stay strong!

  • Inventory continues to decline
  • Sales declined but not as much as Inventory
  • Months of Inventory declined again

 

Calgary Listing Inventory

Listing Inventory in all sectors declined this month by 20.02% overall. The largest % decline was in the Apartment condo sector followed by the detached home sector. It is very normal to see our Inventory decline at this time of year as many people do not want to sell their homes over the holiday season.

 

 Calgary Sales:

All sectors saw a decrease of sales in November except the Apartment Condo sector which saw a slight increase of 2.52% over October. Again, a decline in sales is normal at this time of year with Christmas coming (yes, already).

 

 Sales Compared to 2021: 

It is also important to look at sales compared to the Previous year. Sales for November were down 21.8% when compared to last November. Although this looks like an exceptionally substantial number, we also need to consider that Last November is when things in the Calgary Real Estate Market started getting heated so not meeting last years sales does not concern me at all. Sales in November were still 12% above the long-term average.

 

  Jan Feb Mar Apr May June July
2021 1207 1831 2903 3204 2981 2914 2314
2022 2009 3305 4107 3401 3071 2842 2254
Change + 802 1474 +1204 +197 90 -72 -60
% Change + 66.4% +180.5% +141.5% +1.06 +1.03% 2.5% 2.7%

 

 

  Aug Sept Oct Nov Dec
2021 2146 2157 2184 2108  
2022 2136 1901 1857 1648  
Change -10 -256 -327 -460  
% Change -.5% -11.9% -17.6% -21.8%  

 

 Calgary Real Estate Benchmark Sales Prices:

The benchmark price for all Detached homes, Attached Row homes and Apartment Condos declined by $4,200, $2,300, and $800, respectively. The benchmark price for Semi-Detached homes increased by $5,100 I believe the reason for this is some buyers are no longer able to buy detached homes with the price and interest rate increases pushing them towards the Semi-Detached sector.

 

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

Year to date the Calgary market has increased by 8.1%. See stats below for sector breakdowns.

 

Current Months of Inventory (Absorption Rate): 

The months of inventory for all sectors decreased again this month in all sectors except Attached Row Homes which increased by .63 The total month of inventory is at 1.89 putting us clearly in a seller’s market position again. If the month of Inventory continues to decrease, then we could end up with another wild and crazy Jan – Feb – March.

 

What might the last quarter of 2022 bring: (again just my opinion)

Based on what I am seeing with the Inventory, my prediction is that we are going to be in a tight market for the next few months. I personally have several buyers who are just waiting for something to come on the market that fits their criteria. I see this trend continuing and therefore prices are likely to increase again in the first quarter of next year.

 

Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

Calgary Real Estate Board Stats

Key Stats from the Calgary Real Estate Boards Stats Package.

All numbers vary by community and price ranges,  If you would like stat specifically for your neighborhood please contact us.

 

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Calgary Real Estate Market Snapshot Nov 1, 2022

Wednesday, November 2nd, 2022

What is really happening in the Calgary Real Estate Market?

 

Following is a graph that shows the months of inventory for each housing sector. Looking at a one-year trendline gives you an indication of where things are really heading.

Months of Inventory

Chart shows the months of Inventory for all sectors of the Calgary Real Estate Market for the last year.

 

Gord’s commentary for the month (just my opinion).

October 2022 Highlights

The Calgary Market continues to stay strong!

  • Inventory Declined substantially
  • Sales declined
  • Benchmark price declined slightly
  • Months of Inventory decreased a little.
  • Overall, still a great market, especially for sellers.

 

Calgary Listing Inventory

Listing Inventory in all sectors declined this month by 12.7% overall. The largest decline was in the detached sector (-272) followed by the Apartment Condo Sector (-133) and Attached- Row-Homes  (-117). It is very normal for sales to decline in Oct and will likely continue to do so until the new year.

 

Calgary Sales:

All sectors saw a decrease of sales in September. The total decrease in sales was only 2.31% and was spread equally between sectors. My sense is most of the decrease is due to seasonal trends and a shortage of inventory on the market.

  

Sales Compared to 2021: 

It is also important to look at sales compared to the Previous year. Sales for October were down 17.6% when compared to last October. Sales compared to long term trends are still on the high side.

 

  Jan Feb Mar Apr May June July
2021 1207 1831 2903 3204 2981 2914 2314
2022 2009 3305 4107 3401 3071 2842 2254
Change + 802 1474 +1204 +197 90 -72 -60
% Change + 66.4% +180.5% +141.5% +1.06 +1.03% 2.5% 2.7%

 

 

  Aug Sept Oct Nov Dec
2021 2146 2157 2184    
2022 2136 1901 1857    
Change -10 -256 -327    
% Change -.5% -11.9% -17.6%    

  

Calgary Real Estate Benchmark Sales Prices:

The benchmark price for all sectors combined decreased by $3,500 for the month. Detached and Semi-Detached homes lost $4,100 and $3,700, respectively. Attached Row Homes decreased by $1,100, and Apartment condos decreased by $100

 

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

Year to date the Calgary market has increased by 8.87%. See stats below for sector breakdowns.

 

Current Months of Inventory (Absorption Rate): 

The months of inventory took a turn this month and, in all Sectors, decreased marginally. When a market goes up like it has in Calgary it then typically goes down and then will go up and down until it settles, I believe we have now had the down cycle and we are going up to find the new normal.

 

What might the last quarter of 2022 bring: (again just my opinion)

Based on what I am seeing with the Inventory, my prediction is that we are going to be in a tight market for the next few months. I personally have several buyers who are just waiting for something to come on the market that fits their criteria. I see this trend continuing and therefore prices are likely to increase again.

Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

Calgary Real Estate Board Stats

Key Stats from the Calgary Real Estate Boards Stats Package.

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Calgary Real Estate Market Snapshot – October 1, 2022

Monday, October 3rd, 2022

What is really happening in the Calgary Real Estate Market?

 

Following is a graph that shows the months of inventory for each housing sector. Looking at a one-year trendline gives you an indication of where things are really heading.

Months of Inventory Trendline

Months of Inventory Trendline

Gord’s commentary for the month (just my opinion).

August 2022 Highlights

I find it extremely interesting that while the numbers say we are clearly in a Sellers Market, on the street buyers are acting like we are in a Buyers market.

  • Inventory and sales declined a little
  • Benchmark price declined slightly
  • Months of Inventory increased but by very little.

Calgary Listing Inventory

Listing Inventory in all sectors declined this month by 6.8% overall. The largest decline was in the detached sector (-171) followed by the Apartment Condo Sector (-123). The other sectors were almost flat. It is very normal for sales to decline in Oct and will continue to do so until the new year.

 

 Calgary Sales:

All sectors saw a decrease of sales in September. The total decrease in sales was 11% and was spread equally between sectors. When I read the full Calgary Real Estate Boards Statistics package, they are saying that activity is still far stronger than levels achieved prior to the pandemic and is well above long term trends for September. My sense is most of the decrease is due to seasonal trends and the rising interest rates may have started to have a slight impact.

 

 Sales Compared to 2021: 

It is also important to look at sales compared to the Previous year. Sales for September were down 11.9% when compared to last September. This is the first time in months that we have seen a decrease from last years sales. When I read the full Calgary Real Estate Boards Statistics package they are saying that activity is still far stronger than levels achieved prior to the pandemic and is well above long term trends for September.

 

  Jan Feb Mar Apr May June July
2021 1207 1831 2903 3204 2981 2914 2314
2022 2009 3305 4107 3401 3071 2842 2254
Change + 802 1474 +1204 +197 90 -72 -60
% Change + 66.4% +180.5% +141.5% +1.06 +1.03% 2.5% 2.7%

  

  Aug Sept Oct Nov Dec
2021 2146 2157      
2022 2136 1901      
Change -10 -256      
% Change -.5% 11.9%      

 

 Calgary Real Estate Benchmark Sales Prices:

The benchmark price for all sectors combined decreased by $4,400 for the month. Detached and Semi-Detached homes lost $5,000 and $6,900 respectively. Attached row homes increased by $800 while apartment condos increased by $200 in September.

 Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

Year to date the Calgary market has increased by 9.6%.

Current Months of Inventory (Absorption Rate): 

The month of inventory is still trending upwards but by much smaller numbers than we have seen in past months. Detached, Semi-Detached and Row homes are still sitting in a Sellers market position while Apartment condos are in a balanced market position.

 

What might the last quarter of 2022 bring: (again just my opinion)

Based on what I am seeing we are still trending towards a more balanced market however the move is getting slower. I believe after the surge we had in the early part of the year the market is just trying to figure out our new normal and since the amount the market is changing is decreasing, we might be at our new normal.

 

 

Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

Calgary Real Estate Stats

Key Stats from the Calgary Real Estate Boards Stats Package.

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Just Listed this Townhouse in Varsity – Judicial Sale

Thursday, September 15th, 2022

Just listed this great Townhouse in an excellent location in Varsity.

It is a Judicial Listing

MLS # A1257516

Web Link: https://www.tswrealestategroup.com/for-sale/143-3437-42-street-nw–78097809

 

 

JUDICIAL SALE:  Welcome to the Landmark Estates, located in Varsity, one of Calgary’s most desired communities. Beautiful, well maintained, fully finished, three-bedroom townhouse -bright and open. Main floor is great for entertaining in your spacious living/dining room with beautiful hardwood and a wood burning fireplace. Easy access to your private deck for those beautiful summer evenings. Kitchen features Corian countertops, stainless appliances, pantry, and a dining nook. Complete the main floor with a guest bath. Upstairs you will find the primary bedroom that is extremely spacious and offers a four-piece ensuite and a walk-in closet upgraded with built in shelving. Complete the upstairs with two additional bedrooms and the renovated main bath with a European style shower door. Lower level offers a fully finished recreation room that can be an exercise room, office, storage, games, or crafts room. Complete this level with your laundry room and furnace room, with a newer furnace. The location of Landmark Estates is excellent. Minutes to Market Mall for all your shopping needs. Located close to university district, University, Foothills Medical Centre, Children’s hospital, and Schools. Easy commute to downtown and a quick escape to the mountains

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Prevent Water Damage in your home!

Friday, September 2nd, 2022

In Real Estate, every day we run into Poly B Plumbing which was used in all homes built in Calgary between the early 1970’s and late 1990’s.  Poly B plumbing is proven to be prone to leaks.  It is interesting that some homes with Poly B plumbing leak and other homes with the same Poly B plumbing do not leak.  If you research Poly B plumbing you will find a huge number of opinion on why it is prone to leaking and what to do.

How do I know if I have Poly B in my Home

Poly B plumbing is easily identifiable. Go to either your furnace room or simply look under any one of your sinks.  Poly B plumbing is  grey in color. If any of your plumbing is grey you likely have Poly B plumbing.

What to do if I have Poly B?

Some people just decide to take the chance that theirs will not leak.  Others remove all the Poly B plumbing in their home and replace with the new standard of plumbing.  The cost to replace depends on the size and style of your home along with if the basement is developed or not.  Estimated I have heard go from $4000.00 to $15,000 and this is just the plumbing and does not include any holes you will need to repair in your drywall.

Another Solution

It is my understanding that leak prevention systems are now widely available.  The system connects close to the source (main water) and will detect if there is a leak. When a leak is detected it will shut off the water to your home preventing major water damage.  Your local plumber will be happy to install and they are relatively inexpensive.  If you have Poly B plumbing in your home I recommend you call your local plumber today and have one installed.

 

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Calgary Real Estate Market Snapshot – Sept 1, 2022

Thursday, September 1st, 2022

What is really happening in the Calgary Real Estate Market?

Months of Inventory Trendline

Months of Inventory Trendline

Following is a graph that shows the months of inventory for each housing sector. Looking at a one-year trendline gives you an indication of where things are really heading.

Gord’s commentary for the month (my opinion).

August 2022 Highlights

  • Inventory continues to decline
  • Sales below last month but almost equal to August 2021
  • Prices in all sectors dropped
  • Prices year over year are still way up

 

Calgary Listing Inventory

Listing Inventory in all sectors declined this month by 8% to 16%

It is typical to see our inventory decline and it will continue to decline until the new year.

 

Calgary Sales:

All sectors saw a decrease in sales in August compared to July except apartment Condos and they increased by eleven sales. The decline overall was exceedingly small with total sales in August being only 118 sales less than July.  This works out to only a 5.24% decrease compared to the 8% to 16% decline in our Inventory. Another trend I am seeing in the sales category is there is slightly less activity in the detached sector and more activity in other sectors and it is because of the Mortgage rates and higher prices some people can no longer afford detached homes, so they are looking at other options.

  

Sales Compared to 2021: 

It is also important to look at sales compared to the Previous year. August sales were only ten sales less than August 2021. This confirms for me that the decline in sales we are seeing is seasonal.

The Calgary Real Estate Board is also indicating that our August Sales were well above the long-term average.

 

  Jan Feb Mar Apr May June July
2021 1207 1831 2903 3204 2981 2914 2314
2022 2009 3305 4107 3401 3071 2842 2254
Change + 802 1474 +1204 +197 90 -72 -60
% Change + 66.4% +180.5% +141.5% +1.06 +1.03% 2.5% 2.7%

  

  Aug Sept Oct Nov Dec
2021 2146        
2022 2136        
Change -10        
% Change -.5%        

  

Calgary Real Estate Benchmark Sales Prices:

The benchmark price for all sectors combined decreased by $8,200 for the month.

I attribute this to when we go back a few months, and everything was selling in competing offers some consumers bid extremely high to make sure they got the home.  With competing offers happening less frequently buyers are becoming more cautious in what they are paying. In summary we were artificially high, and the market is just settling out to where it should be.

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

Year to date all sectors have seen substantial increases with the highest increases being in the detached sector. See chart below for details. Even though prices dropped a little last month the overall Benchmark price for all sectors is still 10.52% higher than in January of this year.

Current Months of Inventory (Absorption Rate): 

The months of inventory declined in all sectors during August. Simply put our Inventory decreased by 10.5% and our sales only decreased by 5.24%. What I find interesting is if you look at my graph above months of inventory increased for about three months and now it declined again.  This is just the market trying to figure out where it should be in our new normal.

 

What might the last half of 2022 bring: (again just my opinion)

Although we had one month of our Months of inventory decreasing, we are on our way towards a more balanced market. As noted above apartment condos have already entered balanced territory. This depends on if the Bank of Canada does another interest rate hike which I believe is likely.

 

Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

Calgary Real Estate

Key Stats from the Calgary Real Estate Boards Stats Package.

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Legal and Illegal Basement Suites in Calgary

Friday, August 19th, 2022
As a Realtor, I often get questions about Legal and Illegal Basement Suites in Calgary.
I have been through the process of converting an Illegal Suite to a Legal suite and want to share my understanding of what is happening with Basement Suites in Calgary.
In Calgary, I would estimate that 90% of suites are illegal.  The City of Calgary previously had a strategy that they would not ever shut down an illegal suite unless there was a complaint.  Complaints typically came from a neighbour and were most often about parking or noise.
A couple of years back the City changed their position and started to encourage people with illegal suites to convert them to legal suites.  They said at that time they would make it easy for people to convert to legal if the existing suite was built before March 12, 2018.  To convert you would  need to:
a) Re-designate that Land use if not already allowed
b) Require the suite to meet all current fire code.
What they will not look at is meeting building code which is what makes it very expensive to meet.
At that time they gave people a couple of years grace and then the plan was to shut down the rental of all illegal suites. In December 2021 the City identified a large majority of suites had not made the conversion.  In December 2021 City Council extended the amnesty program until December 2023 so suites need to be converted prior to this.
The additional risk to buying an illegal suite is during conversion the City will post a notice to change Land Use and there is a  possibility that neighbours  complain about it and if the City does not approve the land use change then you have a home without a suite.  I have never heard of this happening but it is a possibility.

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