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Calgary Real Estate Market Snapshot

Sunday, September 3rd, 2017

What is Really Happening in the Calgary Real Estate Market?

Stay ahead of everyone else 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 most importantly the relationship between the two and how it affects the price of Calgary Real Estate. A simple way to keep up to date with how the market is trending and to stay ahead of most! All numbers are taken from the Calgary Real Estate Boards Stats package for Realtors. I have also included some general comments which are simply my opinion.

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 2.4 to 4.0	Prices typically remain stable
Seller’s Market	<2.4	Drives prices up

Current Absorption Rate

The Absorption rate for August showed a very slight increase for detached homes, and Apartment condos. Attached (Row) houses showed a larger increase of .64 while Semi-detached (Duplexes) showed a substantial decrease of .79.

	July 2017	Aug 2017	Change
Detached	3.21	3.32	0.11
Semi Detached	4.05	3.27	-0.79
Attached – Row	4.63	5.27	0.64
Apartment	7.07	7.13	0.06
Total City	4.08	4.13	0.06

Calgary Listing Inventory

In August we saw most categories stay almost the same. The one exception is Apartment Condos and they decreased by 41 listings. I believe the reason for this is listings expiring and not a sales increase.

Inventory	July 2017	Aug 2017	Change
Detached	3268	3280	12
Semi Detached	596	585	-11
Attached – Row	1001	991	-10
Apartment	1810	1769	-41
Total City	6675	6624	-51

Calgary Sales:

August sales remained very consistent to July’s numbers with all being within 35 either way.

Calgary Sales	July 2017	Aug 2017	Change	% Change
Detached	1018	987	-31	-3.05%
Semi Detached	147	179	32	21.77%
Attached – Row	216	188	-28	-12.96%
Apartment	256	248	-8	-3.13%
Total City	1637	1602	-35	-2.14%

Calgary Real Estate Sales Prices:

Interestingly enough all categories except Row houses (townhouses) took a small drop this month.

The largest decrease was in apartment condos and my opinion is that due to the high absorption rate this will continue for some time.

Sales Prices	July 2017 Benchmark Price	Aug 2017 Benchmark Price	Change
Detached	512,100	510,900	-1,200
Semi Detached	420,800	419,600	-1,200
Attached – Row	306,700	307,000	300
Apartment	266,200	263,300	-2,900
Total City	443,600	442,300	-1,300

Sales Prices “Year to Date”

Sales Prices	Jan 1, 2017 Benchmark Price	Aug 2017 Benchmark Price	Change $	% Change
Detached	498,700	510,900	12,200	2.45%
Semi Detached	406,800	419,600	12,800	3.15%
Attached – Row	302,600	307,000	4,400	1.45%
Apartment	265,000	263,300	-1,700	-0.64%
Total City	433,400	442,300	8,900	2.05%

**Please note that these numbers include only Calgary homes and change on a community basis and more so for towns. This report does not include rural properties. If you would like to find stats on your community just let me know. If you have any questions about this summary or Real Estate questions please feel free to contact us.

Tags:Calgary Condo Prices, Calgary Home Prices, Calgary Real Estate Market Trends, CREB Stats Simplified
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August 1, 2017 Market Snapshot

Wednesday, August 2nd, 2017

Absorption Rate Graph

What is really happening in the Calgary Real Estate Market?

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 2.4 to 4.0	Prices typically remain stable
Seller’s Market	<2.4	Drives prices up

Important Disclaimer: ***Error*** For those who regularly follow my Market Snapshot you may notice the numbers from last month do not jive with the numbers from this month. It appears to me that this is a correction reversing last month’s numbers from the Real Estate Board.

The chart below shows the change in Sales Price numbers for June and July, so you can see it’s a numbers correction and not what’s really happening. Hopefully this is the last error!

These numbers also reflect what I am seeing in the Market with infills rising and townhouses declining in price.

	June Prices	July Prices	Net Change 2 Months
Semi-Detached	+39,000	(11,300)	+27,700
Row – Townhouses	(14,300)	+12,700	(1,600)

_______________________________________________________________________________

August Market Snapshot Report

*** Absorption Rate

The Absorption rate for July saw all categories increase. This is somewhat normal for this time of year as the majority of summer vacations are taken between July 15^th to Aug 15^th. Our scorching weather may have played a factor in this as well.

	June 2017	July 2017	Change
Detached	2.33	3.21	0.88
Semi Detached	2.90	4.05	1.15
Attached – Row	3.63	4.63	1.01
Apartment	6.55	7.07	0.52
Total City	3.11	4.08	0.97

Calgary Listing Inventory

In July we saw an increase in all categories except apartment condos. I’m speculating the only reason we saw a decline in apartment condos is that many of the listings that are not selling are starting to expire.

Inventory	June 2017	July 2017	Change
Detached	3224	3268	44
Semi Detached	560	596	36
Attached – Row	1001	1001	0
Apartment	1874	1810	-64
Total City	6659	6675	16

Calgary Sales:

As you can see sales declined in all categories in July. Once again I believe this change to be mostly seasonal and also partially due to the hot weather. This is the first month in a while where we have seen such large decreases.

Calgary Sales	June 2017	July 2017	Change	% Change
Detached	1385	1018	-367	-26.50%
Semi Detached	193	147	-46	-23.83%
Attached – Row	276	216	-60	-21.74%
Apartment	286	256	-30	-10.49%
Total City	2140	1637	-503	-23.50%

Calgary Real Estate Sales Prices:

For July we saw small increases in price with the exception of the data errors mentioned above.

Moving forward I expect that detached and semi-detached will remain flat, townhouses may decrease a little more and apartment condos will continue to decrease.

Sales Prices	June 2017 Benchmark Price	July 2017 Benchmark Price	Change
Detached	509,400	512,100	2,700
Semi Detached	432,100	420,800	-11,300
Attached – Row	294,000	306,700	12,700
Apartment	265,800	266,200	400
Total City	441,500	443,600	2,100

Sales Prices “Year to Date”

Sales Prices	Jan 1, 2017 Benchmark Price	June 2017 Benchmark Price	Change $	% Change
Detached	498,700	512,100	13,400	2.69%
Semi Detached	406,800	420,800	14,000	3.44%
Attached – Row	302,600	306,700	4,100	1.35%
Apartment	265,000	266,200	1,200	0.45%
Total City	433,400	443,600	10,200	2.35%

**Please note that these numbers include only Calgary homes and do change on a community basis and more so for towns. This report does not include rural properties. If you would like to find stats on your community just let me know. If you have any questions about this summary or Real Estate questions please feel free to contact us.

TSW Real Estate Group

Gord Piper & Brent Wilcox

Tags:Calgary House Prices, Calgary Real Estate Market Snapshot Aug 2017, What is happening in calgary real estate market?
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July 1, 2017 Market Snapshot

Wednesday, July 5th, 2017

What is really happening in the Calgary Real Estate Market?

Absorption Rate for 2017

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 2.4 to 4.0	Prices typically remain stable
Seller’s Market	<2.4	Drives prices up

___________________________________________________________________________________________________________________________________

Important Disclaimer: For those who regularly follow my Market Snapshot you may notice the numbers from last month do not jive with the numbers from this month. It appears to me that the Real Estate Board made some changes to what fits into each category and then made the stats changes retroactive. This shows up as a large increase in Semi-Detached homes ($39,000) a large decrease in Row homes (14,300) and a decrease in Apartment condos of $5,400. In my report I am using their new, year to date numbers so you can still see the change from May to June. _____________________________________________________________________________________________________________________________________

*** Absorption Rate

The Absorption rate for June saw all categories increase very slightly. The highest increase is in the apartment condo market where it increased by .26 which happens to be where we need it the least.

	May 2017	June 2017	Change
Detached	2.13	2.33	0.19
Semi Detached	2.78	2.90	0.12
Attached – Row	3.49	3.63	0.14
Apartment	6.29	6.55	0.26
Total City	2.92	3.11	0.19

Calgary Listing Inventory

In June we saw a fairly large increase in our inventory level. Detached homes were the highest showing an increase of 283 listings.

Inventory	May 2017	June 2017	Change
Detached	2941	3224	283
Semi Detached	518	560	42
Attached – Row	949	1001	52
Apartment	1780	1874	94
Total City	6188	6659	471

Calgary Sales:

Can you say consistent? Sales in June were almost identical in numbers to May. As you can see sales remain strong in the detached sector and weak in the apartment condo sector.

Calgary Sales	May 2017	June 2017	Change	% Change
Detached	1378	1385	7	0.51%
Semi Detached	186	193	7	3.76%
Attached – Row	272	276	4	1.47%
Apartment	283	286	3	1.06%
Total City	2119	2140	21	0.99%

Calgary Real Estate Sales Prices:

For June all sectors showed price increased with the exception of Apartment Condos which showed a slight decrease. I believe that you will continue to see this trend for apartment condos for quite some time as there are several new buildings coming to completion stage and it’s just going to increase our inventory.

Sales Prices	May 2017Benchmark Price	June 2017 Benchmark Price	Change
Detached	506,700	509,400	2,700
Semi Detached	427,900	432,100	4,200
Attached – Row	292,400	294,000	1,600
Apartment	266,600	265,800	-800
Total City	439,300	441,500	2,200

Sales Prices “Year to Date”

Sales Prices	Jan 1, 2017 Benchmark Price	June 2017 Benchmark Price	Change $	% Change
Detached	498,700	509,400	10,700	2.15%
Semi Detached	406,800	432,100	25,300	6.22%
Attached – Row	302,600	294,000	-8,600	-2.84%
Apartment	265,000	265,800	800	0.30%
Total City	433,400	441,500	8,100	1.87%

Tags:Calgary Home Values, calgary real estate prices, CREB Statistics Simplified, How much is my home worth?
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June 1, 2017 Calgary Real Estate Market Snapshot

Monday, June 5th, 2017

What’s Happening in the Calgary Real Estate Market?

Absorption Rate Calgary

What is really happening in the Calgary Real Estate market?

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 2.4 to 4.0	Prices typically remain stable
Seller’s Market	<2.4	Drives prices up

*** Absorption Rate June 1, 2017

As you can see below the absorption rates for the different categories did not change substantially in May.

Seller’s Market – Detached and Semi-Detached Homes – No change
Balanced Market – Row or Townhouses
Buyer’s Market – Apartment Condo’s

	April 2017	May 2017	Change
Detached	2.09	2.13	0.04
Semi Detached	2.25	2.78	0.54
Attached – Row	3.92	3.49	-0.43
Apartment	5.74	6.29	0.55
Total City	2.87	2.92	0.05

Calgary Listing Inventory

June saw an increase in inventory levels in all categories. This is a very normal trend for May and we can expect more increases as we get into the summer months.

Inventory	April 2017	May 2017	Change
Detached	2522	2941	419
Semi Detached	463	518	55
Attached – Row	863	949	86
Apartment	1647	1780	133
Total City	5495	6188	693

Calgary Sales:

Both Single family and Attached Row houses saw a large increase in sales this month. Semi-Detached saw a sizable decrease and apartment condos saw a small decrease.

Calgary Sales	April 2017	May 2017	Change	% Change
Detached	1204	1378	174	14.45%
Semi Detached	206	186	-20	-9.71%
Attached – Row	220	272	52	23.64%
Apartment	287	283	-4	-1.39%
Total City	1917	2119	202	10.54%

Calgary Real Estate Sales Prices:

Wow, this is the first time in a few years that I can say that all categories saw price increases during the month of May. While this trend seems nice (for homeowners) I cannot see that this can continue. Detached homes should continue to increase but Apartment condos should not (and should be going down) with the high absorption rate.

Sales Prices	April 2017 Benchmark Price	May 2017 Benchmark Price	Change
Detached	504,100	509,000	4,900
Semi Detached	390,200	393,100	2,900
Attached – Row	305,900	308,300	2,400
Apartment	269,200	271,200	2,000
Total City	439,600	443,800	4,200

Sales Prices “Year to Date”

Sales Prices	Jan 1, 2017 Benchmark Price	May 2017 Benchmark Price	Change $	% Change
Detached	498,300	509,000	10,700	2.15%
Semi Detached	385,400	393,100	7,700	2.00%
Attached – Row	307,900	308,300	400	0.13%
Apartment	269,200	271,200	2,000	0.74%
Total City	435,400	443,800	8,400	1.93%

Clarification

Tags:2017, Calgary Condo Prices, Calgary Home Prices, Calgary Real Estate Market, CREB Stats June 1
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May 1, 2017 Calgary Real Estate Market Snapshot

Tuesday, May 2nd, 2017

What is really happening in the Calgary Real Estate market?

Calgary Real Estate Absorption Rate

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 2.4 to 4.0	Prices typically remain stable
Seller’s Market	<2.4	Drives prices up

The absorption rate for April remained fairly flat. Detached homes changes only by .13%. Semi detached rate decreased by .04% while attached homes and Townhouses both increased by .5% This leaves us in the following market positions:

Sellers Market – Detached and Semi-Detached Homes
Balanced Market – Row or Townhouses
Buyers Market – Apartment Condo’s

	March 2017	April 2017	Change
Detached	1.97	2.09	0.13
Semi Detached	2.29	2.25	-0.04
Attached – Row	3.38	3.92	0.54
Apartment	5.22	5.74	0.52
Total City	2.68	2.87	0.18

Calgary Listing Inventory

April saw a slight increase in our inventory level in all categories except Semi Detached which remained even. Increasing inventory is a normal pattern for April as we are approaching the spring market. Expect our inventory to continue to increase over the next few months.

Inventory	March 2017	April 2017	Change
Detached	2312	2522	210
Semi Detached	463	463	0
Attached – Row	764	863	99
Apartment	1575	1647	72
Total City	5114	5495	381

Calgary Sales:

All categories remained flat in sales. Overall we had 11 more sales in April then in March. This again is a fairly normal pattern and I expect this number to start to increase as buyers tend to come out once spring starts to arrive. We are starting to see lots of competing offers again in the detached market.

Calgary Sales	March 2017	April 2017	Change	% Change
Detached	1176	1204	28	2.38%
Semi Detached	202	206	4	1.98%
Attached – Row	226	220	-6	-2.65%
Apartment	302	287	-15	-4.97%
Total City	1906	1917	11	0.58%

Calgary Real Estate Sales Prices:

Prices this month increased marginally in all categories except for Apartment Condos which went down by $500. The increases in the Detached and Semi Detached homes were small and Row Houses actually increased by $1800. Based on the absorption rate I believe you will continue to see increases in all Detached and Semi Detached Homes, prices should remain flat for Attached-Row houses and a slight decline in apartment condos which are still very much in a buyer’s market position.

Sales Prices	March 2017 2016 Benchmark Price	April 2017 Benchmark Price	Change
Detached	503,900	504,100	200
Semi Detached	389,600	390,200	600
Attached – Row	304,100	305,900	1,800
Apartment	269,700	269,200	-500
Total City	439,400	439,600	200

Sales Prices “Year to Date”

Sales Prices	Jan 1, 2017 Benchmark Price	April 2017 Benchmark Price	Change $	% Change
Detached	498,300	504,100	5,800	1.16%
Semi Detached	385,400	390,200	4,800	1.25%
Attached – Row	307,900	305,900	-2,000	-0.65%
Apartment	269,200	269,200	0	0.00%
Total City	435,400	439,600	4,200	0.96%

Price Notes

Tags:Calgary Condo Prices, Calgary Home Prices, May Calgary Real Estate Market Snapshot, May Calgary Real Estate stats
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March 1, 2017 Calgary Real Estate snapshot

Wednesday, March 1st, 2017

The Calgary Real Estate Market in changing.

Detached homes are now in a Seller’s market position

Semi-Detached homes are now into a balanced market position

Row (Townhouses) and Apartment condos are in a buyers market position but have moved drastically into a better market (towards balanced)

Absorption rate for the Calgary Real Estate market for February 2017.

What is really happening in the Calgary Real Estate market?

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 2.4 to 4.0	Prices typically remain stable
Seller’s Market	<2.4	Drives prices up

*** Absorption Rate***

The absorption rate for all of Calgary decreased quite substantially this month. Not a lot of listings going on market but more importantly a large increase in sales is driving this. Detached homes have now gone into a Seller’s Market position, Attached-Row & Apartment condos are still in a buyer’s market and Semi-detached is in a balanced market.

	December 2016	January 2017	Change
Detached	3.17	2.41	-0.75
Semi Detached	4.61	3.44	-1.17
Attached – Row	4.73	4.41	-0.32
Apartment	8.40	5.88	-2.53
Total City	4.34	3.35	-0.99

Calgary Listing Inventory

February saw a slight increase in our inventory level in all categories. This is a normal pattern for February as were approaching the spring market. Normal trends would predict that over the next few months we will continue to see more listings so a further increase in inventory.

Inventory	December 2016	January 2017	Change
Detached	1849	1990	141
Semi Detached	383	437	54
Attached – Row	610	679	69
Apartment	1269	1387	118
Total City	4112	4493	381

Calgary Sales:

Wow. Every Category saw a large increase in sales in February. The smallest increase was in Attached-row houses (townhouses) and they still increased over Jan by 19.38% It is normal for us to see an increase in sales from Jan to Feb but this is a large increase which the Calgary Market has been waiting for, for some time.

Calgary Sales	December 2016	January 2017	Change	% Change
Detached	584	825	241	41.27%
Semi Detached	83	127	44	53.01%
Attached – Row	129	154	25	19.38%
Apartment	151	236	85	56.29%
Total City	947	1342	395	41.71%

Calgary Real Estate Sales Prices:

Prices are consistent with our Absorption rate with Detached and Semi Detached prices rising while Attached-Row houses and apartment condos decreased a little more as they are still in a buyer’s market position. My predictions for the next few months is more of the same trends.

Sales Prices	December 2016 Benchmark Price	January 2017 Benchmark Price	Change
Detached	500,400	501,900	1,500
Semi Detached	384,600	386,300	1,700
Attached – Row	307,100	305,900	-1,200
Apartment	269,900	269,200	-700
Total City	437,400	438,100	700

Sales Prices “Year to Date”

Sales Prices	Jan 1, 2017 Benchmark Price	January 2017 Benchmark Price	Change $	% Change
Detached	498,300	501,900	3,600	0.72%
Semi Detached	385,400	386,300	900	0.23%
Attached – Row	307,900	305,900	-2,000	-0.65%
Apartment	269,200	269,200	0	0.00%
Total City	435,400	438,100	2,700	0.62%

Price Sensitivity

Tags:Calgary House Prices, Calgary Housing Market, CREB Statistics Simplified
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Feb 1, 2017 Calgary Real Estate Market Snapshot

Wednesday, February 1st, 2017

What is really happening in the Calgary Real Estate market?

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 2.4 to 4.0	Prices typically remain stable
Seller’s Market	<2.4	Drives prices up

*** Absorption Rate***

The absorption rate for all of Calgary increased this month meaning listings outpaced sales. Detached Homes and Row Homes (Townhouses) increased marginally and we saw larger increases in Semi-Detached and apartment condos.

	December 2016	January 2017	Change
Detached	3.01	3.17	0.16
Semi Detached	3.83	4.61	0.78
Attached – Row	4.75	4.73	-0.02
Apartment	7.59	8.40	0.81
Total City	4.04	4.34	0.31

Calgary Listing Inventory

January saw an increase of listings over December and this is to be expected as very few people want to list during the holidays. Normal trends would predict that over the next few months we will continue to see more listings so a further increase in inventory.

Inventory	December 2016	January 2017	Change
Detached	1719	1849	130
Semi Detached	368	383	15
Attached – Row	570	610	40
Apartment	1108	1269	161
Total City	3765	4112	347

Calgary Sales:

January saw an increase in sales in all categories except Semi Detached which is down by 13 sales. This increase is fully expected as there are always more people buying in January than in December. What comes as a surprise to me is that the increase over December is only 14 more sales. Personally I thought the increase would be more substantial. The interesting and possibly good news here is that our sales were up 24% from January of 2016.

Calgary Sales	December 2016	January 2017	Change	% Change
Detached	571	584	13	2.28%
Semi Detached	96	83	-13	-13.54%
Attached – Row	120	129	9	7.50%
Apartment	146	151	5	3.42%
Total City	933	947	14	1.50%

Calgary Real Estate Sales Prices:

Prices did not change substantially this month. Detached homes made the largest gain. I find it surprising that Apartment Condos gained a little this month. With such a high absorption rate I would predict apartment condos will lose more in the upcoming months.

Sales Prices	December 2016 Benchmark Price	January 2017 Benchmark Price	Change
Detached	498,300	500,400	+2,100
Semi Detached	385,400	384,600	-800
Attached – Row	307,900	307,100	-800
Apartment	269,200	269,900	+700
Total City	435,400	437,400	2,000

Sales Prices “Year to Date” – Same as Above

**Please note that these numbers include on Calgary homes and do change on a community basis and more so for towns. This report does not include rural properties. If you would like to find stats on your community just let me know. If you have any questions about this summary or Real Estate questions please feel free to contact us.

Tags:calgary real estate prices, Calgary Real Estate Prices Feb 2017, Northwest Calgary Real Estate Prices
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Calgary Real Estate Market Forecast 2017

Thursday, January 19th, 2017

Every year the economist for the Calgary Real Estate Board put together a forecast for the agents. Below is a summary of her predictions. The full package gets into alot more detail about the Why looking at all the indicators that influence the market such as the Regional Economy, Energy Sector, Labour Market, Net Migration,Housing Market Activity, Rental Market, New Home Market & Resale Market. For a full copy send me a request here.

CREB^® forecasts a slow transition for housing in 2017

After a long period of economic downturn, Calgary’s housing market is expected to see some price stability in 2017, but not across all market segments and property types. Both detached and attached prices remain unchanged over 2016 levels, while apartment is forecasted to contract by another two per cent.

“The transition in the housing market will be a slow process,” said CREB^® chief economist Ann-Marie Lurie. “We are entering the year with high unemployment rates and the possibility that job growth will not occur until the latter portion of 2017. These conditions will continue to weigh on housing demand, but supply is adjusting to weaker sales activity, which will eventually translate into price stability.”

City-wide sales are forecasted to total 18,335 units in 2017, a three per cent gain over 2016, but 12 per cent below long-term averages. This modest demand change will merge with declining listings and easing inventory in the new home market to support more balanced conditions and prevent further downward pressure on prices.

“This year is about moving away from extremely challenging conditions,” said 2017 CREB^®president David P. Brown. “The transition is going to take some time, which means sellers need to stick with the fundamentals of pricing their homes correctly against other comparable product in the market. There’s still lots of choice out there for buyers, but major price declines are unlikely in most segments.”

Alberta’s economy was much softer than many predicted over the past two years, as prolonged weakness in energy weighed on other sectors of the economy, including housing. Since the start of the downturn in late 2014, price adjustments have ranged from a low of nearly five per cent in the detached sector, to a high of 11 per cent in the apartment sector. The amount of price change between these different areas of the market was based on how much oversupply there was in each sector at any given time.

Our housing market is moving toward a new equilibrium, but that shift is heavily dependent on stability in the energy sector and overall labour markets. There is also considerable risk from recent government policy changes that could derail expected gains in the second half of 2017. It’s a new outlook this year, but the market risks shouldn’t be overlooked.

For the entire CREB^® forecast, contact me.

Tags:Calgary Real Estate Board Forecast 2017
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Jan 1, 2017 Calgary Real Estate Market Snapshot

Tuesday, January 3rd, 2017

What is really happening in the Calgary Real Estate market?

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 2.4 to 4.0	Prices typically remain stable
Seller’s Market	<2.4	Drives prices up

Calgary Real Estate Market Snapshot Showing months of Inventory supply

The absorption rate for all of Calgary stayed flat this month. Detached Homes, Semi-Detached stayed almost the same. Attached-Row went down by .67 while Apartment Condos went up by .26

	November 2016	December 2016	Change
Detached	2.99	3.01	0.02
Semi Detached	4.01	3.83	-0.18
Attached – Row	5.42	4.75	-0.67
Apartment	7.33	7.59	0.26
Total City	4.05	4.04	-0.02

Calgary Listing Inventory

December saw a decrease in inventory levels in all categories. This is very normal for the month of December as people were focused on the holidays and many people wait till after Christmas and New Years to list.

Inventory	November 2016	December 2016	Change
Detached	2322	1719	-603
Semi Detached	453	368	-85
Attached – Row	770	570	-200
Apartment	1430	1108	-322
Total City	4975	3765	-1210

Calgary Sales:

Sales in all categories decreased substantially this month. This is again very normal as people are focused on the holidays and not real estate during December. To put things in perspective let’s compare with last year.

2016 Sales from Nov to Dec decreased by 23.91%

2015 Sales from Nov to Dec decreased by 30.4%

This tells me that we had less of a drop in sales in Dec 2016 compared to Dec 2015.

Calgary Sales	November 2016	December 2016	Change	% Change
Detached	777	571	-206	-26.51%
Semi Detached	113	96	-17	-15.04%
Attached – Row	142	120	-22	-15.49%
Apartment	195	146	-49	-25.13%
Total City	1227	933	-294	-23.96%

Calgary Real Estate Sales Prices:

As you can see the price changes in December were quite small. The categories that showed the most decline are the Attached- Row and Apartment Condo Sector. It’s no surprise that these are also the categories with the highest absorption rates.

Sales Prices	Nov 2016 Benchmark Price	Dec 2016 Benchmark Price	Change
Detached	498,300	498,300	0
Semi Detached	384,800	385,400	600
Attached – Row	309,400	307,900	-1,500
Apartment	271,300	269,200	-2,100
Total City	436,200	435,400	-800

Sales Prices “Year to Date”

Year to date prices

Sales Prices	Dec 31, 2015 Benchmark Price	Dec 31, 2016 Benchmark Price	Change $	% Change
Detached	514,100	498,300	-15,800	-3.07%
Semi Detached	393,100	385,400	-7,700	-1.96%
Attached – Row	318,500	307,900	-10,600	-3.33%
Apartment	288,000	269,200	-18,800	-6.53%
Total City	452,800	435,400	-17,400	-3.84%

**Please note that these numbers include on Calgary homes and do change on a community basis and more so for towns. This report does not include rural properties. If you would like to find stats on your community just let us know. If you have any questions about this summary or Real Estate questions please contact us.

Tags:Calgary Condo Prices, Calgary Home Prices, calgary real estate market stats, NW Calgary Real Estate
Posted in Blog, Property Values, Real Estate Board's Statistics | Comments Closed

December 2016 Calgary Real Estate Market Snapshot

Friday, December 2nd, 2016

Did the new mortgage rules affect the Calgary Real Estate Market? The answer is a resounding YES! Here is why.

December 2016 Absoption Rate Graph

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 2.4 to 4.0	Prices typically remain stable
Seller’s Market	<2.4	Drives prices up

*** Absorption Rate***

The absorption rate for all categories increased this month. When the Mortgage rules changed in Oct we saw these numbers decrease as people jumped into the market before it was too late. The November decrease in sales results in a higher absorption rate.

	October 2016	November 2016	Change
Detached	2.49	2.99	0.50
Semi Detached	2.96	4.01	1.05
Attached – Row	4.21	5.42	1.21
Apartment	6.14	7.33	1.19
Total City	3.30	4.05	0.75

Calgary Listing Inventory

November saw a decrease in inventory levels in all categories. This is very normal for the month of November as people start to focus on Christmas and not Real Estate.

Inventory	October 2016	November 2016	Change
Detached	2565	2322	-243
Semi Detached	486	453	-33
Attached – Row	834	770	-64
Apartment	1542	1430	-112
Total City	5427	4975	-452

Calgary Sales:

Sales in all categories decreased substantially this month. To put things in perspective let’s compare with last year.

2017 Sales from Oct to Nov decreased by 25.3%

2016 Sales from Oct to Nov decreased by 11.3%

This shows a 14% drop over our normal drop in November sales. Knowing that we has a small surge of sales in October tells me going forward the decrease from last year to this simply due to new mortgage rules should end up at about a 10% increase.

Calgary Sales	October 2016	November 2016	Change	% Change
Detached	1031	777	-254	-24.64%
Semi Detached	164	113	-51	-31.10%
Attached – Row	198	142	-56	-28.28%
Apartment	251	195	-56	-22.31%
Total City	1644	1227	-417	-25.36%

Calgary Real Estate Sales Prices:

All categories showed a decrease in prices this month with the exception of Attached row houses which increased slightly. Last month we saw a larger decrease in Attached Row houses so I believe it’s just balancing out. Moving forward how much prices are affected will depend on how much our inventory increases. Typically we will see a decline in inventory & sales in December and then they will start to increase in January.

Sales Prices	October 2016 Benchmark Price	Nov 2016 Benchmark Price	Change
Detached	502,200	498,300	-3,900
Semi Detached	386,500	384,800	-1,700
Attached – Row	308,100	309,400	1,300
Apartment	273,800	271,300	-2,500
Total City	438,900	436,200	-2,700

Sales Prices “Year to Date”

Year to date prices

Sales Prices	Dec 31, 2015 Benchmark Price	Nov 2016 Benchmark Price	Change $	% Change
Detached	514100	498,300	-15,800	-3.07%
Semi Detached	393100	384,800	-8,300	-2.11%
Attached – Row	318500	309,400	-9,100	-2.86%
Apartment	288,000	271,300	-16,700	-5.80%
Total City	452800	436,200	-16,600	-3.67%

Price Sensitivity

**Please note that these numbers do change on a community basis and more so for towns. This report does not include rural properties. If you would like to find stats on your community just let me know. If you have any questions about this summary or Real Estate questions please contact us.

Tags:Calgary Home Prices, calgary real estate boards stats, Calgary Real Estate Market, northwest calgary real estate market
Posted in Blog, Mortgage News, Property Values, Real Estate Board's Statistics | Comments Closed

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