Calgary Home Prices « The Gord Piper & Associates Real Estate Blog

Posts Tagged ‘Calgary Home Prices’

Calgary Real Estate Market Snapshot

Tuesday, July 3rd, 2018

What is really happening in the Calgary Real Estate Market?

Calgary Real Estate Absorption Rate

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

Watch the Trend

On the above graph it is important to see the trends – Especially the apartment condo absorption rate- it is trending downward and is closing the gap with the rest of the sectors.

Current Absorption Rate

The absorption rate for all categories except Attached-Row houses declined this month which in my opinion is a good thing as it shows a little more balance in the market.

End of	May 2018	June 2018	Change
Detached	4.26	3.98	-0.28
Semi Detached	5.53	5.04	-0.49
Attached – Row	5.06	5.73	0.67
Apartment	6.81	6.41	-0.40
Total City	4.90	4.65	-0.24

Calgary Listing Inventory

In June, our inventory increased in all sectors except apartment condos. This is totally expected at this time of year. July should be an interesting month as the typical July will see listings drop off. The decrease in apartment condos I would contribute to listings expiring as sales were flat.

Inventory	May 2018	June 2018	Change
Detached	4504	4817	313
Semi Detached	862	922	60
Attached – Row	1163	1209	46
Apartment	1921	1872	-49
Total City	8450	8820	370

Calgary Sales:

Sales were again up in all categories except for Attached Row houses which were down only 19 from May. The percentage looks big at 8.26 due to small numbers in this sector.

Sales for June were 11% down from last year but this is again an improvement as May sales were down 18.4% from last year.

Calgary Sales	May 2018	June 2018	Change	% Change
Detached	1058	1210	152	14.37%
Semi Detached	156	183	27	17.31%
Attached – Row	230	211	-19	-8.26%
Apartment	282	292	10	3.55%
Total City	1726	1896	170	9.85%

Calgary Real Estate Sales Prices:

This one has me stumped. In theory the sector with the highest absorption rate should have the biggest decline in price. The opposite took place in June with every sector dropping a little except Apartment Condos which increased in price.

Sales Prices	May 2018 Benchmark Price	June 2018 Benchmark Price	Change
Detached	504,500	503,100	-1,400
Semi Detached	419,000	418,000	-1,000
Attached – Row	303,200	302,300	-900
Apartment	256,200	259,100	2,900
Total City	436,900	436,500	-400

Sales Prices “Year to Date”

Same as monthly number

Sales Prices	Jan 1, 2018 Benchmark Price	June 2018 Benchmark Price	Change $	% Change
Detached	499,600	503,100	3,500	0.70%
Semi Detached	416,600	418,000	1,400	0.34%
Attached – Row	299,500	302,300	2,800	0.93%
Apartment	257,700	259,100	1,400	0.54%
Total City	433,200	436,500	3,300	0.76%

**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 about Real Estate in general, please feel free to contact us.

Tags:Calgary Condos, Calgary Home Prices, Calgary Housing Market, calgary market, calgary real estate prices July 1
Posted in Blog, Real Estate Board's Statistics | Comments Closed

Calgary Real Estate Market -June 1, 2018

Saturday, June 2nd, 2018

What is really happening in the Calgary Real Estate Market?

What is really happening in the Calgary Real estate Market

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

Current Absorption Rate

No major fluctuations here this month. Detached homes went up a little while all other categories went down between .25 and .54

End of	Apr 2018	May 2018	Change
Detached	4.01	4.26	0.25
Semi Detached	6.00	5.53	-0.47
Attached – Row	5.60	5.06	-0.54
Apartment	7.06	6.81	-0.25
Total City	4.82	4.90	0.07

Calgary Listing Inventory

In April, our inventory increased in all Sectors. This is totally expected at this time of year and we should expect this trend to continue for another month anyways.

Inventory	Apr 2018	May 2018	Change
Detached	3642	4504	862
Semi Detached	756	862	106
Attached – Row	1075	1163	88
Apartment	1851	1921	70
Total City	7324	8450	1126

Calgary Sales:

The good news is that sales are up from last month in all categories. Looking at the bigger picture we are still substantially down from last year’s sales. May showed 18.4% less sales than May 2017. This however is an improvement as April sales were down 20.3% from last April.

Calgary Sales	Apr 2018	May 2018	Change	% Change
Detached	908	1058	150	16.52%
Semi Detached	126	156	30	23.81%
Attached – Row	192	230	38	19.79%
Apartment	262	282	20	7.63%
Total City	1518	1726	208	13.70%

Calgary Real Estate Sales Prices:

Prices in April showed very little change. Attached-Row houses showed the largest gain of $3,200. while Semi-Detached homes showed the largest decrease of $1,000.

Sales Prices	Apr 2018 Benchmark Price	May 2018 Benchmark Price	Change
Detached	504,500	504,500	0
Semi Detached	420,000	419,000	-1,000
Attached – Row	300,000	303,200	3,200
Apartment	256,700	256,200	-500
Total City	436,500	436,900	400

Sales Prices “Year to Date”

Same as monthly number

Sales Prices	Jan 1, 2018 Benchmark Price	May 2018 Benchmark Price	Change $	% Change
Detached	499,600	504,500	4,900	0.98%
Semi Detached	416,600	419,000	2,400	0.58%
Attached – Row	299,500	303,200	3,700	1.24%
Apartment	257,700	256,200	-1,500	-0.58%
Total City	433,200	436,900	3,700	0.85%

Tags:2018 Real Estate Market snapshot, Calgary Home Prices, Calgary Real Estate Market Snapshot, June 1, Northwest Calgary Real Estate Prices
Posted in Blog, Education, Property Values, Real Estate Board's Statistics | Comments Closed

Calgary Real Estate Market Snapshot: April 1, 2018

Tuesday, April 3rd, 2018

Calgary Real Estate Absorption Rate

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 good news part of the stats show that sales rose by 25.6% over Febuary while the inventory rose by only 22.5% keeping the balance similar. The Absorption rate for all categories decreased slightly except apartment condos which increased by .47

End of	Feb 2018	Mar 2018	Change
Detached	3.74	3.61	-0.13
Semi Detached	5.05	4.70	-0.35
Attached – Row	5.86	5.77	-0.08
Apartment	7.24	7.72	0.47
Total City	4.76	4.64	-0.12

Calgary Listing Inventory

In March, our inventory increased in all Sectors. This is totally expected at this time of year. This trend is anticipated for the next few months.

Inventory	Feb 2018	Feb Mar 2018	Change
Detached	2456	3063	607
Semi Detached	540	677	137
Attached – Row	779	941	162
Apartment	1427	1690	263
Total City	5202	6371	1169

Calgary Sales: For me this is the category that is concerning. Sales numbers all increased for March which is a normal trend. What you cannot see here is that sales for the first three months are below last years sales by 18% which is substantial. Some things that might be affecting sales include:

The Weather
Mortgage rule changes that the Federal Government implemented on Jan 1, 2018
Consumer confidence in Calgary

As I have predicted in the past I believe it may take 6 months total for the mortgage rules to settle out before we start seeing more normal sales numbers.

Calgary Sales	Feb 2018	Mar 2018	Change	% Change
Detached	657	848	191	29.07%
Semi Detached	107	144	37	34.58%
Attached – Row	133	163	30	22.56%
Apartment	197	219	22	11.17%
Total City	1094	1374	280	25.59%

Calgary Real Estate Sales Prices:

Prices in March showed very little change for all categories.

Sales Prices	Feb 2018 Benchmark Price	Mar 2018 Benchmark Price	Change
Detached	502,800	503,800	1,000
Semi Detached	418,800	418,800	0
Attached – Row	295,400	297,600	2,200
Apartment	256,400	257,100	700
Total City	434,300	435,600	1,300

Sales Prices “Year to Date”

Sales Prices	Jan 1, 2018 Benchmark Price	Mar 2018 Benchmark Price	Change $	% Change
Detached	499,600	503,800	4,200	0.84%
Semi Detached	416,600	418,800	2,200	0.53%
Attached – Row	299,500	297,600	-1,900	-0.63%
Apartment	257,700	257,100	-600	-0.23%
Total City	433,200	435,600	2,400	0.55%

Tags:Calgary Condo Prices, Calgary Condos, Calgary Home Prices, Calgary Real estate Marker
Posted in Blog, Condos, Real Estate Board's Statistics | Comments Closed

Calgary Real Estate Market Snapshot – Nov. 1, 2017

Thursday, November 2nd, 2017

Aborsption Rate Trend – Supply Vs Demand

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’s Explained (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 October stayed almost flat with the exception of Apartment Condos which decreased by 1.38 which is the first sizable decrease we have seen in this sector in a while. It’s important to note that last month went up by 1.29 so part of this can be just timing of listing coming on and off the market.

	Sept 2017	Oct 2017	Change
Detached	3.79	3.57	-0.21
Semi Detached	4.31	4.27	-0.04
Attached – Row	5.25	5.28	0.03
Apartment	8.42	7.03	-1.38
Total City	4.69	4.41	-0.29

Calgary Listing Inventory

In October all categories stayed flat except for detached homes which saw an decrease of 233 listings and apartment condos which decreased by 129 listings.

Inventory	Sept 2017	Oct 2017	Change
Detached	3479	3246	-233
Semi Detached	621	611	-10
Attached – Row	993	967	-26
Apartment	1768	1639	-129
Total City	6861	6463	-398

Calgary Sales:

Sales for October were almost identical to September. Last year sales from Sept to Oct increased by 168 so were a little behind last year.

Calgary Sales	Sept 2017	Oct 2017	Change	% Change
Detached	919	908	-11	-1.20%
Semi Detached	144	143	-1	-0.69%
Attached – Row	189	183	-6	-3.17%
Apartment	210	233	23	10.95%
Total City	1462	1467	5	0.34%

Calgary Real Estate Sales Prices:

I find these numbers interesting as again if in a balanced market prices should remain fairly stable. In reality every sector showed a slight decrease. One variable that these numbers do not show is consumer confidence and I think this may have something to do with prices holding.

Sales Prices	Sept 2017 Benchmark Price	Oct 2017 Benchmark Price	Change
Detached	508,900	506,200	-2,700
Semi Detached	419,400	419,000	-400
Attached – Row	306,900	305,000	-1,900
Apartment	263,700	261,600	-2,100
Total City	441,500	438,900	-2,600

Sales Prices “Year to Date”

Our Year to date numbers are very in alignment with the absorption rate changes.

Sales Prices	Jan 1, 2017 Benchmark Price	Oct 2017 Benchmark Price	Change $	% Change
Detached	498,700	506,200	7,500	1.50%
Semi Detached	406,800	419,000	12,200	3.00%
Attached – Row	302,600	305,000	2,400	0.79%
Apartment	265,000	261,600	-3,400	-1.28%
Total City	433,400	438,900	5,500	1.27%

Looking Forward – Again just Gord’s opinion.

Based on the absorption rate we should see stability in the Detached & Semi Detached sectors while we may seem more losses in the Row House & Apartment sectors

However

You may have heard by now that the Fed’s are changing mortgage qualifying rules as of Jan 1, 2018. This can cause a wide range of changes.

In the short term it can push people to buy before the end of the year.
When they changed the qualifying process for insured mortgages we saw little change in sales numbers.
I heard from one mortgage broker that most banks are already doing this for many types of mortgages so again the impact may be smaller than what some expect
If there is an impact and people are able to qualify for less, then this may push some people from detached homes to attached homes and from row housing to the apartment condo sector which in Calgary could bring more balance to our market.
Really only time will tell the whole story

**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 us know. If you have any questions about this summary or Real Estate questions please feel free to contact us.

Tags:Calgary Home Prices, Calgary Housing market Snapshot, CREB Statistics Simplified
Posted in Blog, Real Estate Board's Statistics | Comments Closed

Calgary Real Estate Market Snapshot

Sunday, September 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

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
Posted in Blog, Real Estate Board's Statistics | Comments Closed

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

**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.

Tags:2017, Calgary Condo Prices, Calgary Home Prices, Calgary Real Estate Market, CREB Stats June 1
Posted in Blog, Real Estate Board's Statistics | Comments Closed

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

**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.

Tags:Calgary Condo Prices, Calgary Home Prices, May Calgary Real Estate Market Snapshot, May Calgary Real Estate stats
Posted in Blog, Real Estate Board's Statistics | Comments Closed

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

Nov 1, 2016 Calgary Real Estate Market Snapshot

Wednesday, November 2nd, 2016

Welcome to our Nov 2016 Calgary Real Estate Market snapshot.

The big news for October is that the government changed the rules for mortgage qualification. This month the stats show increased sales and declining inventory and I believe it is 100% due to people scrambling to get their home before the rules changed. Next month we may see a totally different picture but only time will tell for sure.

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 decreased this month. I believe this is because we saw a spike in sales due to people entering the market before the mortgage rules changed. It should be interesting to see our stats for next month once the new rules have been in place for a while.

Absorption Rate Cont.

	July 2016	August 2016	Change
Detached	2.99	2.49	-0.50
Semi Detached	3.30	2.96	-0.34
Attached – Row	4.88	4.21	-0.67
Apartment	8.26	6.14	-2.11
Total City	3.95	3.30	-0.65

Calgary Listing Inventory

October Inventory levels decreased in all categories. I believe that the change is due to increased sales and a normal amount of new listings. The bottom line is there are less Calgary Homes and Condos for sale than last month.

Inventory	July 2016	August 2016	Change
Detached	2823	2565	-258
Semi Detached	515	486	-29
Attached – Row	888	834	-54
Apartment	1651	1542	-109
Total City	5877	5427	-450

Calgary Sales:

Sales in all categories increased this month. Again I believe that the new mortgage rules are 100% responsible for this increase. For many people if they did not buy before the changes they would simply not be able to qualify so this created a sense of urgency for buyers. Note that apartment condos saw the largest increase (25.5%) which was needed in this sector.

Calgary Sales	July 2016	August 2016	Change	% Change
Detached	945	1031	86	9.10%
Semi Detached	156	164	8	5.13%
Attached – Row	182	198	16	8.79%
Apartment	200	251	51	25.50%
Total City	1488	1644	156	10.48%

Calgary Real Estate Sales Prices:

All categories showed a slight decrease in prices this month. Typically you will see a direct correlation between the absorption rate and prices – this month that is not the case and I believe it is again caused by the government rule changes and everyone trying to figure out what the market might look like next month. Attached – row houses (townhouses) saw the largest decrease even though apartment condos have the highest absorption rate.

Sales Prices	July 2016 Benchmark Price	August 2016 Benchmark Price	Change
Detached	503,400	502,200	-1,200
Semi Detached	386,500	386,500	0
Attached – Row	311,100	308,100	-3,000
Apartment	274,700	273,800	-900
Total City	440,400	438,900	-1,500

Sales Prices “Year to Date”

Year to date prices

Sales Prices	Dec 31, 2015 Benchmark Price	August 2016 Benchmark Price	Change $	% Change
Detached	514100	502,200	-11,900	-2.31%
Semi Detached	393100	386,500	-6,600	-1.68%
Attached – Row	318500	308,100	-10,400	-3.27%
Apartment	288,000	273,800	-14,200	-4.93%
Total City	452800	438,900	-13,900	-3.07%

Community Variations

Tags:Calgary Condo Prices, Calgary Home Prices, Calgary Real Estate Market Snapshot
Posted in Blog, Real Estate Board's Statistics | Comments Closed

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