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Posts Tagged ‘Calgary’
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Wednesday, January 2nd, 2013Sept 2012 Calgary Real Estate Market Snapshot
Thursday, October 4th, 2012Here is a quick summary of some key areas including inventory, sales, prices and absorption rate with a few short comments about the Calgary real estate market for September 2012. All numbers are taken from the statistics package created by the Calgary Real Estate Board for Realtors.
Calgary Listing Inventory: Inventory levels for all categories decreased slightly again in September. Last year this was the time when our inventory was increasing rapidly so seeing a slight decline is a good sign and shows stability in the Calgary market.
| Inventory |
Aug 2012 |
Sept 2012 |
Change |
| Single Family Home |
3535 |
3486 |
-49 |
| Condo Townhouse |
584 |
548 |
-36 |
| Condo Apartment |
1065 |
1064 |
-1 |
| Total |
5184 |
5098 |
-86 |
Calgary Sales:
Sales decreased marginally in all categories this month. In my opinion this is simply a seasonal adjustment. What I am seeing (especially in Single Family homes) it is hard to find good homes for clients due to low inventory levels. Last year’s sales in September were 1461 and this year we sold 1617 homes showing a 10.6% increase this year over last.
| Sales |
Aug 2012 |
Sept 2012 |
Change |
% Change |
| Single Family Home |
1169 |
1132 |
-37 |
-3.2% |
| Condo Townhouse |
241 |
209 |
-32 |
-1.3% |
| Condo Apartment |
315 |
276 |
-39 |
-1.3% |
| Total |
1725 |
1617 |
-108 |
-6.2% |
Calgary Real Estate Sales Prices: Please note that we are now using the Benchmark price for this comparison.
As the chart below demonstrates the benchmark price for all categories stayed flat this month. In my opinion this is a very healthy market with good activity level and prices showing modest increases.
| Sales Prices | Aug 2012 Benchmark Price |
Sept 2012 Benchmark Price |
Change |
| Single Family Homes |
432600 |
432,900 |
+$300.00 |
| Condo Townhouse |
278200 |
277,700 |
-$500.00 |
| Condo Apartment |
248700 |
249,300 |
+$600.00 |
Absorption Rate (Months of Inventory) – Yes a new category!
The absorption rate is the inventory divided by the number of sales in the last month.
What does this mean you might ask?
An absorption rate of below 3.0 indicates a Seller’s Market
An absorption rate of between 3.0 to 4.0 indicates a Balanced Market
An Absorption rate of above 4.0 indicates a Buyer’s Market.
| Absorption Rate | Aug 2012 |
Sept 2012 |
Change |
| Single Family Homes |
3.02 |
3.08 |
+.06 |
| Condo Townhouse |
2.42 |
2.62 |
+.2 |
| Condo Apartment |
3.38 |
3.85 |
+.47 |
| Total Calgary |
3.01 |
3.15 |
+.14 |
Overall we are in a balanced market and leaning towards a seller’s market. Please note that these numbers do change by community. If you would like to find stats on your community just let me know.
If you have any questions about this summary, the attached stats package or any Real Estate questions please feel free to contact us anytime.
If you know anyone else who might enjoy seeing our monthly summary please feel free to pass it on.
Gord, Eric & Brent
Calgary Housing Market August 2012
Monday, September 3rd, 2012We have included a snapshot of what is happening in the Calgary Real Estate Market. Below you will find a summary of some key areas including inventory, sales numbers and of course prices. We have taken the information directly from the Stats package from The Calgary Real Estate Board . Overall the Calgary housing market has slowed but is still in good shape and we are still exceeding last years sales.
Calgary Listing Inventory: Inventory levels for all categories decreased slightly again in August. Last year this was the time when our inventory started increasing rapidly so seeing a slight decline is a good sign and shows stability in the Calgary market.
| Inventory |
July 2012 |
Aug 2012 |
Change |
| Single Family Home |
3646 |
3535 |
-111 |
| Condo Townhouse |
623 |
584 |
-39 |
| Condo Apartment |
1161 |
1065 |
-96 |
| Total |
5390 |
5184 |
-206 |
Calgary Residential Sales:
Sales decreased in Single family homes but increased a little in townhouses and apartment style condos. In my opinion this was expected and is more of a seasonal adjustment as we are following the same trend as last year when our sales peaked in June. The other reason I see for the decrease in Single Family homes is some of my clients are having a hard time finding what they are looking for due to the low inventory levels. Last year’s sales in August were 1569 and this year we sold 1725 showing a 9.9% increase this year over last.
| Sales |
July 2012 |
Aug 2012 |
Change |
% Change |
| Single Family Home |
1386 |
1169 |
-217 |
-18.5% |
| Condo Townhouse |
239 |
241 |
+2 |
+.01% |
| Condo Apartment |
311 |
315 |
+4 |
+1.2% |
| Total |
1936 |
1725 |
-211 | -12.2% |
Calgary Real Estate Sales Prices: Please note that we are now using the Benchmark price for this comparison.
As the chart below demonstrates the benchmark price for all categories stayed flat this month. In my opinion this is a very healthy market with good activity level and prices showing modest increases.
| Sales Prices | July 2012 Benchmark Price |
Aug 2012 Benchmark Price |
Change |
| Single Family Homes |
432400 |
432600 |
+200 |
| Condo Townhouse |
277400 |
278200 |
+800 |
| Condo Apartment |
247600 |
248700 |
+1100 |
Absorption Rate (Months of Inventory) – Yes a new category!
The absorption rate is the inventory divided by the number of sales in the last month.
What does this mean you might ask?
An absorption rate of below 3.0 indicates a Seller’s Market
An absorption rate of between 3.0 to 4.0 indicates a Balanced Market
An Absorption rate of above 4.0 indicates a Buyer’s Market.
| Absorption Rate | July 2012 |
Aug 2012 |
Change |
| Single Family Homes |
2.63 |
3.02 |
+.39 |
| Condo Townhouse |
2.61 |
2.42 |
-.19 |
| Condo Apartment |
3.73 |
3.38 |
-.35 |
| Total Calgary |
2.78 |
3.01 |
+.23 |
Therefore overall we are coming out of a seller’s market and entering a more balanced market. Please note that these numbers do change on a community basis. If you would like to find stats on your community just let me know.
If you have any questions about this summary, the attached stats package or any Real Estate questions please feel free to contact us anytime.
If you know anyone else who might enjoy seeing our monthly summary please feel free to pass it on.
Gord, Eric & Brent
What’s happening in the Calgary Real Estate Market!
Wednesday, August 1st, 2012Here is a snapshot of what is really happening in the Calgary Real Estate Market. Real estate are based on supply and demand so the key numbers we look at here are Inventory, Sales, absorbtion Rate and of course Prices which is simply a reflection of the above categories. All numbers below are from the Calgary Real Estate Boards Monthly stats package produced for realtors.
Many of you are aware that the Mortgage rules recently changed and everyone was wondering what effect that would have on the market. Well the biggest change was that 30 year amortization are no longer available as the maximum is now 25 years. As you will see from the stats below these changes did not have much impact so far in Calgary.
Calgary Listing Inventory: Inventory levels for all categories decreased slightly in July. Last year this was the time when our inventory started increasing rapidly so seeing a slight decline is a good sign.
| Inventory |
June 2012 |
July 2012 |
Change |
| Single Family Home |
3817 |
3646 |
-171 |
| Condo Townhouse |
693 |
623 |
-70 |
| Condo Apartment |
1205 |
1161 |
-44 |
| Total |
5715 |
5390 |
-325 |
Calgary Sales:
Sales decreased in all categories this month. In my opinion this was expected and is more of a seasonal adjustment as we are following the same trend as last year when our sales peaked in June. Last year sales in June were 2200 and in July were 1936 – a 13.6% decrease. Total Calgary residential sales for July were 21.3% higher than in 2011.
| Sales |
June 2012 |
July 2012 |
Change |
% Change |
| Single Family Home |
1609 |
1386 |
-223 |
-16.1 |
| Condo Townhouse |
253 |
239 |
-14 |
-5.8 |
| Condo Apartment |
340 |
311 |
-29 |
-9.3 |
| Total |
2202 |
1936 |
-266 | -13.7 |
Calgary Real Estate Sales Prices: Please note that we are now using the Benchmark price for this comparison.
As the chart below demonstrates the benchmark price for all categories stayed flat this month. In my opinion this is a very healthy market with good activity level and prices showing modest increases.
| Sales Prices | June 2012 Benchmark Price |
July 2012 Benchmark Price |
Change |
| Single Family Homes |
430,800 |
432400 |
+1200. |
| Condo Townhouse |
278,000 |
277400 |
-600. |
| Condo Apartment |
246,300 |
247600 |
+1300. |
Absorption Rate (Months of Inventory) – Yes a new category!
The absorption rate is the inventory divided by the number of sales in the last month.
What does this mean you might ask?
An absorption rate of below 3.0 indicates a Seller’s Market
An absorption rate of between 3.0 to 4.0 indicates a Balanced Market
An Absorption rate of above 3.0 indicates a Buyer’s Market.
| Absorption Rate | June 2012 |
July 2012 |
Change |
| Single Family Homes |
2.37 |
2.63 |
+.26 |
| Condo Townhouse |
2.73 |
2.61 |
-.12 |
| Condo Apartment |
3.54 |
3.73 |
+.19 |
| Total Calgary |
2.60 |
2.78 |
+.18 |
Therefore overall we are in a balanced market. Please note that these numbers do change on a community basis. If you would like to find stats on your community just let me know.
If you have any questions about this summary, the attached stats package or any Real Estate questions please feel free to contact us anytime.
If you would like the full stats package just let me know.
Gord, Eric & Brent
June 2012, Calgary Housing Market Snapshot
Tuesday, July 3rd, 2012Want to know what’s really happening in the Calgary Real Estate Market. Below you will find a summary of some key areas with a few short comments. All stats are taken from the Realtors June stats package from the Calgary Real Estate Board.
Calgary housing market continues to perform!
Calgary Listing Inventory: Inventory levels for all categories remained almost flat for June.
| Inventory |
May 2012 |
June 2012 |
Change |
| Single Family Home |
3842 |
3817 |
-25 |
| Condo Townhouse |
675 |
693 |
+18 |
| Condo Apartment |
1222 |
1205 |
-17 |
| Total |
5739 |
5715 |
-24 |
Calgary Sales:
Sales decreased slightly in all categories this month. In my opinion this was expected as we are following the same trend as last year when our sales peaked in June. Total Residential sales however were 16% higher for the first half of this year compared to last year.
| Sales |
May 2012 |
June 2012 |
Change |
% Change |
| Single Family Home |
1710 |
1609 |
-101 |
-5.9 |
| Condo Townhouse |
289 |
253 |
-36 |
-12.4 |
| Condo Apartment |
386 |
340 |
-46 |
-11.9 |
| Total |
2385 |
2202 |
-183 | -7.7 |
Calgary Real Estate Sales Prices: Please note that we are now using the Benchmark price for this comparison.
As the chart below demonstrates the benchmark price for all categories increased marginally this month. In my opinion this is a very healthy market with good activity level and prices showing modest increases.
| Sales Prices | May 2012 Benchmark Price |
June 2012 Benchmark Price |
Change |
| Single Family Homes |
427,500 |
430,800 |
+3,300 |
| Condo Townhouse |
277,000 |
278,000 |
+1,000 |
| Condo Apartment |
245,400 |
246,300 |
+900 |
The absorbtion rate is the number of listings divided by the number of sales in the last month. absorbtion rates are as follows:
Single Family Homes: 2.24
Townhouses: 2.33
Apartment Condos: 4.23
This tells me that single family homes and townhouses are moving quicker than apartment style condos.
Overall the market is now in a balanced market position It is interesting as there are still many communities that are in a buyer’s market position as they have a higher inventory. If you want to know how your community sit’s let me know.
If you have any questions about this summary, or any general Real Estate questions please feel free to contact us anytime.
If you find this info useful please pass on to others who will benefit.
Gord, Eric & Brent
Spring 2012 edition of CMHC’s Housing Market Outlook – Calgary
Sunday, June 24th, 2012The Canadian Mortgage and Housing Corporation has released it’s new Spring 2012 edition of CMHC’s housing Market Outlook for Calgary. I have simply taken some key points that I thought were interesting and hopefully you find them interesting as well.
To view a full copy of their report click here
http://www.cmhc-schl.gc.ca/odpub/esub/64339/64339_2012_B01.pdf
If you like the information you can sign up with CMHC and receive their reports in your inbox . Check out available reports directly from CMHC
New Housing
Total housing starts are forecast to rise 25% in 2012. Single Family home starts are forecast to rise by 12% while multi family starts are forecast to increase by 40 % in 2012.
Resale Housing
CMHC is forecasting that MLS Sales will increase by 9% in 2012.
The average price is forecast to increase by 1.8% in 2012
Rental Market
The vacancy rate is forecast to decline again in 2012 putting upward pressure on rental prices.
Economic Overview
Employment is expected to increase by 2.9% in 2012
Average weekly earnings increased in the first quarter of 2012, up five per cent year-over-year
Migration flows to Calgary are expected to increase as labour market conditions improve
As a result, net migration in 2012 is forecast to reach 17,000 migrants, up 52 per cent from 2011
Mortgage Rate Outlook
Although there is significant uncertainty, consensus forecasts suggest that interest rates are not expected to rise until at least later in 2012, but will remain low by historical standards, thus supporting the Canadian housing market.
Gord
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May 2012 Calgary Real Estate Stats Snapshot
Sunday, June 3rd, 2012Gord Piper and Associates are proud to present a snapshot of the Calgary Real Estate Market for May 2012. Below you will find a summary of some key areas with a few short comments. All data is taken from the Calgary Real Estate Board‘s monthly stats package.
Calgary Listing Inventory: Inventory levels for all categories increased by almost 9.0 %. Rising inventories can be a flag for the market cooling however the sales also increased by 8.2% so we are still below a
2.5 month inventory turnover indicating a balanced market.
| Inventory | April 2012 | May 2012 | Change |
| Single Family Home |
3501 | 3842 | +341 |
| Condo Townhouse |
612 | 675 | +63 |
| Condo Apartment |
1157 | 1222 | +65 |
| Total |
5270 | 5739 | +469 |
Calgary Sales:
Sales increased in all categories equally this month. What’s interesting is that for all categories combined we are 31.77% higher than the same period last year.
| Sales | April 2012 | May 2012 | Change | % Change |
| Single Family Home | 1581 | 1710 | +129 | +8.2 |
| Condo Townhouse |
267 | 289 | +22 | +8.2 |
| Condo Apartment | 351 | 386 | +35 |
+9.9 |
| Total | 2200 | 2385 | 185 | +8.4 |
Calgary Real Estate Sales Prices: Please note that we are now using the Benchmark price for this comparison.
With inventory increasing only slightly and sales increasing slightly it only makes sense that we see prices
start to rise. As you can see below Single Family homes saw the largest increase. I believe this is because the increase in sales activity on single family homes started a few months before condo sales started increasing.
start to rise. As you can see below Single Family homes saw the largest increase. I believe this is because the increase in sales activity on single family homes started a few months before condo sales started increasing.
| Sales Prices | April 2012 Benchmark Price | May 2012 Benchmark Price | Change |
| Single Family Homes | 422,000 | 427,500 | +5,500 |
| Condo Townhouse | 276,400 | 277,000 | +600 |
| Condo Apartment |
243,400 | 245,400 | +2,000 |
Overall the market is now in a balanced market position and the amount of new listings in the next month might determine the direction for the rest of the year. It is interesting as there are still many communities that are in a buyer’s market position as they have a higher inventory. If you want to know how your community sit’s please contact us.
Gord, Brent and Eric
February 2012 Calgary Real Estate Market Report
Friday, March 2nd, 2012Real Estate in Calgary and specifically in Calgary Northwest has picked up the pace substantially. If you are looking for information specific to your home I would be happy to offer a free no obligation home evaluation.
All the numbers below are taken from the Calgary Real Estate Board’s statistics package for Realtors. Below you will find a summary of some key areas with a few short comments.
Calgary Listing Inventory: Inventory levels for both Single Family homes and Condo’s increased this month. This movement is normal for this time of year and we will most likely see this trend continue for the next several month.
| Inventory | Jan 2012 | Feb 2012 | Change |
| Single Family Home | 2980 | 3093 | +113 |
| Condo’s | 1449 | 1643 | + 194 |
| Total | 4430 | 4736 | +306 |
Calgary Sales:
Calgary Single Family home and Condo sales saw substantial increases in February.
| Sales | January 2012 | February 2012 | Change |
| Single Family Home | 764 | 1284 | + 520 |
| Condo’s | 305 | 453 | + 148 |
| Total | 1078 | 1737 | + 659 |
Calgary Real Estate Sales Prices: Please note that this section has changed so the numbers look much different from last month. In the past the numbers I have always used was the median price as this was in my opinion more accurate than simply using an average. The Canadian Real Estate Association along with the Calgary Real Estate Board have now introduced the MLS Home Price Index which they believe is more accurate than using the Median price and will show less false increases and decreases. For the purpose of this I will use their benchmark price – what an average home would sell for. As you can see by the numbers all categories of housing in Calgary increased in the month of February which makes sense to me as the inventory is up only a little and our sales are up substantially.
| Sales Prices | January Benchmark Price | Feb 2012 Benchmark Price | Change |
| Single Family Homes | 422600 | 427,000 | +$4,400 |
| Condo Townhouse | 287,900 | 288,600 | + $700. |
| Condo Apt Style | 237,500 | 242,900 | +$5,400 |
Overall the market has changed from a strong buyers market to a balanced Market and when I look community by community many popular communities are in a seller’s market position now.
If you have any questions about this summary, or any Real Estate questions please feel free to contact us anytime.
Gord, Eric & Brent
403-861-2256
January 2012 Calgary Housing Statistics
Wednesday, February 1st, 2012What’s happening in the Calgary Real Estate Market?
Ever heard that Real Estate is prices are a reflection of Supply and Demand?
Below is a summary made simple – what is happening in Real Estate in Calgary.
Information is taken from the Calgary Real Estate Boards monthly statistics package.
Calgary Listing Inventory: Inventory levels for both Single Family homes and Condo’s increased this month. This movement is normal for this time of year and we will most likely see this trend continue for the next several month.
| Inventory | December 2011 | Jan 2012 | Change |
| Single Family Home | 2761 | 2980 | +219 |
| Condo’s | 1287 | 1450 | +163 |
| Total | 4048 | 4430 | +382 |
Calgary Sales:
Calgary Single Family home sales are up over December while Condo sales stayed flat. Both Single Family home and Condo sales are almost the same as they were in January 2011.
| Sales | December 2011 | January 2012 | Change |
| Single Family Home | 722 | 773 | +51 |
| Condo’s | 310 | 305 | -5 |
| Total | 1032 | 1078 | +46 |
Calgary Real Estate Sales Prices: In January Single family home median prices remained almost flat while Condo prices decreased by $12,875. The median prices are not showing any certain direction but are bouncing up and down every month.
| Sales Prices | December Median Prices | Jan 2012 Median Prices | Change |
| Single Family Homes | $393,750 | 395,000 | +1250 |
| Condo’s | $257,875 | 245,000 | -12,875 |
Important note – As of Feb 2012 the Calgary Real Estate Board is changing the way it reports statistics. The Canadian Real Estate Association in partnership with local Real Estate Boards has developed the MLS HPI (Home Price Index). The Home Price Index identifies turning points sooner, is the most current and is the most detailed and accurate gauge for Canadian home prices.
With this change we will need to re-evaluate what information I can post for monthly. My goal is simply to make sure you are getting current up to date information that tells the real story about the Calgary Housing Market.
If you have any questions about this summary, the attached stats package or any Real Estate questions please feel free to contact us anytime.
Gord, Eric & Brent