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New bill is a win for consumers and the real estate industry |
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CREB® supports the provincial government in tabling the Condominium Property Amendment Act this week and bringing over 50 amendments for enhanced consumer protection and stronger governance within the condominium industry. In particular, the new Act will regulate a disclosure of information related to the sale and governance of condominium units.
“Information is power, and these changes will empower consumers and REALTORS® to make more informed purchasing decisions,” said Bill Kirk, CREB® president. “In a particular, it will create clarity around reserve funds and special assessments, and reduce those surprises for consumers on things like special levies.” The amendments include the creation of a condominium tribunal, that reduces the time and costs associated with dispute resolution between condo owners and corporations. As well, there will be increased regulation of the industry with the introduction of licensing requirements for condominium managers by the Real Estate Council of Alberta. As a stakeholder in industry consultations, CREB® is pleased to see its members’ concerns addressed in the amendments. The Act is a positive direction towards the modernization of condominium legislation and reflects the changes to the industry since the Condominium Property Act was first introduced in 2000. “Thanks to the input of owners, their associations and over 4,000 Albertans, Bill 9 makes intelligent and purposeful changes to protect current and future condo owners, brings consistency for condo developers and provides structure and stability to governance for condo boards,” said Stephen Khan, Minister of Service Alberta. “We followed the leadership of Albertans to develop legislation, and will continue to work with them to implement it.” Service Alberta indicates most of the regulations from the Bill will be implemented over the next year. CREB® looks forward to the implementation of the amendments and continuing to serve as advocates on issues that affect its members. There are over 320,000 condominium owners in the province and condominium sales account for approximately 20 percent of residential sales annual.
To view an overview of the changes click here |
Posts Tagged ‘Condominium’
CREB® supports Condominium Property Amendment Act
Saturday, December 13th, 2014Calgary Real Estate Market Snapshot updated Jan 2014
Wednesday, January 1st, 2014Want to know what’s really happening in the Calgary Real Estate Market. The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and the effect on the price of Calgary Real Estate. A simple way to keep up to date on the Market. The Calgary housing market is still entrenched is a Sellers Market with limited supply and strong sales and I do not see that changing anytime soon.
Below are the details along with a few comments, all numbers were taken from the Calgary Real Estate Boards Stats package for Realtors.
Calgary Listing Inventory: Inventory levels for all categories dropped substantially this last month. This is simply a seasonal adjustment that happens every year. In the next few days listings will start to hit the market bringing these numbers right back up.
| Inventory |
November 2013 |
December 2013 |
Change |
| Single Family Home |
2171 |
1515 |
-656 |
| Condo Townhouse |
380 |
242 |
-138 |
| Condo Apartment |
605 |
479 |
-126 |
| Total |
3156 |
2236 |
-920 |
Calgary Sales:
Sales in December declined in all categories and again this is very normal for the month of December. Considering the weather I think we faired well. It is also important to note that sales in December were 8.3% higher than in December 2012. I am very confident that January’s numbers will be much higher.
| Sales |
November 2013 |
December 2013 |
Change |
% Change |
| Single Family Home |
1006 |
744 |
-262 |
-26.0 |
| Condo Townhouse |
228 |
179 |
-49 |
-21.5 |
| Condo Apartment |
305 |
221 |
-84 |
-27.5 |
| Total |
1539 |
1144 |
-395 |
-25.6 |
Calgary Real Estate Sales Prices:
In December, the benchmark price increased for all categories except apartment Condos which saw a small decrease. As long as our ratio of sales to listings remains the same this upward trend will continue.
| Sales Prices |
November 2013 Benchmark Price |
December 2013 Benchmark Price |
Change |
| Single Family Homes |
470,600 |
472,200 |
+$1,600 |
| Condo Townhouse |
305,700 |
307,100 |
+$1,400 |
| Condo Apartment |
279,600 |
278,600 |
-$1,000 |
Sales Prices “Year to Date”
Year to date prices have increased in all categories. Good news if you are a homeowner and not so good news for those wanting to get into the market.
| Sales Prices | Dec 31 2012 Benchmark Price |
Dec 31. 2013 Benchmark Price |
Change $ |
% Change |
| Single Family Homes |
434,800 |
472,200 |
+37,400 |
+8.6% |
| Condo Townhouse |
284,100 |
307,100 |
+23,000 |
+8.1% |
| Condo Apartment |
248,700 |
278,600 |
+29,900 |
+12.0% |
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 |
|
Balanced Market |
Between 2.8 to 4.0 |
|
Seller’s Market |
<2.8 |
Absorption Rate: This doesn’t tell us much this month as December is a funny month where lots of people take their home off the market for the holidays and then relist in Jan. We are still in a strong seller’s market position and I don’t see that changing anytime soon. In the starter home price range we are still seeing lots of competing offers.
| Absorption Rate |
November 2013 |
December 2013 |
Change |
| Single Family Homes |
2.15 |
2.03 |
-.12 |
| Condo Townhouse |
1.67 |
1.35 |
-.32 |
| Condo Apartment |
1.98 |
2.17 |
+.19 |
| Total Calgary |
2.05 |
1.96 |
-.09 |
**Please note that these numbers do change on a community basis and more so for towns. 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.
If you know anyone else who might enjoy seeing our monthly summary please feel free to pass this on. Gord, Eric, Brent & Jason
October 2013, Calgary Real Estate Market Snapshot
Monday, September 30th, 2013Want to know what’s really happening in the Calgary Real Estate Market. The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and the effect on the price of Calgary Real Estate. In summary the Calgary housing market is still entrenched is a Sellers Market with limited supply and strong sales. It is important to note that for the first time in more than 6 months the absorption rate increased above 2.0 so we are seeing a slight shift.
Below are the details along with a few comments, all numbers were taken from the Calgary Real Estate Boards Stats package for Realtors.
Calgary Listing Inventory: Inventory levels for all categories remained almost flat this month.
| Inventory |
August 2013 |
September 2013 |
Change |
| Single Family Home |
2791 |
2789 |
-2 |
| Condo Townhouse |
417 |
450 |
33 |
| Condo Apartment |
690 |
683 |
-7 |
| Total |
3898 |
3922 |
24 |
Calgary Sales:
Sales decreased marginally in all categories except townhouses which saw a small increase this month. This is very normal as sales typically start slowing at this time of year. To look at another perspective even though sales slowed this month they were 19% higher than in August 2012.
| Sales |
August 2013 |
September 2013 |
Change |
% Change |
| Single Family Home |
1517 |
1354 |
-163 |
-10.7 |
| Condo Townhouse |
282 |
245 |
37 |
13.6 |
| Condo Apartment |
397 |
324 |
-73 |
-18.4 |
| Total |
2196 |
1923 |
-273 |
-12.4 |
Calgary Real Estate Sales Prices:
In September, the benchmark price stayed almost flat for all categories with apartment condo’s showing the largest increase.
| Sales Prices |
August 2013 Benchmark Price |
September 2013 Benchmark Price |
Change |
| Single Family Homes |
464,700 |
463,700 |
-1,000. |
| Condo Townhouse |
298,500 |
299,100 |
600 |
| Condo Apartment |
270,600 |
272,900 |
2,300 |
Sales Prices “Year to Date”
Year to date prices have increased in all categories.
| Sales Prices | Dec 31 2012 Benchmark Price |
September 2013 Benchmark Price |
Change |
% Change |
| Single Family Homes |
434,800 |
463,700 |
28,900 |
6.65 |
| Condo Townhouse |
284,100 |
299,100 |
15,000 |
5.27 |
| Condo Apartment |
248,700 |
272,900 |
24,200 |
9.73 |
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 |
|
Balanced Market |
Between 2.8 to 4.0 |
|
Seller’s Market |
<2.8 |
Absorption Rate: Throughout September our absorption rate increased in all categories. This could be the start of a shift as this is the first time in several months that the absorption rate has exceeded 2.0. Of course we have a long way to move still to move into a buyers market.
| Absorption Rate |
August 2013 |
September 2013 |
Change |
| Single Family Homes |
1.84 |
2.06 |
.22 |
| Condo Townhouse |
1.47 |
1.84 |
.37 |
| Condo Apartment |
1.74 |
2.1 |
.36 |
| Total Calgary |
1.78 |
2.04 |
.26 |
**Please note that these numbers do change on a community basis and more so for towns. 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.
Interest Rates are on the rise – if you are even considering making a move get to your bank and get a mortgage commitment locked in at today’s rates. It looks like they may even go higher.
Aug 2013 Calgary Real Estate market snapshot
Thursday, August 1st, 2013Want to know what”s really happening in the Calgary Real Estate Market. The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and the effect on the price of Calgary Real Estate. In summary the Calgary housing market is still very strong and we are moving even deeper into a Sellers Market.
Below are the details along with a few comments, all numbers were taken from the Calgary Real Estate Boards Stats package for Realtors.
Calgary Listing Inventory: Inventory levels for all categories decreased again throughout July. If you have been following my reports the Inventory levels had been increasing a little every month until last month. This may very well be due to the flooding disaster in Calgary where some listings were taken off the market.
| Inventory |
June 2013 |
July 2013 |
Change |
| Single Family Home |
3199 |
2917 |
-282 |
| Condo Townhouse |
489 |
407 |
-82 |
| Condo Apartment |
896 |
768 |
-128 |
| Total |
4584 |
4092 |
-492 |
Calgary Sales:
Sales decreased in all categories except apartment condos this month. Following the trends of the last few years we are getting into summer vacations when people take holidays and therefore the sales numbers drop a little. A very normal change.
| Sales |
June 2013 |
July 2013 |
Change |
% Change |
| Single Family Home |
1638 |
1575 |
-63 |
-3.8% |
| Condo Townhouse |
317 |
295 |
-22 |
-.7% |
| Condo Apartment |
362 |
398 |
36 |
1.0% |
| Total |
2317 |
2268 |
-49 |
-2.1% |
Calgary Real Estate We used another online defensive driving school school for our other son. Sales Prices: Please note that we are now using the Benchmark price for this comparison.
In July, the benchmark price increased slightly for all categories except townhouses which saw a small drop. This is simply a reflection demand outpacing supply and will continue until the inventory starts to increase faster than sales.
| Sales Prices |
June 2013 Benchmark Price |
July 2013 Benchmark Price |
Change |
| Single Family Homes |
459,700 |
461,600 |
1900 |
| Condo Townhouse |
295,000 |
294,500 |
(500) |
| Condo Apartment |
264,000 |
267,600 |
3600 |
Sales Prices “Year to Date”
Year to date prices have increased in all categories.
| Sales Prices | Dec 31 2012 Benchmark Price |
July 2013 Benchmark Price |
Change |
% Change |
| Single Family Homes |
434,800 |
461,600 |
26,800 |
6.1% |
| Condo Townhouse |
284,100 |
294,500 |
10,400 |
3.66 |
| Condo Apartment |
248,700 |
267,600 |
18,900 |
7.6% |
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 |
|
Balanced Market |
Between 2.8 to 4.0 |
|
Seller’s Market |
<2.8 |
Absorption Rate: Throughout July our absorption rate decreased in all categories. With inventory shrinking faster than sales are slowing it is now pushing us into a stronger “Sellers market position”.
| Absorption Rate |
June 2013 |
July 2013 |
Change |
| Single Family Homes |
1.95 |
1.85 |
-.1 |
| Condo Townhouse |
1.54 |
1.37 |
-.17 |
| Condo Apartment |
2.48 |
1.93 |
-.55 |
| Total Calgary |
1.98 |
1.80 |
-.18 |
**Please note that these numbers do change on a community basis and more so for towns. If you would like to find stats on your community just let me know.
May’s Calgary Real Estate Market Snapshot
Monday, June 3rd, 2013Want to know what’s really happening in the Calgary Real Estate Market. The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and the effect on the price of Calgary Real Estate. In summary the Calgary housing market is still very strong. Sales are strong and our inventory is on the low side making it a Seller’s market.
Here is the details along with a few comments, all numbers are taken from the Calgary Real Estate Boards Stats package for Realtors.
Calgary Listing Inventory: Inventory levels for all categories except townhouses increased throughout May. The Townhouse inventory dropped only marginally. Seeing our inventory increase is very normal at this time of year as many people wait until spring to list their homes. This trend of increasing inventory should continue for the next few months.
| Inventory |
April 2013 |
May 2013 |
Change |
| Single Family Home |
2977 |
3311 |
+334 |
| Condo Townhouse |
518 |
503 |
-15 |
| Condo Apartment |
871 |
929 |
+58 |
| Total |
4366 |
4743 |
+377 |
Calgary Sales:
Sales increased in all categories except apartment Condo’s this month. Apartment condo sales dropped but by very little. What is important here is that our sales increased at a lower rate than our inventory moving us towards a balanced market (although we have a long way to go). We are still challenged to find good Single Family homes for buyers as there is little choice so many buyers are moving into the townhouse market, the condominium market and surrounding towns.
| Sales |
April 2013 |
May 2013 |
Change |
% Change |
| Single Family Home |
1611 |
1766 |
+155 |
+9.6% |
| Condo Townhouse |
341 |
365 |
+24 |
+7.0% |
| Condo Apartment |
429 |
413 |
-16 |
-3.8% |
| Total |
2381 |
2544 |
+163 |
+6.8% |
Calgary Real Estate Sales Prices: Please note that we are now using the Benchmark price for this comparison.
In May, the benchmark price increased slightly for all categories. This is simply a reflection demand outpacing supply and should continue until the inventory starts to increase faster than sales.
| Sales Prices |
April 2013 Benchmark Price |
May 2013 Benchmark Price |
Change |
| Single Family Homes |
452,900 |
456,900 |
+$4,000 |
| Condo Townhouse |
288,900 |
292,100 |
+$3,200 |
| Condo Apartment |
261,300 |
263,600 |
+$2,300 |
Sales Prices “Year to Date”
Year to date prices have increased in all categories.
| Sales Prices | Dec 31 2012 Benchmark Price |
May 2013 Benchmark Price |
Change |
% Change |
| Single Family Homes |
434,800 |
456,900 |
+$22,100 |
+5.1% |
| Condo Townhouse |
284,100 |
292,100 |
+$8,000 |
+2.8% |
| Condo Apartment |
248,700 |
263,600 |
+$14,900 |
+5.99% |
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 |
|
Balanced Market |
Between 2.8 to 4.0 |
|
Seller’s Market |
<2.8 |
Absorption Rate: Throughout May there was little change in the absorption rate except for the apartment condo market which softened a little.
| Absorption Rate |
April 2013 |
May 2013 |
Change |
| Single Family Homes |
1.85 |
1.87 |
+.02 |
| Condo Townhouse |
1.52 |
1.37 |
-.15 |
| Condo Apartment |
2.03 |
2.25 |
+.22 |
| Total Calgary |
1.83 |
1.86 |
+.03 |
**Please note that these numbers do change on a community basis and more so for towns. If you would like to find stats on your community please contact us.
If you have any questions about this summary or any Real Estate questions please feel free to contact us.
If you know anyone else who might enjoy seeing our monthly summary please feel free to pass this on.
Gord, Eric & Brent
April’s Calgary Real Estate Market Snapshot
Tuesday, April 30th, 2013Want to know what is really happening in Calgary’s Real Estate Market. Bottom line Real Estate is all about supply and demand so that is our focus here. Below you will find a summary of some key Factors with a few short comments. In summary the Calgary housing market is very strong. Sales are strong and our inventory is on the low side making it a Seller’s market. All numbers below are taken from the Calgary Real Estate Boards Stats Package for Realtors.
Calgary Listing Inventory: Inventory levels for all categories increased throughout April. Seeing our inventory increase is very normal at this time of year as many people wait until spring to list their homes. This trend of increasing inventory should continue for the next few months.
|
Inventory |
March 2013 |
April 2013 |
Change |
|
Single Family Home |
2727 |
2977 |
+250 |
|
Condo Townhouse |
484 |
518 |
+34 |
|
Condo Apartment |
796 |
871 |
+75 |
|
Total |
4007 |
4366 |
+359 |
Calgary Sales:
Sales increased in all categories this month. What is important here is that our sales increased at a higher rate than our inventory putting us into an even stronger sellers market than last month. What I am seeing is that good single family homes in the lower price ranges are harder to find and therefore we are seeing more buyers moving into the townhouse market, the condominium market and surrounding towns.
|
Sales |
March 2013 |
April 2013 |
Change |
% Change |
|
Single Family Home |
1480 |
1611 |
+131 |
+8.8% |
|
Condo Townhouse |
283 |
341 |
+58 |
+20.4% |
|
Condo Apartment |
347 |
429 |
+82 |
+23.6% |
|
Total |
2110 |
2381 |
+271 |
+12.84 |
Calgary Real Estate Sales Prices: Please note that we are now using the Benchmark price for this comparison.
In April the benchmark price increased slightly for all categories. This is simply a reflection demand outpacing supply and may continue until the inventory starts to increase faster than sales.
|
Sales Prices |
March 2013 Benchmark Price |
April, 2013 Benchmark Price |
Change |
|
Single Family Homes |
446,500 |
452,900 |
+$6,400 |
|
Condo Townhouse |
286,800 |
288,900 |
+$2,100 |
|
Condo Apartment |
257,700 |
261,300 |
+$3,600 |
Sales Prices “Year to Date”
Once again we saw increases in all categories.
|
Sales Prices |
Dec 31 2012 Benchmark Price |
April 2013 Benchmark Price |
Change |
% Change |
|
Single Family Homes |
434,800 |
452,900 |
+18,100 |
+4.2% |
|
Condo Townhouse |
284,100 |
288,900 |
+4,800 |
+1.7% |
|
Condo Apartment |
248,700 |
261,300 |
+12,600 |
+5.1% |
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 |
|
Balanced Market |
Between 2.8 to 4.0 |
|
Seller’s Market |
<2.8 |
|
Absorption Rate |
March 2013 |
April 2013 |
Change |
|
Single Family Homes |
1.84 |
1.85 |
+.01 |
|
Condo Townhouse |
1.71 |
1.52 |
– .19 |
|
Condo Apartment |
2.29 |
2.03 |
– .26 |
|
Total Calgary |
1.90 |
1.83 |
– .07 |
Yes, we are in a Sellers Market
As you can see above we are in a Seller’s market for all categories and it is getting stronger in favour of sellers. Please note that these numbers do change on a community basis and more so for towns. 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.
If you know anyone else who might enjoy seeing our monthly summary please feel free to share.
Gord, Eric & Brent
Calgary’s March Real Estate Market Snapshot
Monday, April 1st, 2013Below is a short summary of what is really happening in the Calgary Real Estate Market. It cuts through all the extra and provides key information on supply and demand which is what drives prices. For each area I have also included a few comments. All numbers are taken from the Calgary Real Estate Boards Stats package for Realtors. In summary the Calgary housing market is starting off 2013 with very strong sales and our inventory is on the low side putting us in a Seller’s market.
Calgary Listing Inventory: Inventory levels for all categories increased throughout March. Seeing our inventory increase is very normal at this time of year as many people wait until spring to list their homes. This trend of increasing inventory should continue for the next few months.
|
Inventory |
February 2013 |
March 2013 |
Change |
|
Single Family Home |
2408 |
2727 |
+13.2% |
|
Condo Townhouse |
427 |
484 |
+13.3% |
|
Condo Apartment |
704 |
796 |
+13.1% |
|
Total |
3539 |
4007 |
+13.2% |
Calgary Sales:
Sales increased in all categories this month. The trend seems that buyers are coming to the market a little earlier every year. I am also finding that good single family homes in the lower price ranges are harder to find and therefore we are seeing more buyers moving into the condominium market.
|
Sales |
Feb 2013 |
March 2013 |
Change |
% Change |
|
Single Family Home |
1209 |
1480 |
+271 |
+22.4% |
|
Condo Townhouse |
223 |
283 |
+60 |
+25.6% |
|
Condo Apartment |
279 |
347 |
+60 |
+24.4% |
|
Total |
1711 |
2110 |
+399 |
+23.3% |
Calgary Real Estate Sales Prices: Please note that we are now using the Benchmark price for this comparison.
In March the benchmark price increased slightly for all categories. This is simply a reflection of demand outpacing supply and may continue until the inventory starts to increase faster than sales.
|
Sales Prices |
Feb 2013 Benchmark Price |
March, 2013 Benchmark Price |
Change |
|
Single Family Homes |
442,500 |
446,500 |
+4,000 |
|
Condo Townhouse |
283,000 |
286,800 |
+3,800 |
|
Condo Apartment |
252,900 |
257,700 |
+4,800 |
Sales Prices “Year to Date”
Once again we saw increases in all categories.
|
Sales Prices |
Dec 31 2012 Benchmark Price |
March 2013 Benchmark Price |
Change |
% Change |
|
Single Family Homes |
434,800 |
446,500 |
+11,700 |
+2.7% |
|
Condo Townhouse |
284,100 |
286,800 |
+2,700 |
+.95% |
|
Condo Apartment |
248,700 |
257,700 |
+9,000 |
+3.62% |
Absorption Rate (Months of Inventory) (the inventory divided by the number of sales in the last month). What does this mean you might ask?
Below 3.0 indicates a Seller’s Market
Between 2.8 to 4.0 indicates a Balanced Market
Above 4.0 indicates a Buyer’s Market.
|
Absorption Rate |
Feb 2013 |
March 2013 |
Change |
|
Single Family Homes |
1.99 |
1.84 |
-.15 |
|
Condo Townhouse |
1.91 |
1.71 |
-.2 |
|
Condo Apartment |
2.52 |
2.29 |
-.23 |
|
Total Calgary |
2.07 |
1.90 |
-.17 |
= “ Seller’s Market”
As you can see above we are in a Seller’s market for all categories and it is getting stronger in favour of sellers. Please note that these numbers do change on a community basis and more so for towns. 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.
If you know anyone else who might enjoy seeing our monthly summary please feel free to pass this on.
Gord, Eric & Brent
Calgary’s January 2013 Real Estate Market Snapshot
Sunday, February 3rd, 2013In an effort to keep you informed about what is really happening in the Calgary Real Estate Market you will find a summary of some key areas with a few short comments. In summary the Calgary housing market is starting off 2013 on a positive note. All numbers below are from the Calgary Real Estate Board’s Monthly Stats package for Realtors.
Calgary Listing Inventory: Inventory levels for all categories increased throughout January. Seeing our inventory increase is very normal at this time of year as many people wait until the New Year instead of listing over the holidays. This trend of increasing inventory should continue for the next few months.
|
Inventory |
December 2012 |
January 2013 |
Change |
|
Single Family Home |
1859 |
2075 |
+216 |
|
Condo Townhouse |
310 |
369 |
+41 |
|
Condo Apartment |
553 |
640 |
+87 |
|
Total |
2722 |
3084 |
+362 |
Calgary Sales: Sales increased in all categories this month with except apartment condos. This is a very normal trend as people were focused on Christmas in December and put off their home buying until the New Year. The key here is that although sales increased 13.6% the number of listings on the market also increased by 13.3% leaving us in roughly the same market position.
|
Sales |
Dec 2012 |
Jan 2013 |
Change |
% Change |
|
Single Family Home |
745 |
879 |
+134 |
+18.0% |
|
Condo Townhouse |
119 |
147 |
+28 |
+23.5% |
|
Condo Apartment |
219 |
204 |
-15 |
-6.9% |
|
Total |
1083 |
1230 |
+147 |
+13.6 |
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 increased slightly for single family homes and apartment condos and decreased slightly for townhouses.
|
Sales Prices |
Dec 2012 Benchmark Price |
Jan 2013 Benchmark Price |
Change |
|
Single Family Homes |
434,800 |
436,900 |
+2,100 |
|
Condo Townhouse |
284,100 |
283,400 |
(700) |
|
Condo Apartment |
248,700 |
251,300 |
+2,600 |
Absorption Rate (Months of Inventory) (the inventory divided by the number of sales in the last month). What does this mean you might ask?
Below 3.0 indicates a Seller’s Market
Between 3.0 to 4.0 indicates a Balanced Market
Above 4.0 indicates a Buyer’s Market.
|
Absorption Rate |
Dec 2012 |
Jan 2013 |
Change |
|
Single Family Homes |
2.50 |
2.36 |
(.14) |
|
Condo Townhouse |
2.61 |
2.51 |
(.1) |
|
Condo Apartment |
2.53 |
3.14 |
+.61 |
|
Total Calgary |
2.51 |
2.51 |
= |
As you can see above we are in a Seller’s market for all categories except apartment condos. Please note that these numbers do change on a community basis and more so for towns. If you would like to find stats on your community please contact me. If you are thinking of Selling the first half of the year might be best as I expect our inventory to substantially increase by mid-year.
If you have any questions about this summary or any Real Estate questions please feel free to contact us.
If you know anyone else who might enjoy seeing our monthly summary please pass it on.
Gord
Snapshot of Calgary’s Real Estate Market for December 2012
Wednesday, January 2nd, 2013Following is a short summary of what is happening in the Calgary Real Estate Market. All data is taken from the December 2012 Calgary Real Estate Boards monthly Stats package for Realtors. you will also find my comments on each area. Overall the Calgary housing market slowed for the month of December which is very typical for the holiday season.
Calgary Listing Inventory: Inventory levels for all categories decreased again in November. Seeing our inventory decrease is very normal at this time of year as most people like to wait until after Christmas and into spring to list their homes. I believe that starting this week we will see inventory start to rise again.
|
Inventory |
November 2012 |
December 2012 |
Change |
|
Single Family Home |
2586 |
1859 |
(727) |
|
Condo Townhouse |
426 |
310 |
(116) |
|
Condo Apartment |
819 |
553 |
(266) |
|
Total |
3831 |
2722 |
(1109) |
Calgary Sales:
Sales decreased in all categories this month although it’s important to point out that we still beat last year’s sales by 5.6%. This is a very normal trend as people are focused on Christmas and put off their home buying until the New Year. The key here is that although sales decreased by 25.6% the number of listings on the market decreased by 29.0% meaning the market is still very strong.
|
Sales |
Nov 2012 |
Dec 2012 |
Change |
% Change |
|
Single Family Home |
1006 |
745 |
(261) |
(25.9%) |
|
Condo Townhouse |
198 |
119 |
(79) |
(40.0%) |
|
Condo Apartment |
253 |
219 |
(34) |
(13.4%) |
|
Total |
1457 |
1083 |
(374) |
(25.6%) |
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 this month again. In my opinion this is a very healthy market with good activity level and prices showing modest increases. We are however starting to see competing offers in some situations mostly in inner city, single family homes and rental properties.
|
Sales Prices |
Nov 2012 Benchmark Price |
Dec 2012 Benchmark Price |
Change |
|
Single Family Homes |
433600 |
434,800 |
+1,200 |
|
Condo Townhouse |
282800 |
284,100 |
+1,300 |
|
Condo Apartment |
248,000 |
248,700 |
+700. |
As we are at the end of another year here are the YTD numbers
|
Sales Prices |
Dec 2011 Benchmark Price |
Dec 2012 Benchmark Price |
Change |
% Change |
|
Single Family Homes |
399,900 |
434,800 |
+ 34,900 |
+8.7% |
|
Condo Townhouse |
272,700 |
284,100 |
+11,400 |
+4.2% |
|
Condo Apartment |
236,000 |
248,700 |
+12,700 |
+5.38% |
Absorption Rate (Months of Inventory) (the inventory divided by the number of sales in the last month). What does this mean you might ask?
Below 3.0 indicates a Seller’s Market
Between 3.0 to 4.0 indicates a Balanced Market
Above 4.0 indicates a Buyer’s Market.
|
Absorption Rate |
Nov 2012 |
Dec 2012 |
Change |
|
Single Family Homes |
2.57 |
2.50 |
(.07) |
|
Condo Townhouse |
2.15 |
2.61 |
+ .46 |
|
Condo Apartment |
3.24 |
2.53 |
(.71) |
|
Total Calgary |
2.63 |
2.51 |
(.12) |
As you can see above we are in a Seller’s market for all categories. Please note that these numbers do change on a community basis and more so for towns. If you would like to find stats on your community please contact us.
If you have any questions about this summary, the attached stats package or any Real Estate questions please feel free to contact us.
If you know anyone else who might enjoy seeing our monthly summary please feel free to pass it on.
Gord, Eric & Brent
May 2012 Calgary Real Estate Stats Snapshot
Sunday, June 3rd, 2012Calgary 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 |
| 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 |
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 |