Posts Tagged ‘YYC Real Estate Market’

Calgary Real Estate Market Snapshot for Aug 1, 2024

Thursday, August 1st, 2024

What is really happening in the Calgary Real Estate Market?

 

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

Graph showing Months of Inventory for Calgary Real Estate Market

Graph showing Months of Inventory for Calgary Real Estate Market

 

 

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

July 2024 Highlights

Change is here:

  • Our Months of Inventory continues to rise. We are still technically in a Sellers Market, but we are trending quickly towards a more balanced market.
  • Inventory continues to rise a little each week.
  • Overall Benchmark Prices stayed much the same over July.

 

Calgary Listing Inventory

Our listing inventory increased again in July. All sectors increased by between 9.5%-12% except the Semi-Detached sector where the Inventory decreased by 2%.

 

Calgary Sales:

Sales in July slowed and ended up being 13.11% lower than Junes Sales. Part of this is the normal

trend of sales slowing in the summer due to vacations, but I believe a larger part of it is less buyers

pulling the trigger on a home purchase.

 

Sales Compared to 2023: 

Sales in July compared to 2023 were down 264 sales or 10.0% which tells me the slowdown is not just seasonal.

This is another indication to me that the market is finally starting to slow.

 

  Jan Feb Mar Apr May June
2023 1198 1738 2135 2686 3117 3140
2024 1650 2135 2664 2881 3092 2738
Change +452 +397 +529 +195 -25 -402
% Change 37.7% 22.8% 24.8% 7.3% – .8% -12.8%

 

  July Aug Sept Oct Nov Dec
2022 2644
2023 2380
Change -264
% Change <10%

 

Calgary Real Estate Benchmark Sales Prices:

The overall Benchmark price declined by a total of $1300. Or .21% so a small change.  which is a much smaller increase than what we have been seeing.

 

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

Year to date the entire market has increased by $36,600 or 6.42% which is substantial.

 

Current Months of Inventory (Absorption Rate):  Our Months of Inventory increased in all sectors. The increases were quite substantial compared to what we have seen in the last 8 months. Increases were:  Semi-Detached – .18,  Detached -.39, Attached Row- .16, Apartment Condos -.36

 

My Prediction for what is ahead: 

I believe the landscape has changed and the market will continue to soften over the next few months. I believe we will get back to a balanced market and prices will stabilize. My gut feel is that we will not get into a buyer’s market soon as Calgary is still seeing vast numbers of people moving here which is likely to keep the market active.

 

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

 

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

Calgary Real Estate Boards Stats

Calgary Real Estate Boards Stats

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Calgary Real Estate Market Snapshot February 1, 2024

Thursday, February 1st, 2024

What is really happening in the Calgary Real Estate Market?

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

Graph of Months of Inventory

Graph of Months of Inventory

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

January 2024  Highlights

The seasonal slowdown is over and here we go again!

  • Inventory decreased again however only marginally.
  • Sales increased by 20.79 over December.
  • Prices increased slightly.
  • Seller’s market continues….

 

Calgary Listing Inventory

Our listing inventory declined but by only fourteen listings, so we are the same as last month.

 

Calgary Sales:

Sales in January increased over December by 20.79%   The reason for this increase is that new listings increased to 2137 new listings in January compared to 1248 new listings in December. I have said it before, and I will say it again that our sales depend on the number of listings as the demand is far more substantial than our supply.

 

Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for November were up by 8.8% from last year. The demand is still extraordinarily strong so the more we can list the more we sell.

 

  Jan Feb Mar Apr May June
2022 1198
2023 1650
Change +452
% Change 37.7%

 

  July 2023 Aug 2023 Sept 2023 Oct 2023 Nov 2023 Dec 2023
2022 2249 2133 1893 1855 1642 1200
2023 2647 2729 2441 2171 1787 1366
Change +398 +596 +548 316 +145 +166
% Change +17.7% 27.9% +28.9% +17.1% 8.8% 15.5%

 

Calgary Real Estate Benchmark Sales Prices:

The overall Benchmark price increased by $2,200, All sectors increased except Semi-Detached which declined by $2,100. Detached homes saw the largest increase at $4,800.

 

Calgary Real Estate Benchmark Year to Date Sales Price:  Same as above. 

 

Current Months of Inventory (Absorption Rate): 

Our Months of Inventory declined again by .28 putting us into an even deeper Sellers Market. The only sector that increased was the Semi-Detached sector and it increased by .1.

My Prediction for what is ahead: 

2024 will be a year of a Sellers Market and we will see substantial price increases in all Sectors. The root cause of our market imbalance continues to be immigration and I do not see that changing anytime soon.

 

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

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

 

Blog Link:

 

See Stats from the Calgary Real Estate Market Below

Calgary Real Estate Board Stats

Calgary Real Estate Board Stats

 

 

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Calgary Real Estate Market Snapshot – October 1, 2022

Monday, October 3rd, 2022

What is really happening in the Calgary Real Estate Market?

 

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

Months of Inventory Trendline

Months of Inventory Trendline

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

August 2022 Highlights

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

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

Calgary Listing Inventory

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

 

 Calgary Sales:

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

 

 Sales Compared to 2021: 

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

 

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

  

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

 

 Calgary Real Estate Benchmark Sales Prices:

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

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

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

Current Months of Inventory (Absorption Rate): 

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

 

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

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

 

 

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

Calgary Real Estate Stats

Key Stats from the Calgary Real Estate Boards Stats Package.

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Calgary Real Estate Market Snapshot – Sept 1, 2022

Thursday, September 1st, 2022

What is really happening in the Calgary Real Estate Market?

Months of Inventory Trendline

Months of Inventory Trendline

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

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

August 2022 Highlights

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

 

Calgary Listing Inventory

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

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

 

Calgary Sales:

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

  

Sales Compared to 2021: 

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

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

 

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

  

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

  

Calgary Real Estate Benchmark Sales Prices:

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

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

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

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

Current Months of Inventory (Absorption Rate): 

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

 

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

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

 

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

Calgary Real Estate

Key Stats from the Calgary Real Estate Boards Stats Package.

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Calgary Real Estate Market Snapshot, Aug 1, 2022

Tuesday, August 2nd, 2022

What is really happening in the Calgary Real Estate Market?

PS: The sky is not falling!

 

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

Months of Inventory Trendline

Months of Inventory Trendline

 

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

July 2022 Highlights

  • The sky is not falling
  • We are seeing a decrease in Inventory and a slight decrease in sales.
  • Overall market is still in a Sellers Market position
  • Overall, we saw a marginal decrease in prices.

 

Calgary Listing Inventory

Listing inventory increased in all Semi-detached and Apartment sectors while Detached homes and Row homes saw a decrease in inventory.  Overall inventory is 67 listings less than last month. Typically in July we see inventories start to rise.

 

Calgary Sales:

All sectors saw a decrease in Sales in July.  Overall sales in July were 2254 down from 2842 in June.  Seeing sales decrease in July is what we would typically expect for July.  People are focused on summer and vacations.  We will likely see this trend until the end of the year.

  

Sales Compared to 2021: 

Calgary home sales for July were just slightly lower than July of 2021. July sales this year were down by 60 over 2021 or 2.7%.  This is telling me that our reduced sales are more seasonal and less to do with higher interest rates.

 

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

 

 

  Aug Sept Oct Nov Dec
2020 1574 1702 1763 1438 1199
2021 2151 2162 2186 2110 1737
Change +577 +456 + 423 +672 +538
% Change 136.6% 126.7% 123.9% 146.7% 144.9%

 

 Calgary Real Estate Benchmark Sales Prices:

The benchmark price for all sectors combined decreased by $3900 for the month.

It is interesting that even though we are technically in a seller’s market we are seeing price decreases.  In my opinion this is being driven by the national media stating housing is falling and therefore buyers are acting cautiously and acting like it is a buyer’s market.

 

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

Year to date all sectors have seen substantial increases with the highest increases being in the detached sector. See chart below for details.

 

Current Months of Inventory (Absorption Rate): 

The months of inventory continues to increase at a slow rate. Over all sectors, the months of Inventory increased by .47 so twice as fast as in June. We are still in a sellers market position in the Detached, Semi-detached and the Attached Row sectors while the Apartment Condo sector has now moved into balanced market territory.

 

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

Based on what I am seeing we are on our way towards a more balanced market. As noted above apartment condos have already entered balanced territory. If we keep up at the same pace, we will move into an overall balanced market by mid September.  What is interesting is this is after mortgage rates went up which seems to be having little affect on the market so far.  Time will tell, but Alberta’s economy seems to be doing much better and lots of people are moving to Calgary which may keep our market relatively strong compared to other parts of Canada.

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

Calgary Real Estate

Key Stats from the Calgary Real Estate Boards Stats Package.

If you would like to find out how the Market is fairing in your community please contact us.

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