"We are entering the most active quarters in the housing market with more inventory, which could create some price fluctuation. However, the improving economy is expected to prevent overall prices from slipping by significant amounts." said CREB chief economist Ann-Marie Lurie.
March of this year had 3,447 new listings come to the market in Calgary, a 6.39% increase over last march. Increased listings as we approach the spring market season is expected, but what may hurt prices in Calgary is the slumping sales numbers. Last month there were only 1,374 sales, representing more than a 27% slip in sales compared to March 2017. The addition of the new listings, with slumping sales left us with an inventory of
Sales improved in all property categories in December, bringing the total number of sales for 2017 to 18,882, which is a 6.1% improvement over 2016's 17,796 total sales. It is definitely nice to see more buyers entering the real estate game, and getting off the sidelines. Despite the improved sales, benchmark prices have been dampened by an almost equal increase in new listings. 2017 saw 34,130 new listings come to market; amounting to a 5.77% increase in listings (32,269 total new listings in 2016).
Not all is equal when it comes to price changes
The detached and attached segments of the market remained relatively flat year over year, with a modest 0.63% gain in the benchmark price for a detached
A "Special Claus Offer, also referred to as a purchase contract with a "Sale of Buyers Home Condition", is used when a buyer of real estate has not yet sold their previous home, and either needs or wants to sell that home before committing to buying the next home.
Why is a Sale of Buyers Home Condition required?
In some cases a home owner may wish to move, and ends up finding the home that they would like to purchase, BEFORE they have successfully sold their current home. If the buyer of the new home is not able to qualify for financing to keep both homes, or if they decide that they absolutely do not want to have the chance of ending up owning two properties, they may decide to use a Sale of Buyers
Calgary and area saw another month with elevated inventories, and softening sales. Multiple months of excess supply is showing signs of weighing on prices in the area. No all is bad news though - many economic indicators are pointing to a brighter outlook.
“While economic activity has improved in 2017, it will take some time for this to translate into housing market growth. There have been employment gains, but most of this has occurred in areas with traditionally lower income,” said CREB® chief economist Ann-Marie Lurie.
October had 1,467 sales, representing a reduction of nearly 11% in sales when compared to October 2016. Combine slower sales with 2,604 new listings, and it's obvious that we are
In 2016 the Government introduced new mortgage rules for insured mortgages, or high ratio mortgages (those with less than 20% down). Buyers have to qualify at the set "Benchmark Rate", regardless of what their actual interest rate was going to be on the mortgage.
This effectively reduced buyers purchasing power by a whopping 20%!! Buyers who may have been approved for financing on a $400,000 purchase, were now only able to shop for houses up to $320,000 - a reduction of $80,000! This had a drastic effect on many buyers. Those who were looking at the $400,000 price point may have been considering small detached or semi-detached homes as their first purchase, and were now forced into shopping for apartment style
The Spread Between Sales And Inventory Grows In September
After seeing some improvement for the first half of 2017, September has brought on some less than desirable market changes. Inventory is outpacing sales, and it could have an impact on home prices in Calgary. Below is a brief summary of some interesting statistics drawn from our local Real Estate Market. If you'd like a copy of the CREB® September Monthly Statistics report, Contact Us to request a copy. We can also send you a Monthly Statistic report for your specific community.
Year to date sales at September month end totalled 15,004, placing us over 7% higher than last year for the same time period (13,995 September 2016 YTD). Despite the improvements in sales numbers this
From luxury homes to condominiums, and everything in between, I have always been dedicated to helping you find your perfect home, or sell your current one in Calgary. My new website will bring you all of the tools you need right at your fingertips, from better search functions (give it a try here) and 24-hour listings to more resources for buyers and sellers, and, of course, the excellent customer service that often places me in the top 10 realtors at my brokerage.
About Buying Your Home
A house is one of the biggest purchases you will ever make and not a decision you want to make lightly. I understand that every new homebuyer is unique, and is looking for something just for them. With better search functions and 24-hour listings, my new website
Calgary's Real Estate Market Continues to Show Signs of Improvement
The Calgary area is holding it's ground in the movement to stronger market conditions. April 2017 saw 1917 sales, which is up 8.43% from April of 2016. The average price of a home in Calgary climbed 3.87% to $495,387 when compared year over year. The price stabilization is in part due to the reduced inventory we have seen thus far. Inventory numbers for the month of April sat at 5,495 - which is 12.09% less inventory compared to last April.
The current inventory levels reflect 2.8 months of supply - meaning our market is balanced, with a slight advantage to sellers.
Creb identifies 3 months of supply on the market to be a balanced market. Less than 3 months
Many sellers think that open houses are what is going to sell their home. Open houses have been an integral part of real estate sales for as long as the real estate sales have been occurring. Open houses would have at one point, been an important part of your home marketing strategy. If you are a part of a younger generation, you may struggle to think of a world without the internet, but it really wasn't that long ago. And without the internet, open houses were a great way to showcase your home to several prospective buyers in a short time frame.
Fast forward to today, and we have the internet, with hundreds, if not thousands of real estate websites. On most of these websites you can browse as many listings for
March of 2017 experienced a significant increase in monthly sales, when compared to March of 2016. This March we saw 3269 new listings come to the market in Calgary, and there were 1915 sales in the same month.
This compares to March of 2016 where we had a very similar number of new listings: 3263; and we had 1595 sales that same month. That works out to a 20% increase in the number of sales in March of 2017, versus March of 2016.
Also interesting to note is that March's sales numbers are just shy of June last year, which saw 2042 sales. That was the peak month for the 2016 year having the highest number of sales that month.
The chart below shows the number of new listings versus number of sales, organized by
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.