Stories Tagged - Statistics
May 06, 2016 | Cody Stuart
While the sun might be shining in Calgary this spring, this city's resale residential housing market was overshadowed by another month of declining sales and prices in April, according to CREB®.
However, despite inclement conditions, some areas of the city and segments of the market emerged as bright spots, with several posting double-digit sales increases, the board reported in its recent monthly housing summary.
Calgary's West district recorded 128 detached sales in April, a nearly 31 per cent increase when compared to last year. It was followed by the North West, which posted a 20 per cent increase in detached sales with 187 units, the North at more than 11 per cent to 166 detached sales and City Centre at nearly four per cent to 111 detached units.
"Our market is incredibly diverse, and these numbers verify that. Different areas and price points have and will continue to react divergently to economic conditions," said CREB® president Cliff Stevenson.
March 05, 2016 | Mario Toneguzzi
The health of Calgary's residential housing market is only as good as the foundation it's built upon, say analysts, who reference several key indicators that point to a prolonged downturn in the city.
Richard Cho, principal market analysis in Calgary for Canada Mortgage and Housing Corp. (CMHC), noted everything from employment levels to household income and migration to spending levels signal to tough times ahead for the local housing market.
March 01, 2016 | CREBNow
February sales totaled 1,127 units in Calgary, a 6.63 per cent drop over last year and 37 per cent lower than long-term averages for the month, according to CREB®.
In its monthly housing summary, CREB® reported citywide unadjusted benchmark prices totaled $445,000 last month, a 0.63 per cent decline over January and 3.45 per cent lower than levels recorded last year.
"Slow sales and elevated housing inventory has resulted in further price declines," said CREB® chief economist Ann-Marie Lurie. "Given the current economic environment, it is no surprise that consumer confidence and housing demand is being impacted."
Feb. 05, 2016 | Jamie Zachary
Calgary's resale residential housing market picked up where it left off in 2015, with buyers' conditions prevailing through every major category last month, according to CREB®.
Yet with many homebuyers still sitting on the fence, local housing officials caution that historically it's been difficult to find a utopian moment to enter the market.
"Buyers, especially first-time buyers and investors, will do their best to time the bottom, but I think that will be really difficult," said CREB® president Cliff Stevenson, noting that few were able to do so during the last recession in 2008/09 when the upturn happened quickly. "I think this year it will be a guessing game as to when will be the best time to get into the market."
Nov. 02, 2015 | CREBNow
Elevated inventory levels in October contributed to a second consecutive month of price declines in Calgary's resale residential housing market.
Benchmark prices declined 0.7 per cent from the previous month, and 1.2 per cent from the same time last year, to $453,100.
"Persistent weakness in the overall economy continued to impact housing demand in Calgary as October sales were nearly 16 per cent below long-term averages," said CREB® chief economist Ann-Marie Lurie. "In addition, new listings did not decline enough to prevent inventory gains and, ultimately, price contractions."
Sept. 01, 2015 | CREBNow
Calgary's residential resale housing market recorded further easing in absorption rates in August due to weaker sales activity.
Sales in the city declined by 27 per cent to 1,643 units last month relative to the same time last year and 12 per cent below 10-year averages.
"Persistent weakness in the energy sector weighed on sales activity this month, which once again retracted to levels well below the norm for the city," said CREB® chief economist Ann-Marie Lurie.
Aug. 04, 2015 | CREBNow
Declines in residential housing sales activity eased in July, creating, when combined with stable inventory levels, no change to the month-over-month price.
Year-over-year sales fell by 14 per cent to 1,995 units in July, compared to a 17.8 per cent decrease the previous month. Despite the decline, sales activity during the month was consistent with the 10-year average.
While sales decline eased, so too did the decline in new listings, causing the unadjusted sales-to-new listings ratio to edge down to 67 per cent in July and months of supply to increase to 2.53 months.
Aug. 01, 2015 | Joel Schlesinger
Reports suggesting Calgary's housing market is over-valued, supported by recent price corrections, are missing many of the obvious indicators saying otherwise, say experts.
The metrics used to measure affordability simply do not back up the argument that Calgary's real estate market is highly overvalued and ready for a precipitous drop in home values, said Robert Kavcic, a senior economist with Economic Research BMO Capital Markets in Toronto.
"One of the (metrics) we look at is the average mortgage payment as a share of income, and right now that's a little bit above the long-run norm of 27 per cent at about 29 per cent," he said.
July 31, 2015 | Cody Stuart
With the sun in Calgary rising and falling relative to the price of a barrel, it should be no surprise that the city's real estate market will continue to be impacted by economic realities beyond its control, say housing analysts.
Following a first half that can best be described as turbulent, the remainder of 2015 looks to bring more of the same for the city's housing market, with CREB®'s mid-year forecast update suggesting decreases across the board, including moderate price contraction.
"Further job losses are expected in the second half of the year," said CREB® chief economist Ann-Marie Lurie.
"These employment changes, combined with overall weakness and slower-than-anticipated recovery of oil prices, are expected to keep housing demand relatively weak for the rest of 2015.
July 31, 2015 | Cody Stuart
The arrival of 2015 was bound to signal a change of pace for Calgary's resale real estate industry, which had just wrapped a bow around a banner 2014.
In fact, with oil prices showing signs of deteriorating toward the end of 2014, December's four per cent sales decline – following 11 consecutive months of sales increases –was really a sign of things to come.
"Changes in the economic climate are expected to cool housing market conditions in 2015, and December activity may be the first indication of this shift," said CREB® chief economist Ann-Marie Lurie at the time.
That change came early and it came swift, with sales falling by more than 30 per cent in January to five-year lows even though new listings maintained their upward momentum by increasing by 37 per cent compared to the same period last year.