Inventory increases and sales drop in September, but overall sales for the year remain higher than last year

Strong gains in the first half of 2017 have put Calgary year-to-date sales at seven per cent above last years' levels and 11 per cent below long-term averages, but challenges remain with easing sales and rising new listings.

Inventories rose across all property types to 6,861 units, while both apartment- and attached-style properties saw the highest inventory on record for the month of September.

Market sees modest inventory gains, but overall prices inch up 

Sales exhibited stable growth through the first half of the year in the Calgary housing market, but the number of transactions slowed slightly in July compared to last year.

Citywide sales totaled 1,637 units, six per cent below July 2016 levels. Year-to-date sales activity totaled 11,957 units, nine per cent above last year.

"Sales growth exceeded expectations so far this year. Clients were re-entering the market after delaying decisions until there were some signs of economic improvement," said CREB® president David P. Brown.

January market improves over last year

At 4,112 total units, January's inventory was 18 per cent below last year's levels, according to CREB®, which released its monthly housing summary today.

"While housing conditions continue to favour buyers, a slow transition toward more balanced conditions is helping to ease downward pressure on home prices," said CREB® chief economist Ann-Marie Lurie. "Conditions have improved over last year, but people need to remember that last year's market was one of the weakest on record. Despite the appearance of a major shift in activity, the transition in the housing market is going to be a slow process."

What you should know about the year ahead for Calgary's housing market

CREB® has released its annual economic outlook and regional housing forecast. But what does it all mean? CREB®Now takes readers through the numbers.

18,335
After posting successive sales declines in 2014 (25,552), 2015 (18,839) and 2016 (17,809), CREB® is forecasting MLS® activity in Calgary to rebound slightly in 2017. Citywide sales are expected to total 18,335 units, a three per cent gain over 2016, but 12 per cent below long-term averages. By category, detached sales are predicted to hit 11,550 in 2016, while attached and apartment sales will reach 4,002 and 2,783, respectively.

Calgary housing market to see increased stability, signs of change in 2017: CREB®

The worst might be over for Calgary's housing market, according to CREB®, which is forecasting transitional conditions throughout this year on the back of renewed optimism in the oil patch.

The forecast, captured in the real estate organization's 2017 Economic Outlook and Regional Housing Market Forecast report, comes after more than two years of recessionary conditions that have been manifested by sales and price declines in virtually every corner of the local market.

Few surprises, but still highlights for Calgary's housing market this past year, say experts

In a year of sales declines, price adjustments and mortgage rule changes, the one constant for Calgary's housing market in 2016 was the number of challenges it faced as the result of soft economic conditions, say industry observers.

Yet officials also maintain challenges for some created opportunities for others. And, perhaps more importantly, there is renewed optimism heading into 2017 thanks to improving numbers during the second half of this year and a series of large energy infrastructure announcements.

Detached prices dip below $500,000 for first time since 2014

Coming off a month of stronger sales activity, November's resale residential housing market returned to previous trends, according to CREB®.

In its November housing summary released Dec. 1, year-over-year monthly sales totaled 1,227 units, which is nearly three per cent lower than last year and 17 per cent below long-term averages.

"November was the first full month with CMHC's new lending rules in effect," said CREB® chief economist Ann-Marie Lurie. "As suspected, the gains in last month's sales were temporary. Stringent conditions for borrowers are converging with the current economic climate and weighing on demand."

CREB® chief economist Ann-Marie Lurie has seen a bit of everything in 2016. From buyers' conditions to migrational changes, Calgary's housing market has taken industry observers like herself on a wild ride over the past 12 months.

CREB®Now recently had the chance to sit down with Lurie and reflect on 2016. Here's what she had to say:

CREB®Now: Did 2016 play out the way you expected?

New southwest community by Mattamy to house up to 12,000 people

Come spring, the landscape of Calgary's deep southwest will be undergoing another change, this one being sculpted by Mattamy Homes.

With the snow gone, grading and storm pond construction is expected to get started on the new community of Yorkville, located over more than 190 hectares along the southern boundary of Silverado and moving further south and west.

CREB® points to mortgage rule changes as motivator

For the first time in two years, resale residential housing sales activity in October resembled normal levels, according to a new report.

City-wide sales totaled 1,644 units, which is an increase of nearly 16 per cent over last year, reported CREB® in its monthly housing summary.

"The shift in sales activity this month is likely related to the new mortgage rule changes, inventory gains in the lower price ranges and further price adjustments," said CREB® chief economist Ann-Marie Lurie.