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Stories Tagged - sales

CREB® chief economist Ann-Marie Lurie expects the market to turn around in 2017, but doesn’t expect conditions to return to long-term trends. Photo by Adrian Shellard/For CREB®Now
News

Feb. 05, 2016 | Jamie Zachary

Timing the market

Housing stats indicate some buyers still sitting on the sidelines

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."

News

Feb. 01, 2016 | CREBNow

Housing market remains unchanged in January

Slow sales activity and inventory gains place downward pressure on prices

Calgary's housing market is starting 2016 firmly in buyers' market territory, much the same as last year ended, according to CREB®'s monthly housing summary for January.

"The recent slide in energy prices has raised concerns about near-term recovery prospects for the city," said CREB® chief economist Ann-Marie Lurie. "Energy market uncertainty and a soft labour market are weighing on many aspects of our economy, including the housing sector."

City wide, January sales totaled 763 units, 13 per cent below last year and 43 per cent below long-term averages. While new listings declined by 16 per cent compared to January 2015, the number of new listings far outpaced the sales, causing inventory gains. January's city wide months of supply levels rose above six months.

News

Jan. 12, 2016 | Cody Stuart

5 things about CREB®'s 2016 Forecast

A cloud of uncertainty hangs over top of Calgary's housing market in 2016. To help anxious buyers and sellers, here are a few key numbers from CREB®'s 2016 Economic Outlook & Regional Housing Market Forecast that will shed some light on what's to come.

18,416
After posting 25,543 sales in 2014 and 18,830 in 2015, CREB® is predicting Calgary's resale housing market to decline slightly in 2016 to 18,416 – below the 10-year average. Sales are expected to be down 2.5 per cent in the detached sector, 1.5 per cent in attached and two per cent in apartments. According to CREB® chief economist Ann-Marie Lurie, the beginning of the year will find Calgary in a buyer's market.

Condos, downtown, income, investment, apartment
News

Jan. 12, 2016 | Gerald Vander Pyl

Apartment uncertainty

Beleaguered sector takes brunt of economic downturn

Apartment-style condominiums were the hardest hit within Calgary's resale residential housing market in 2015, with price drops and inventory gains that outpaced both attached and detached products

On an annual basis, the apartment benchmark price slide by 0.4 per cent to $292,818 by the end of November, according to CREB®. In comparison, year-to-date benchmark prices in the detached and attached sectors during the same period actually increased by 1.7 and 2.1 per cent, respectively.

Yet more telling is how apartment prices reacted during the year, as it dropped by four per cent from $298,700 in January to $287,000 in November. During this period, benchmark prices in the detached and attached sectors declined by a more modest 1.5 and one per cent, respectively.

Housing developments such as Mattamy's Southwinds project are expected to add supply to Airdire's market in 2016. Photo by Carl Patzel/For CREB®Now
News

Jan. 12, 2016 | Carl Patzel

Familiar playbook

Surrounding region's housing market to be similarly impacted by sluggish economy: CREB®

The resale residential housing market surrounding Calgary is expected to feel the pinch from a sluggish provincial economy, with prices facing downward pressure from slower sales activity.

In CREB®'s 2016 Economic Outlook & Regional Housing Market Forecast, chief economist Ann-Marie noted Airdrie and the Rockyview and Foothills regions will face similar conditions as that within Calgary.

"The resale residential housing market outside of Calgary will face the same macro-economic influences on housing demand as those within the city in 2016," she said, noting each area will have its own set of circumstances that will influence supply, demand and prices.

Homes by Avi president Charron Ungar says despite the slowdown, his company is seeing serious buyers who are taking advantage of product availability, low interest rates and incentives. Photo by Michelle Hofer/for CREB®Now
News

Jan. 12, 2016 | Barb Livingstone

What's new

Construction declines won't diminish market, says industry

Calgary's new housing market in 2016 will be characterized by a gradual slowdown, with highlights coming from first-time buyers, a resurgent luxury sector and continued multi-family growth, say industry insiders.

Canada Mortgage and Housing Corp. (CMHC) forecasts a 16 per cent decline in Calgary housing starts to 10,000 units, following a 23.9 per cent decline Calgary in 2015.
For single-family homes, that means only 4,000 starts this year — the lowest since 1988 – from 4,138 in 2015.

Multi-family starts are predicted to fall to 6,000 units from 8,895 last year.

Despite the slowdown, Canadian Home Builder's Association-Calgary president Wendy Jabusch believes Calgary's housing market will continue to remain healthy, especially as net-migration numbers to the city continue to be positive. The Conference Board of Canada forecasts levels will total 11,747 in 2016, compared with 14,951 in 2015.

Year-to-date detached sales have declined by three per cent compared to last year, said CREB®. CREB®Now file photo
News

Jan. 12, 2016 | Cody Stuart

On the horizon

Resale housing market expected to navigate ominous conditions in 2016

The year was 2014. The price of oil was soaring sky high, and, like so many other sectors, Calgary's housing market was along for the ride.

What a difference a few years make.

Following the collapse of worldwide oil prices and subsequent cooling of the city's once red hot housing market, the arrival of 2016 now finds Calgary in a time of uncertainty.

In its 2016 Economic Outlook & Regional Housing Market Forecast, CREB® expects resale sales activity to decline by 2.2 per cent from 2015 levels to 18,416 units, and the benchmark price by 3.44 per cent to $438,652.

Often-overlooked statistics such as months of supply and sales-to-new-listings can be key indicators of what's really going on in the housing market, says CREB® chief economist Ann-Marie Lurie. CREB®Now file photo.
News

Dec. 23, 2015 | CREBNow

A look back at 2015 with CREB®'s chief economist

The year according to CREB®'s Ann-Marie Lurie

With the calendar set to turn on what's been a turbulent year in the city's real estate industry, many will wondering what to expect in 2016 and beyond. To help provide a little clarity on just how we got here, as well as a hint as to where we're headed, CREB®Now enlisted CREB® chief economist Ann-Marie Lurie to provide some end-of-year insight.

CREB®Now: ?How would you sum up 2015 in Calgary real estate?

Lurie: It has been a year of weaker demand – definitely challenging economic times resulting in weaker demand. As a result there has been some more inventory than we are used to in the market and there has been some downward regression on pricing. It's completely consistent with what the economic situation has been.

News

Dec. 23, 2015 | Cody Stuart

2015: Year in review

A look back at Calgary's resale residential housing market

If nothing else, 2015 was an interesting year for Calgary's housing market.

While it remained resilient even while oil prices began to slide, the conditions that arose as 2014 drew to a close signaled a change was in the air.

And so as Christmas came and went, December 2014 saw the first year-year-year sales decline following 11 consecutive months of year-over-year growth. And with little expectation that things would change, once-lofty expectations gave way to a more realistic outlook.

News

Aug. 28, 2015 | Cody Stuart

On the move

Calgary homeowners capitalizing on market by going bigger

When Stephanie and Robert Morgan decided to make a step up from their Evanston home, their biggest concern was space for them and their growing family.

After looking at several "lateral" options that would have seen them gain little in the way of square footage, the Morgans decided to make the jump to something significantly bigger

"We really wanted a place that would feel like a home for each member of our family – somewhere where we could each have our own space but also enjoy the common areas without tripping over each other," said Elizabeth, who, along with husband Robert, shares the home with their four-year old daughter.

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CREB® acknowledges that its office is located, and that its REALTOR® members serve, on the traditional territories of the peoples of the Treaty 7 region and Métis Nation of Alberta, Region 3. We honour and acknowledge the members of the Métis community and specifically, the Métis Nation Region 3. In the spirit of reconciliation and because we are all treaty people, we also acknowledge all Calgarians who make our homes in the traditional Treaty 7 territory of Southern Alberta.


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