A blog cannot deal with all aspects of a subject and is not intended to replace professional advice. It's purpose is to highlight information and identify areas of possible interest. Anyone wishing to discuss this blog or to make any comments or suggestions about this blog is invited to do so by either posting comments or emailing me directly.


August 24, 2018 - How's the Calgary real estate market?

As a mid-summer update — with just one week left in the month of August! I pulled the current Calgary MLS® System statistics a few moments ago.

So, how is the market?

Here is the breakdown as of this morning:

Total Calgary MLS® System within Calgary for residential properties for sale:

  • 8,705 properties available in inventory
  • 1,500 properties marked sold in the last 30 days
  • That makes 5.8 MONTHS of inventory  a BUYERS' market


  • 4,748 properties available in inventory
  • 945 properties marked sold in the last 30 days
  • That makes 5.02 MONTHS of inventory  a BUYERS' market

ATTACHED homes (townhouses and 1/2 duplexes):

  • 2,152 properties available in inventory
  • 314 properties marked sold in the last 30 days
  • That makes 6.85 MONTHS of inventory  a strong BUYERS' market 


  • 1,805 properties available in inventory
  • 241 properties marked sold in the last 30 days
  • That makes 7.49 MONTHS of inventory  a strong BUYERS'...

CREB 75 media release

Mid-year market update: economic conditions continue to weigh on housing

City of Calgary, Aug. 15, 2018 – Stricter lending criteria, higher rates and a slow economic recovery weighed on housing demand over the first half of 2018.

This is causing sales to ease more than originally anticipated. 

"Easing sales combined with rising inventories has pushed the market into an oversupply situation for all products, affecting pricing for all products, which include detached, semi-detached and row, and apartment," said CREB® chief economist Ann-Marie Lurie.

Overall, prices are expected to ease by over one percent across the city, with expected declines ranging from 2.5 percent in the apartment sector to nearly one percent in the detached sector.

"Prices were not expected to improve this year. However, supply has not adjusted fast enough to weaker than expected demand. This is causing us to make a downward revision from earlier estimates."

Economic recovery is expected to gain further traction in the latter half of 2018. This is expected to help limit the pullback in demand, but it is unlikely it will be enough to offset declines that occurred in the first portion of the year. 

Sales activity within the city is expected to decline by 9.7 percent to 17,047 units, a downward revision from previous forecasted levels.

Easing sales continue to be met with a rising number of new listings on the market, keeping inventories elevated. Slight improvements in conditions for the second half of the year are expected to reduce some of the upward pressure on inventories. However, it is also unlikely the issues of oversupply will correct this year, causing modest price easing across most product types.

"Patience is required during periods of recovery," said CREB® president Tom Westcott.

"This is a market where a solid pricing strategy will make a sellers' home more attractive," said Westcott. "The same kind of strategic thinking is true for buyers who need to consider local market trends against long-term property value to make an informed purchase decision."

Why is the housing market struggling to recover?   

  • Higher lending rates and stricter qualifications are preventing some first-time buyers from transitioning to the ownership market. This is also impacting the ability of some existing homeowners to consider moving up to a higher price point. 
  • While the economy is improving, this remains a story of recovery, as the economy has not yet reached the levels of pre-recession activity.
  • The type of job growth has shifted, as employment gains have not occurred in our traditional sectors. 
  • Consumer confidence continues to be impacted by concerns about Alberta's prospects and how much more this could impact housing prices, particularly now with elevated inventories.

Patience required in Calgary’s housing market recovery

City of Calgary, August 1, 2018 – Recent struggles in the job market, accompanied by yet another interest rate increase, is piling on to the decisions potential purchasers have to make in the housing market.

The month of July saw 1,547 units sold in Calgary, nearly five percent below last year. New listings eased to 2,964 units, causing inventories to total 8,450 units. With more supply than demand, prices continued to edge down, with a citywide average of $435,200. This amounted to a month-over-month price decline of 0.30 percent and year-over-year decline of 1.89 percent.

"Despite some positive momentum in some aspects of our economy, our job market has continued to struggle as of late, with some easing in total employment levels over the past few months and persistently high unemployment rates," said CREB® chief economist Ann-Marie Lurie.

"Also, the Bank of Canada raised rates again in July. Rising costs, combined with a slow recovery, are weighing on the demand for resale...

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
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.