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.

 


Can you say Market Shift?

The Calgary city market is heating up due to less inventory being available in October. Condominium property sales are now accounting for 40% of the whole single family market.

Single-family home inventory on our Calgary MLS® System broken down:

• detached homes:

1,739 Active + 318 Pending Sales = 2,057 Available Inventory
961 Sold in last 30 Days = 2.14 months of supply

• apartment condo homes:

1,034 Active + 169 Pending Sales = 1,203 Available Inventory
438 Sold in last 30 Days = 2.75 months of supply

• town homes:

377 Active + 120 Pending Sales = 497 Available Inventory
322 Sold in last 30 Days = 1.54 months of supply

• semi-detached homes (½ duplexes):

290 Active + 59 Pending Sales = 349 Available Inventory
167 Sold in last 30 Days = 2.09 months of supply

• Total Market:

3,447 Active + 670 Pending Sales = 4,117 Available Inventory
1,888 Sold in last 30 Days = 2.18 months of supply

• Condominium properties (only):

1,394...
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Can you say Market Shift?

Single-family home inventory on our Calgary MLS® System broken down:

• detached homes:

1,967 Active + 338 Pending Sales = 2,305 Available Inventory
985 Sold in last 30 Days = 2.34 months of supply

• apartment condo homes:

1,160 Active + 156 Pending Sales = 1,316 Available Inventory
468 Sold in last 30 Days = 2.81 months of supply

• town homes:

487 Active + 118 Pending Sales = 605 Available Inventory
339 Sold in last 30 Days = 1.78 months of supply

• semi-detached homes (½ duplexes):

336 Active + 54 Pending Sales = 390 Available Inventory
158 Sold in last 30 Days = 2.47 months of supply

• Total Market:

3,957 Active + 668 Pending Sales = 4,625 Available Inventory
1,953 Sold in last 30 Days = 2.37 months of supply

[source: creb, Pillar-9, 2022-09-30]
A normal, and highly desirable, “balanced” market has between 2 and 4 months of inventory supply.
___________________________
Tom Bushey,
Associate Broker & REALTOR®...
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Detached home sales decline as apartment condominium sales rise

City of Calgary, Aug. 2, 2022 – Significant slowdowns in the detached and semi-detached market were nearly offset by sales growth in the apartment and row sectors. This left July sales three per cent lower than levels recorded last year. While this is the second month where sales activity has slowed, total residential sales this month are still amongst the strongest levels recorded in our market.


“Rising lending rates are causing shifts within the market and, as a result, new listings for higher-priced product are on the rise relative to sales activity,” said CREB® Chief Economist Ann-Marie Lurie.


“Meanwhile, there continues to be a lack of supply for lower-priced detached and semi-detached product. This is driving consumers who are looking for affordable homes to purchase apartment- and row-style properties.”


Residential new listings in the city declined compared to what was seen in 2021, but...

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The housing market continues to favour sellers as we move into the summer months and have firmly left the spring market behind us. If you’re thinking of selling, this is a great time to do so! Not only will your home likely be listed on the market for a shorter period of time, but a few sellers are currently receiving multiple offers on their home. This is due to the unusually high demand for housing this year along with what has been a somewhat limited supply of homes available on the market.


However, even in a seller’s market, there are some things you can do to help improve your chances of selling your home and getting the best offer! Here are some tips for selling your home in a seller’s market:

  • List Your Home on a Tuesday: Depending on the location, Tuesday is typically the very best day of the week to put your home up for sale. Most individuals have weekends free or can take a few hours off work during the week should they be interested in a home for sale! They browse...
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City of Calgary, May 2, 2022 – Following an all-time record high month of sales in March, activity slowed down in April. However, with 3,401 sales, it was still a gain of six per cent over last year and a record high for the month of April.


“Despite some of the monthly pullback, it is important to note that sales remain exceptionally strong and are likely being limited due to supply choice in the market,” said CREB® Chief Economist Ann-Marie Lurie. “While further rate increases will likely start to dampen demand later this year, more pullbacks in new listings this month are ensuring the market continues to favour the seller, resulting in further price gains."


New listings trended down relative to last month and levels recorded last year. With the sales-to-new listings ratio remaining above 74 per cent, there was not much of a shift in overall inventory levels.


With 4,850 units in inventory, we are nowhere near record low inventory levels, however, levels are far...

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City of Calgary, April 1, 2022 – For the second month in a row, sales activity not only reached a monthly high but also hit new record highs for any given month. Gains occurred across every property type as they all hit new record highs.


An increase in new listings this month helped support the growth in sales activity. However, inventories have remained relatively low, ensuring the market continues to favour the seller.


“While supply levels have improved from levels seen over the past four months, inventory levels are still well below what we traditionally see in March, thanks to stronger than expected sales activity,” said CREB® Chief Economist Ann-Marie Lurie. “With just over one month of supply in the market, the persistently tight market conditions continue to place significant upward pressure on prices.”


With an unadjusted benchmark price of $518,600 this month, the monthly gain increased by another four per cent. After three consecutive gains, prices...

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City of Calgary, March 1, 2022 – Thanks to a surge in new listings, sales activity reached a record high for the month of February with 3,305 sales. The rise in new listings caused adjusted inventories to rise above last months levels. However, with only one month of supply, the market continues to favour the seller.


“Sales have been somewhat restricted by the lack of supply choice in the market. While sellers did respond with a record level of new listings this month, the demand has been so strong that the housing market continues to remain undersupplied causing further price gains,” said CREB® Chief Economist Ann-Marie Lurie.


The total residential benchmark price for the city rose by nearly six per cent over January levels and was over 16 per cent higher than levels recorded last February. Much of the growth has been driven by the detached segment of the market which has not seen conditions this tight in over 15 years.


This is the fourth consecutive month that the...

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City of Calgary, Feb. 1, 2022 – Thanks to persistently strong sales, inventory levels in the city eased to 2,620 units, the lowest levels seen since 2006. This caused the months of supply to remain exceptionally low for this time of year at 1.3 months.


The tight market conditions contributed to further upward pressure on prices. The unadjusted benchmark price in January reached $472,300, a monthly gain of nearly two per cent and a year-over-year gain of 12 per cent.


“Expected gains in lending rates are contributing to persistently strong demand in the housing market, as purchasers are eager to get ahead of any increases,” said CREB® Chief Economist Ann-Marie Lurie.


“We did see more listings this month, but it did little to change the market balance or take any pressure off prices. This was expected, as these conditions should persist for several more months.”


There were 2,009 sales in January, well below record levels, but over 98 per cent higher than long-term...

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As of January 3rd, 2022, the Alberta MLS® System rules will be reverting back to the way it was sometime pre-2014, prior to in individual Alberta real estate boards merging the MLS System rules. MLS® Systems are owned by REALTOR Members.


Here are the changes:

  1. Listings in pending status on the MLS® System will continue to be marketed to REALTOR.ca and third-party websites. This is back in line with term 4.2 of the Seller Representation Agreement that property listings will continue to be marketed until sold.
  2. When a seller accepts a conditional offer, the listing must be reported pending in the MLS® System (within two business days). Sellers cannot opt out of reporting their conditionally sold listing as pending.
  3. Sellers get to choose if they show their properties while they are in pending status. If a seller does not want to show their property, they should provide written instruction to the brokerage through their REALTOR® to decline showing requests.
  4. Pending listings...
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October 2021: Market continues to favour the Seller

Residential sales totalled 2,186 in October, a record high for the month and over 35 per cent higher than longer-term averages. Year-to-date sales are on pace to hit new record highs and are currently 61 per cent higher than average activity recorded over the past five years and 42 per cent higher than 10-year averages.


“Moving into the fourth quarter, the pace of housing demand continues to exceed expectations in the city,” said CREB® chief economist Ann-Marie Lurie.


Read the full report on the CREB website.




The following data is a comparison between October 2021 and October 2020 numbers, and is current as of November 2021.





Click here to view the full City of Calgary monthly stats package.


Click here to view the full Calgary region monthly stats package.

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In the last year there has been a pent-up demand in buyers looking to buy a home in the Calgary market. With some sellers still hesitant to let prospective homebuyers in their homes, there remains an undersupply of homes. You’ve probably seen homes which are selling within hours, or within a day or two of being on the market. Or you hear of an agent bragging that a home they listed for sale for "over asking price." This brings us to the first mistake to avoid in selling your home: Don’t undervalue your home! A home that sells immediately has almost always been underpriced. A good rule of thumb is that homes should sell in 1 month. Don’t fall for the current artificially created sellers' market that we appear to be in.


The second mistake to avoid is not getting your Real Property Report (RPR) updated BEFORE you list your home for sale. The number one issue that lawyers have in real estate transactions are issues with real property reports not being current. As a realtor,...

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City of Calgary, Nov. 1, 2021 – There were 2,186 sales in October, a record high for the month and over 35 per cent higher than longer-term averages. Year-to-date sales are on pace to hit new record highs and are currently 61 per cent higher than average activity recorded over the past five years and 42 per cent higher than 10-year averages.


“Moving into the fourth quarter, the pace of housing demand continues to exceed expectations in the city,” said CREB® Chief Economist Ann-Marie Lurie.


“Much of the persistent strength is likely related to improving confidence in future economic prospects, as well as a sense of urgency among consumers to take advantage of the low-lending-rate environment.”


New listings have improved relative to last year, but stronger sales caused further easing in inventory levels, which remain 16 per cent lower than last year and longer-term averages for the month. Supply levels have struggled to keep pace with demand, but...

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I was reading an online report this week and was stumped by one of the quoted figures in the report published... The quoted condo sales figure for Calgary looked like half of what it has been for all the time that I have been in the real estate business at about 30 per cent of total sales.


So, I calculated the actual statistics from January 1 to October 30th of this year.


Total Recorded Sales: 23,806


Total Condominium Sales: 6,941 = 29.2%


Condominium Sales breakdown:

Apartments: 3,501

Detached homes: 61

Row/Town homes: 3,115

Semi-detached: 264


[source: CREB/Pillar-9]


As almost everyone realizes that this year has been anything but usual for real estate in Calgary. The share of condo sales at 29 per cent is particularly low, and I expect that number to return to at least a third of the market share in this coming year.

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City of Calgary, Oct. 1, 2021 – Residential sales totalled 2,162 in September, nearing the record high for the month recorded in 2005. Further gains in new listings likely supported some of the sales growth that occurred this month.


“While sales activity in the fall tends to be slower than in the spring months, the continued strong sales are likely being driven by consumers who were unable to transact earlier in the year when supply levels had not yet adjusted to demand,” said CREB® chief economist Ann-Marie Lurie. “The market continues to favour the seller, but conditions are not as tight as they were earlier this year.”


Inventory levels in September eased to 5,607 units, keeping the months of supply below three months. However, there is significant variation depending on property type and the tightest conditions continue to be in the detached market, with under two months of supply. At the same time, the apartment condominium sector is not facing...

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If you’re on the fence about whether or not you want to sell your house this year, there’s good news. Licensed real estate professionals are highly experienced in how to sell houses safely during the pandemic. Over the last year, agents have adopted new technologies and safety measures designed to keep you safe. And experts say these practices are here to stay. As Bob Goldberg, CEO of the National Association of Realtors (NAR) representing most licensed real estate professionals in the United States, puts it:


“The pandemic has confirmed to all of us in the industry that technology will continue to transform real estate.”


Below is a closer look at some of the new tools real estate professionals are using to better serve sellers.

New and Existing Technology Are Impacting the Process

In the 2021 Realtor Technology Survey, NAR asked real estate professionals their opinions on the most valuable pieces of technology for their business over the past 12 months....

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August 2021: Market continues shift toward more balanced conditions after torrid start to the year

Citywide sales in August reached 2,151 units, 37% higher than last year and 25% higher than long-term trends. Sales have slowed from the record-setting pace seen earlier this year, but on a year-to-date basis, the eight-month total of 19,516 sales is higher than annual sales figures recorded over the past six years.


“Sales have far exceeded expectations throughout most of the pandemic, driven mostly by demand for detached homes. At the same time, supply could not keep pace and conditions shifted to favour the seller, something that has not happened in over six years,” said CREB® chief economist Ann-Marie Lurie.


Read the full report on the CREB website.




The following data is a comparison between August 2021 and August 2020 numbers, and is current as of September 2021.





Click here to view the full City of Calgary monthly stats package.


Click here to view the full Calgary region...

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February 2021: Sellers’ market leads to rising prices.

With gains in every price range, residential sales activity in February totalled 1,836 units. This reflects the best February since 2014.


Sales activity improved across all product types and across all price ranges.


“Despite continued COVID-19 restrictions, housing activity continues to improve. Much of the strong sales activity is expected to be driven by exceptionally low mortgage rates,” said CREB® chief economist Ann-Marie Lurie.


“Confidence is also likely improving as vaccine rollouts are underway. Additionally, some of the worst fears concerning the energy sector are easing with recent gains in energy prices.”


New listings also improved in February, but the gap between new listings and sales narrowed. This is causing the sales-to-new-listings ratio to rise to 65 per cent, keeping the months of supply well below three months.


Read the full report on the CREB Now website.




The following data is a...

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January 2021: sales activity signals strong start to the year

January sales were the highest they have been for the month since 2014, as housing market momentum from the end of 2020 carried over into the start of 2021.


Sales activity improved across all product types and across all price ranges.


“Discount lending rates are exceptionally low, which is likely attracting all types of buyers back into the market,” said CREB® chief economist Ann-Marie Lurie.


“New listings in the market were also slightly higher than what was available over the past two months, which is providing more options to purchasers.”


Read the full report on the CREB Now website.




The following data is a comparison between January 2021 and January 2020 numbers, and is current as of February 2021.





Click here to view the full City of Calgary monthly stats package.


Click here to view the full Calgary region monthly stats package.

Read full post

City of Calgary, February 1, 2021

The number of January sales were the highest they have been for the month since 2014, as housing market momentum from the end of 2020 carried over into the start of 2021.


Sales activity improved across all product types and across all price ranges.


“Discount lending rates are exceptionally low, which is likely attracting all types of buyers back into the market,” said CREB® chief economist Ann-Marie Lurie.


“New listings in the market were also slightly higher than what was available over the past two months, which is providing more options to purchasers.”


January’s new listings were 2,246 relative to the 1,208 sales in the market, causing inventories to edge up over December levels. These types of movements are typical for January, but 2021 is starting the year with 4,035 units in inventory. This is far lower than the past six years.


Benchmark prices remained at levels relatively consistent with prices recorded at the end...

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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.