Market News

NEWS FROM CREB … February was another very strong month in our residential market, and the best February on record since 2014.

“Despite continued Covid-19 restorations, housing activity continues to improve. Much of the strong sales activity is expected to be driven by exceptionally low mortgage rates …. 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”

February’s benchmark price rose over the previous month and currently sits four per cent above last year’s levels. Note however that the apartment condo segment still has high level of inventory compared to sales, which is impacting price recovery in this product type.

Click HERE for full report.

NEWS FROM CREB … 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.”

Click HERE for full report.

Amidst economic challenges, housing market ends 2020 on a high note

With December sales of 1,199, this is the highest December total since 2007.

“Housing demand over the second-half of 2020 was far stronger than anticipated and nearly offset the initial impact caused by the shutdowns in spring. Even with the further restrictions imposed in December, it did not have the same negative impact on housing activity like we saw in the earlier part of the year,” said CREB® chief economist Ann-Marie Lurie.

Attractive interest rates along with prices that remain lower than several years ago have likely supported some of the recovery in the second half of the year. However, it is important to note that annual sales activity declined by one per cent compared to last year and remain well below long-term averages.

January is typically a month where we have lower supply and lower activity on the market compared to the rest of the year. That said, we had fair bit of activity with 863 sales in Calgary and 28 sales in Okotoks. Our months of supply is still hovering around 6 months right now, but this may change as we head into spring market. Year over year price drop is about half percent, so once again the rate of fall has significantly decreased which is great news for all.

If you would like specific data related to your neighbourhood, just give me a shout 403-383-5706!

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As a realtor, I look at numbers for a living. Prices, trends, statistics & all that fun stuff. For those of you who like to reflect on market trends in our local real estate market (in both Calgary and Okotoks), see table below which outlines how our numbers churned out for last month. The good news is that rate of decrease has slowed down and we are moving towards a stable market. Bad news is that our prices have fallen by 3% last year … and a whopping 10% since the 2014 slow-down in our economy. Exact numbers vary by location and product type. If you are curious to know how your neighbourhood has fared, just give me a shout! 403-383-5706 or wilton-clark@shaw.ca

Increased sales combined with easing listings last month have resulted in reduced housing inventories and better market dynamics overall.  While sales were primarily driven by homes priced below $500,000, this is a step in the right direction for our local housing markets.  Our prices are still below last year’s levels by 2.5%, but the rate of decrease has slowed.  So yes, it is still a buyer’s market but things are starting to turn.

In reviewing stats from last month, we can see that Calgary had 7044 active listings on the market, and 1584 sold … which means that at the rate buyers are buying it will take 4.5 months to sell what currently is listed.  In Okotoks, there were 227 active listings on the market with 52 sold … which means that at the rate buyers are buying in Okotoks it will take just 4.4 months to sell what currently is listed.  For three consecutive months now we have seen improved sales activity!  Our year over year prices are still down, but the months of supply in both Calgary and Okotoks have improved substantially.

See the exact breakdown of stats below.  And, for more information about your specific neighbourhood please connect with Andrea directly!