Alberta Economy Weighs on April Soft Sale

Apr 2018

click here for City of Calgary data

• Detached sales activity slowed across each district in the city, causing inventory gains. Inventory levels were only significantly higher than long-term averages in the North district, which is likely a reflection of the growth coming from new communities.

• Price changes in the detached market have varied in each district. Year-to-date, the districts seeing price declines have been limited to the North, North East, and East districts. Prices remain over three percent higher than last year in the City Centre and West districts. Citywide detached prices average $502,625 this year 0.49 percent higher than last year.

• Year-to-date apartment condominium sales totaled 823 units. This is 15 percent below last year and 27 percent below long-term averages. New listings have eased slightly over last year, but inventory levels remain elevated, keeping months of supply well above seven months.

• Elevated supply based on sales continues to weigh on apartment condominium prices. In April, the benchmark price totaled $256,700. This is nearly three percent below last year and 14 percent below monthly highs recorded in 2014.

• Year-to-date semi-detached prices remained relatively unchanged over benchmark prices from last year, as gains in the City Centre, North East, West, South, and East districts were offset by declines in the North, North West and South East areas.

• After the first four months of the year, row prices remain nearly one percent above levels recorded last year. Like many other property types, price trends vary depending on the district. Year-over-year price adjustments range from a 1.86 percent increase in the City Centre district to a 6.14 percent decline in the South district.

by CREB

Calgary Housing Stats June 2018

Weak sales persist in Calgary and beyond

for full detail by CREB click here

June 2018

June HOUSING MARKET FACTS

•Detached sales eased while new listings rose across most districts in the city after the first half of the year, keeping inventories elevated.
•The quarterly average months of supply increase compared to last year across all districts, keeping most areas in buyers’ market territory for the second quarter.
•As of the second quarter, detached benchmark prices totaled $504,033. This is just above the previous quarter, but 0.41% below last year’s levels. North East, North, North West and South districts recorded year-over-year quarterly price declines. However, only the North East district saw prices slip further over level recorded in the first quarter of this year.
•After the first half of the year, apartment sales totaled 1,396 units. This is nearly nine per cent below last year and 24 per cent below long-term averages. Easing sales were met with a decline in listings, helping to limit further growth in inventory levels. As of June, there were 1,872 apartment units in inventory, causing the months of supply to ease, averaging 6.8 months for the quarter.
•While most areas of the city are struggling with oversupply, there does appear to be some improvements. While remaining far from long-term averages, In the second quarter the months of supply edged down over first quarter levels in the City Centre, North, North West, West, South, and East districts.
•The easing of the oversupply in most districts helped prevent further declines in quarterly benchmark prices. However, overall second-quarter prices remain over three per cent below last year’s levels, and nearly 14 per cent below the quarterly high.
•Year-to-date sales activity fell for both semi-detached and row product across most districts, but new listings remained similar to last year in the row sector, while increasing by 22 per cent for semi-detached property types. This resulted in stronger inventory gains in the semi-detached market and pushed up the quarterly months of supply to above five months
•While row product did not see the same recent increase in inventory, gains in the previous quarters have not eased, causing the second quarter months of supply to total 5.47. This is similar to last quarter and above the second quarter of 2017 figure of 3.66.
•Semi-detached and row benchmark prices averaged $419,000 and $301,833 in the second quarter. Row prices were nearly 2 per cent higher than the previous quarter and nearly three per cent above last year’s levels. Meanwhile, semi-detached prices were similar to the first quarter, but over two per cent below 2017 levels.
•While some easing in the semi-detached market has occurred, quarterly prices are only two per cent below quarterly highs compared to the row sector which remains over 8 per cent below quarterly highs.