February 1-21, 2012 Calgary Real Estate Update

As of February 6, 2012, in order to align CREB’s data with the MLS® Home Price Index (HPI) there have been several changes made to the data that CREB reports, as well as the upcoming monthly statistics package.

Changes to the data were made to better reflect “Residential” sales. These changes not only provide a better residential picture, they are more consistent with how CREA and the HPI report our housing statistics.

Changes:

-only includes sales by members in Zones A, B, C, D.
-excludes following sales:

  • Vacant lots
  • Time shares
  • Parking stalls
  • Mobile homes

Condominiums have been separated into Condominium Apartments and Condominium Townhouse. Condominium Apartment – includes all “Condominium” title properties that are classified by type as either a low-rise or high-rise apartment. Condominium Townhouse – include all “condominium” titled properties that are not classified as an “Apartment”.

I will continue to report on both calculation methods on my stats page.  You’ll notice however, that CREB’s new method actually reduces the total amount of sales.

Old/new calculation comparison for February 1-21, 2012

And with the switch to the HPI, the increase in average price that results (removing vacant lots, mobile homes) should be a non-issue.  In any case, you’ll have all the statistics at your disposal on this site and Bob Truman’s so you can track whichever method you prefer. For condominiums, you won’t see much of a difference with the new calculation besides having to add townhomes & apt-style sales to find the total. There were those very few times a parking unit sold, etc.

For the weekly updates, I will be posting information using CREB’s new method so that at least my stats jive with the official report.

In the first 3 weeks of February, Calgary single family home sales (SFH) totaled 875, up +4.7% compared to the same time period last year.

(click to enlarge image)

This increase comes despite pending figures being down over 30%, indicating that far more conditional sales are going unreported than the “very rare instance” that CREB had envisioned.   Either many sellers are taking advantage of this new rule, or some industry members mistook the directive and think that all C/S are to be unreported.   Whatever the case, I’m sad to see this statistic rendered useless as it was nice to have a short-term indicator of future activity.

Calgary Condominium

Condo sales are down -4.6% y/y month-to-date with 326. Now that CREB breaks out condos to apartment style and townhomes we can see where the weaker condo segment is.

Apt-style sales are down -13.78% while townhomes have shown an increase of +9.23%.

(click to enlarge)

For more Calgary real estate statistics, visit my website:

One response to “February 1-21, 2012 Calgary Real Estate Update

  1. Small additional comment to the new rule regarding the reporting of conditional sales: In the event that a conditional sale is recorded and the buyers back out, this will remain on the house record and any future potential buyers may conclude that the sale fell through because it failed the house inspection. For this reason it would be best to not report conditional sales and rather be up front on the phone if someone wants to view an (unreported) conditionally sold property.

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