At this early stage it appears that the impact of the flooding has been negligible on the overall Calgary market.
There were only 10 fewer sales in the first week of July compared to last year, despite the following:
- Recall that it was on July 9th of last year that the most recent round of mortgage tightening took effect. Buyers didn’t have much time from when the changes were first announced on June 19th to take action, but it likely accelerated sales briefly before the July 9th implementation period. July 1-7, 2012 sales were up 24.7% from the same period in 2011.
- Active listings (inventory) is down a whopping -19.63% from this time last year. That’s 1,110 fewer listings for buyers to choose from.
- Prices are up year-over-year, eroding affordability. At the end of June, the overall Benchmark price was up +6.79%, median up +3.32% and the average up 5.63%.
- Stampede week started a day earlier this year. Ok, that one is a bit of a stretch, but then again we’re only talking about a difference of 10 sales 😛
By the way, average home prices are up over 13% y/y this month. This spread will decrease in the coming weeks as more sales are posted, but because of the strength of the luxury market average prices will still be boosted.
This is a record of sorts: it’s the first time ever 3 homes have sold for $4,000,000 or over in the same month.
Eighteen homes have sold for a million plus the first week of July.