Notions of the housing industry having a “Wile E. Coyote moment’, breathing its “last gasp” or being at the “bottom of the 9th” have proven to be attention-grabbing headlines with little substance.
At this point, some analysts and economists are clinging to their annual predictions of a crash in order to save face, desperately hoping for a trigger that they can later claim they saw all along. Even Nobel Prize winners haven’t been able to time the Calgary market with any degree of accuracy.
Alright, enough of what some think may happen and onto what is happening:
Calgary luxury home sales ($1M+) through 2 weeks have already surpassed the month-end total of every December except for 2012.
Overall sales in Calgary are up 9.06% y/y with prices continuing to inch higher: average price is up 0.61% and the median price has increased 5.65%.
The sales-to-new-listings ratio has climbed over 10% further in the past week and is now at 109.25%. As a result, active listings have fallen by 163 or 5% from last weekend. Many homes are taken off the market for the holidays so expect the number of listings to drop into the new year.