The Canadian housing stats for June were released today and with it came a host of cautious if not pessimistic commentary from the banks. Sales are expected to slow nationwide and “in the near term, affordability will be strained by home prices outpacing income gains in key markets such as Toronto, Vancouver and Calgary.” That’s the outlook going forward. Let’s review what’s currently happening in our market.
The sales-to-new-listings ratio remains above 60% indicating that Calgary is still in a seller’s market. It’s not a stretch to expect that prices are still rising then.
Price growth for condos are showing double-digit percent gains year-over-year. Month-to-date, condo-apartment average prices are up 19.01% while the median increased by 11.94%. Condo-Townhome average and median prices are both up exactly the same: 12.37% (That’s pretty neat, heh)
Single family home average prices are up a mere 0.36% y/y. After setting back-to-back all-time luxury sales records in May and June, high-end sales this month have cooled off. If you take a look at the luxury chart below you’ll see that $1M+ sales are trailing both 2013’s and 2007’s month-to-date tally. To be sure, a new all-time luxury sales record will not stretch to three consecutive months and the market will be hard pressed to set a new monthly record as has been the case for every previous month in 2014. The median price of a single family home is showing an 8.63% annual gain.
Overall activity is brisk with month-to-date sales only one off from 2005’s leading pace. Year-over-year, sales are up 8.99%.