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January sales signal strong start to 2021 – January 2021 Real Estate Statistics Report

Tuesday, February 2nd, 2021

January sales signal strong start to 2021

City of Calgary, February 2021

 

January sales were the highest they have been for the month since 2014, as housing market momentum from the end of 2020 carried over into the start of 2021.

 

Sales activity improved across all product types and across all price ranges. “Discount lending rates are exceptionally low, which is likely attracting all types of buyers back into the market,” said CREB®chief economist Ann-Marie Lurie.

 

“New listings in the market were also slightly higher than what was available over the past two months, which is providing more options to purchasers.”

 

January’s new listings were 2,246 relative to the 1,208 sales in the market, causing inventories to edge up over December levels. These types of movements are typical for January, but 2021 is starting the year with 4,035 units in inventory. This is far lower than the past six years.

 

Benchmark prices remained at levels relatively consistent with prices recorded at the end of 2020, but they reflect a year-over-year gain just below two percent.

 

View the full report here: January 2021 Statistics Report

 

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Amidst economic challenges, housing market ends 2020 on a high note – December 2020 Real Estate Statistics Report

Sunday, January 24th, 2021

Amidst economic challenges, housing market ends 2020 on a high note

 

City of Calgary, January 2021

With December sales of 1,199, this is the highest December total since 2007.

“Housing demand over the second-half of 2020 was far stronger than anticipated and nearly offset the initial impact caused by the shutdowns in spring. Even with the further restrictions imposed in December, it did not have the same negative impact on housing activity like we saw in the earlier part of the year,” said CREB® chief economist Ann-Marie Lurie.

 

Attractive interest rates along with prices that remain lower than several years ago have likely supported some of the recovery in the second half of the year. However, it is important to note that annual sales activity declined by one per cent compared to last year and remain well below long-term averages.

 

New listings in December increased by 11 per cent. However, the number of sales exceeded the number of new listings in December contributing to further declines in inventory.

 

Reductions in supply and improving demand in the second half of the year have contributed to some of the recent price improvements in the market. However, the recent gain in the benchmark price was not enough to offset earlier pullbacks as the annual residential benchmark price in Calgary declined by one per cent over last year.

 

The pandemic has resulted in a significant shift in economic conditions, yet the housing market is entering 2021 in far more balanced conditions than we have seen in over five years. This will help provide some cushion for the market moving into 2021, but conditions will continue to vary depending on price range, location, and product type.

 

View the full report here: December 2020 Statistics Report

 

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Sales activity remains strong in November – November 2020 Real Estate Statistics Report

Saturday, December 12th, 2020

Sales activity remains strong in November

 

City of Calgary, December 2020

 

For the sixth month in a row, sales in the Calgary market recorded a year-over-year gain.

 

Sales growth over the past several months has been the strongest seen in the past five years, but the activity has not been strong enough to offset the pullbacks from the spring. Year-to-date sales remain over three percent lower than last year’s levels.

 

New listings continue to slow, reducing inventory in the market. On a year-to-date basis, new listings have eased by nearly ten percent and are at the lowest level recorded since 2001. This has reduced the oversupply that has been impacting the market for nearly five years.

 

“The gains in sales in the latter part of this year have been a bit surprising considering the job losses and unemployment rate in our city,” said CREB® chief economist AnnMarie Lurie.

 

“However, it is important to note that the shift to more balanced conditions has been mostly driven by the reduction of supply.”

 

Tighter conditions in the housing market have contributed to some of the recent gains in benchmark prices. As of November, the benchmark price was $423,600. This is nearly two percent higher than last year’s levels.

 

However, conditions vary depending on price range. There is not a lot of supply for affordable homes in each product type because of high demand. This is likely causing differing price trends in the lower end of the market versus the higher end.

 

View the full report here:November 2020 Statistics Report

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Detached homes drive Calgary sales growth in October – October 2020 Real Estate Statistics Report

Sunday, November 8th, 2020

Home sales rise along with supply

 

City of Calgary, November 2020

 

With strong gains in the detached sector, October sales in the city reached 1,764 units. This is a 23 percent increase over last year and well above longer-term averages.

 

The gain in citywide residential sales outpaced the growth in new listings, supporting tighter market conditions and improving prices.

 

“Over the past several years, higher lending rates and the stress test pushed many out of the detached housing market. However, recent declines in rates, combined with prices that are lower than several years ago, have brought back some of that demand,” said CREB® chief economist Ann-Marie Lurie.

 

“This is helping support more balanced conditions and price improvements in the market. However, price improvements are not occurring across all product type and price ranges and downside risk still hangs over future conditions.”

 

Improving sales over the past four months were not enough to offset the pullbacks in the second quarter, leaving year-to-date sales nearly six percent below last year’s levels.

 

The same is also true for prices. Benchmark prices have trended up over the past four months and October prices were slightly higher than 2019. On a year-to-date basis, prices are one percent lower than last year’s levels and nearly 10 percent below previous highs.

 

View the full report here: October 2020 Statistics Report

 

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Home sales rise along with supply – September 2020 Real Estate Statistics Report

Sunday, October 18th, 2020

Home sales rise along with supply

 

City of Calgary, October 2020

 

September sales activity jumped to 1,702 units, the strongest September total since 2014.

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New listings in September improved over last month, but levels remained comparable to the previous year. The increase in sales relative to new listings did prevent any monthly gains in inventory levels, but supply in the market is still down 12 percent compared to last year.

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“The recent rise in new listings, combined with low lending rates and softness in prices, has helped support some of the recent upward trend in sales,” said CREB® chief economist Ann-Marie Lurie.

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“However, conditions vary significantly based on the price range and property type.”

The adjustment in supply relative to demand has caused the housing market to move toward more balanced conditions. The current 3.7 months of supply represents the most balanced conditions seen for September in over five years. This has helped support some of the recent monthly gains in prices.

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Total residential benchmark prices have trended up over the past three months, resulting in September prices that are similar to prices recorded at the same time last year.

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Despite some of the recent improvements, the impact of COVID-19 is still present. Year-to-date sales remain nearly nine percent below last year’s levels, while city-wide prices are still over one percent lower than last year. Considerable risk also weighs on the housing market due to economic uncertainty and a struggling labor market.

 

View the full report here: September 2020 Report

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August home sales consistent, but COVID-19 impacts continue – August 2020 Real Estate Statistics Report

Sunday, September 20th, 2020

August home sales consistent, but COVID-19 impacts continue

 

City of Calgary, September 2020

 

Total residential sales in August were relatively stable compared to last year with year-over-year gains in the detached and row sectors.

 

These gains offset declines in the apartment and semi-detached products. With 1,573 sales in August, this is consistent with levels over the past five years. Year-to-date sales activity remains nearly 13 percent below last year.

 

“Recent national reports have shown a bounce back to new record levels over the past several months. Calgary has seen improvements over the lows recorded during the lockdowns but is far from record levels,” said CREB® chief economist Ann-Marie Lurie.

 

“The situation in Calgary has been slightly different as the job losses were not isolated to sectors that are typically associated with rental demand. We have started to see improvements in the job market compared to previous months as some jobs start to return.” However, the impact of COVID-19 on the economy is not over.

 

“There have been more than 100,000 jobs lost since last year and Calgary’s unemployment rate sits at 15 percent. This is well above the national average of 11 percent,” said Lurie. New listings are easing and is helping to chip away at existing inventory compared to the higher levels recorded last year. However, the pace of year-over-year decline has eased as inventory levels have trended up relative to levels recorded a few months ago.

 

The months of supply has also risen compared to the past few months and now sits at four months. This gain has slowed some of the monthly gains on prices. The residential benchmark price in August was $420,800 and is nearly one percent lower than last years’ levels.

 

View the full report here: August 2020 Newsletter

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Detached and semi-detached home sales rise, but economic uncertainty remains

Tuesday, August 11th, 2020

Detached and semi-detached home sales rise, but economic uncertainty remains

 

City of Calgary, August 2020

 

With higher sales for both detached and semi-detached product, July sales totals rose above last year’s levels. Despite the improvements in July, year-to-date sales remain 15 percent lower than last year’s levels.

 

“There have been improvements relative to the lowest sales levels caused by COVID-19, but it is too early to say things are shifting back to pre-pandemic levels,” said CREB® chief economist Ann-Marie Lurie.

 

“We are still facing record high unemployment rates, significant government aid, and uncertainty throughout the business community. This will continue in the coming months.”

 

COVID-19 shutdowns occurred over the traditionally busiest quarter for real estate sales. Some of the recent gains reflect activity that would have occurred in those months shifting into July. Some demand is returning to the market, but so is the supply.

 

Inventory levels trended up over the previous month, offsetting some of the sales growth. Higher-density row and apartment products have supply/demand ratios that are well above traditional levels.

 

Higher-than-typical levels of supply relative to sales for higher-density product also had a more significant impact on prices for those product types. Year-over-year price declines ranged from more than eight percent for row properties to nearly three percent for semi-detached and apartment properties.

 

Tighter market conditions for detached properties supported some upward price trends and year-over-year prices were stable compared to the previous year. However, on a year-to-date basis, detached prices remain nearly one percent lower than last year’s levels.

 

View the full report here: August 2020 Newsletter

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Sales decline by two percent from last year amidst COVID-19 pandemic

Thursday, July 9th, 2020

Sales decline by two percent from last year amidst COVID-19 pandemic

 

City of Calgary, July 2020

 

After three months where COVID-19 weighed heavily on the housing market, sales activity in June continued to trend up from the previous month, totaling 1,747 units.

 

Caution remains necessary, as monthly sales are nearly two percent lower than activity recorded last year. However, this represents a significant improvement compared to the past several months, where year-over-year declines exceeded 40 percent.

 

“Recent price declines, easing mortgage rates and early easing of social restrictions are likely contributing to the better-than-expected sales this month,” said CREB® chief economist Ann- Marie Lurie.

 

“However, the market remains far from normal. Challenges, such as double-digit unemployment rates, will continue to weigh on the market for months to come.”

 

New listings in June totaled 3,335 units, a six percent increase over last year. The recent rise in new listings caused inventories to trend up, but they remain well below last year’s levels.

 

Despite some recent monthly gains in supply, sales activity was high enough to cause the months of supply to dip below four months for the first time since May 2019. If this trend continues, it should help to ease the downward pressure on prices.

 

Residential benchmark prices are comparable to last month, but they remain nearly three percent lower than last year’s levels.

 

Housing Market Facts

Detached Sector

  • Sales activity in June totalled 1,092 units. This is an improvement over the past few months and only slightly lower than last year’s levels.

  • Despite citywide declines, year-over-year sales activity improved in the City Centre, North East, North, South East and East districts.

  • June also saw an increase in new listings, which is causing some monthly gains in inventory. However, increased sales offset the rise in new listings, causing the months of supply to trend toward more balanced conditions.

  • Detached benchmark prices remained relatively stable compared to last month but were two percent lower than last year’s levels. Year-over-year price declines were recorded across most districts, with the largest declines in the North West, North East and City Centre districts.

Apartment Sector

  • Apartment sales totalled 227 units in June. This is an improvement from the 136 units last month, but it is still nearly 13 percent lower than last year’s levels and over 30 percent lower than longer-term averages.

  • New listings rose compared to last month and last year. This did translate into some monthly inventory gains, but overall inventory levels remain lower than last year’s levels.

  • The months of supply has come down from the high levels recorded over the past few months.

  • Benchmark prices continued to trend down this month, totalling $240,900. This is a year-over- year decline of nearly four percent.

  • The resale apartment sector continues to be one of the hardest hit in terms of relative declines in both sales and prices.

 

Attached Sector

  • The attached sector has faced the smallest impact from the pandemic. June sales were nearly three percent higher than last year’s levels and remain comparable to longer-term averages. The attached sector has generally benefited from its status as a more affordable alternative to the detached sector.

  • Like the detached sector, the attached sector saw new listings rise compared to both last year and last month. However, the months of supply trended toward more balanced conditions and improved over last year’s levels.

  • Benchmark prices remained relatively stable compared to the previous month, but fell by nearly four percent compared to last year. The higher price decline in this sector could be a contributing factor to the improving sales activity.

 

View the full report here: June Report

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What to Expect When Buying or Selling Real Estate During and After the COVID19 Shut Down

Saturday, June 6th, 2020

In March I celebrated my 33rd year as a licensed real estate practitioner. I can tell you that in 33 years, the real estate industry has never had to deal with a situation quite like the COVID-19 outbreak.
Susanita de Diego Coldwell Banker Complete Real Estate

Real estate is a unique industry

 

Real estate practitioners are salespeople whose job it is to market and sell property, but people live in the ‘inventory’ that they sell. This means that the owners/occupants of properties for sale must regularly allow germy strangers into their homes.

It makes me wonder how many times the owners/occupants of listed homes contracted a cold or the flu from a prospective buyer or Realtor® pre COVID-19.

 

On March 23, 2020 the Alberta Real Estate Association prohibited its members from hosting open houses to protect public safety in response to COVID-19. Real estate has since been deemed an essential service by the Government of Alberta but as of this writing (June 4) the prohibition is still in effect.

 

In the case of Realtor® scheduled showings in Alberta, prospective buyers are accompanied by a licensed professional who must abide by the Rules and Regulations of the Real Estate Act administered by our regulator, the Real Estate Council of Alberta (RECA), as well as the Calgary Real Estate Board (CREB®) Rules, and the Canadian Real Estate Association (CREA) REALTOR® Code of Ethics.

 

The Real Estate Council of Alberta, the Alberta Real Estate Association and the Calgary Real Estate Board have all instituted new recommended protocols for property showings and new forms, checklists and health questionnaires for our use.

 

So what does this mean for someone who is considering either buying or selling a home in Calgary right now?

 

Buyers wishing to VIEW a home for sale…

 

Many Realtor®s are offering virtual showing options which can include real time virtual open houses, pre-filmed virtual walk-throughs, or Realtor® only showings using Facetime, WhatsApp, Google Meet, Zoom, or other video meeting platforms to ‘show’ the buyer the property.

 

For in-person showings, individual brokerages can have different policies. For example:

  • The listing Realtor®’s brokerage may require the buyers to complete a health questionnaire (COVID19 Checklist for Buyers) within enough time to allow the seller to review the questionnaire prior to the showing.
    • If the seller is uncomfortable with the prospective buyers’ or their Realtor®’s answers, the sellers can refuse the showing.
  • If they allow the showing and the home is occupied, the seller may require the buyers to wear masks and gloves and may require a ‘touchless’ showing, where the buyers promise not to touch any surface.
  • The seller/occupant will prepare the property by turning on all of the lights and leaving cupboard doors ajar. Only the Realtor® may touch what is required to access and then secure the property after their departure.

Should an offer be made and accepted, the same process is repeated for inspectors, appraisers and service providers who need access to the property during the conditional period.

 

In general, buyers will need to review the recent sale prices of similar properties, the list price of competing properties and the forecast of market conditions for the market segment of a particular property when choosing an offer value.

 

Search Calgary Homes For Sale

Sellers wishing to LIST a home for sale…

 

As mentioned above, it is important to note that brokerages may have their own policies in place, and may be in addition to the protocols recommended by all of the earlier mentioned governing bodies.

 

During the process of preparing your property for sale you may require that service providers such as photographers, videographers, measurement specialists and stagers complete the (COVID CONTRACTOR Disclosure Form) within enough time for you to review it prior to their visit.

 

The MLS® system remains the same except that more Realtors® are including video links.

Where you will likely experience a change due to COVID-19 is during the marketing process for your home. For instance:

  • Open houses are currently not permitted.
  • Your Realtor® may provide ‘virtual’ open houses or showings.
  • Prior to a showing, you may be expected to turn on all of the lights and leave all cupboard doors ajar.
  • You may be required to complete a health questionnaire (COVID19 Checklist for Sellers Agents) within enough time to allow the buyer to review the questionnaire prior to the showing.
  • You may wish to review the answers from the buyer questionnaire and may accept or refuse the showing based on their answers.

 

Learn More About Selling Your Calgary Home

 

 

All of this is in effort to avoid those tiny little invisible yet potentially dangerous germs.

How much of this will continue to exist when the economy is fully relaunched and if/when a vaccine is available remains to be seen.

 

And now for the question on everyone’s minds…

How will COVID-19 affect the Calgary real estate market?

 

Let me just consult my crystal ball.

 

The real estate market in general in Calgary has been correcting since the peak of 2014. The apartment market segment in Calgary has been correcting since its peak in 2008. The Chief Economist for the Calgary Real Estate Board, Ann-Marie Lurie, in the updated CREB® Calgary Economic & Housing Outlook has predicted that 2020 sales are forecasted to fall by 22% and that the City-wide benchmark price is forecasted to ease by 3% this year.

 

In Canada Mortgage Housing Corporation’s Housing Market Outlook SPECIAL EDITION – SPRING 2020 Forecast it predicts that the Alberta MLS® Average Price will drop 9.67% – 16.14% over the next two years.

Because each market segment, community and price range will experience different levels of impact, it is very important to consult a real estate professional for market specific data.

Weekly sales for homes in Calgary 2020

 

Having said all of that…I have been tracking the number of weekly sales for detached homes in Calgary, in segmented price ranges, since March 1st. In the $500,000.00 and under segment the number of sales from May 24th – May 30th was 123. May 17th – May 23rd recorded 117 sales. These are the highest numbers of weekly sales since March 1st, up considerably from the week of May 10th – May 16th which saw sales of 87. At the time, 112 sales had been the highest number of weekly sales since March 1st and was only 33 sales lower than the same week in 2019. Clearly there is some pent-up demand.

 

To see the chart of sales by price range, CONTACT US and we will be happy to send you the data.

 

In general, sellers will need to be realistic about their list price and should look to the recent sale prices of similar properties, the list price of competing properties and the forecast of market conditions for their market segment when deciding how to price their property.

 

If you have any questions, please reach out to me via email: susanita@cbcalgary.ca or call us at 403-686-1455. I am happy to discuss your unique circumstances at any time.

 

Susanita de Diego

Posted in COVID19, Home Buying Tips, Home Selling Tips | Comments Off on What to Expect When Buying or Selling Real Estate During and After the COVID19 Shut Down

COVID-19’s impact on Calgary housing market continues

Thursday, June 4th, 2020

COVID-19’s impact on Calgary housing market continues

 

City of Calgary, June 2020

Housing market activity in May remained slow, but sales exceeded the lows from April, which saw less than 600 sales in Calgary.

 

May sales totaled 1,080 units, a 44 percent decline from last year’s figures.”The initial shock of COVID-19 and social distancing measure is starting to ease. This is bringing some buyers and sellers back to the market. However, this market continues to remain far from normal and prices are trending down,” said CREB® chief economist Ann-Marie Lurie.

 

“Activity has also shifted toward more affordable product, which is likely causing differing trends depending on product type and price range.”Sales are down in all price ranges, but a greater share of sales are priced below $500,000.In the higher price ranges the drop in inventory has not been enough compared to the drop in sales. Additionally, the months of supply is far higher than the already elevated levels seen during the past five years.

 

The shift in sales toward lower-priced product is contributing to steep average price declines in the Calgary market.

 

Benchmark pricing, which reflects comparisons of the same type of home, has eased by over two percent compared to last year and 0.4 percent compared to last month. This does not come as a surprise as the market continues to struggle with more supply than demand.COVID-19 and social distancing measures have contributed to rising unemployment rates and job losses throughout many economic sectors. This is weighing on consumer confidence and the housing market. Some of this job loss is temporary, but the energy sector remains the largest concern. Significant job loss throughout the typically higher-paid professional and technical services sector points to a longer adjustment period in the housing market, particularly in the higher end of the market.

 

Housing Market Facts

Detached Sector

  • Detached sales eased across the city, with the largest declines occurring in the West district.
  • May sales totaled 670 units. This is a 43 percent decline over the previous year.
  • The decline was met with lower inventory levels. However, it was not enough to change the oversupply situation. Citywide months of supply remained above four months.
  • For the higher-priced districts – the West and City Centre – the months of supply rose to seven months.
  • Detached home prices trended down in May compared to the previous month and remained nearly two percent below last year’s levels. Declines varied across the city, with the highest price declines occurring in the City Centre, West, North West and North East districts.

Apartment Sector

  • Apartment sales totaled 137 units in May, an improvement from the 95 units last month. However, this is still nearly 60 percent below last year’s levels. The pullback in inventory was not enough to offset the slower sales, and the months of supply jumped to 10 months.
  • The benchmark price continued to fall and is now more than two percent lower than last year’s levels. The average and median prices fell at a significant rate. This is because a large share of the sales occurred in the under-$200,000 price range.
  • Benchmark prices eased across all districts, but the year-over-year decline was the highest in the North East district, with declines of over five percent.

 

Attached Sector

  • Mirroring the trend from other property types, sales for attached product slowed by 35 percent compared to last year for a total of 273 units. Inventory levels eased to 1,503 units and months of supply totaled 5.5 months. The months of supply has eased from the levels recorded last month, but it remains elevated relative to historical levels for this time of year.
  • The benchmark price trended down for attached product, declining by nearly one percent over the previous month and nearly four percent compared to the previous year.

 

View the full report here: May 2020 Statistics Report

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