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Real Estate

NEWSLETTER

 

Peter Kusch

Tel.:990-7990

 

 December 2018


 

 

CALGARY REAL ESTATE NUMBERS

  • MLS sales fell by 16.95 per cent year-over-year to 1,171;
  • Dollar volume of sales was off by 20.47 per cent to $518.7 million;
  • New listings of 1,914 were down 7.13 per cent;
  • Inventory at the end of the month was 6,501, up 14.39 per cent from a year ago;
  • Months of supply to sell a property under current demand conditions rose by 37.74 per cent to 5.55 months;
  • Sales to new listings ratio dropped by 7.23 per cent to 61.18 per cent;
  • Sales to list price ratio also fell by 0.66 per cent to 96.38 per cent;
  • Average days on the market to sell a home rose by 20.47 per cent to 63;
  • The benchmark price – which CREB says indicates the price of a typical home in the market – declined by 3.25 per cent to $422,600;
  • The median price dropped by 4.13 per cent to $395,000; and
  • The average sale price decreased by 4.23 per cent to $442,940.

 

Calgary's real estate market has seen better days.

While it's largely been touch and go since 2014 when the oil and gas sector commenced declining, the situation has worsened because of oversupplied oil and consequently, its lame pricing.  However, according to Croft Axsen, owner of Dominion Lending Centres, the city's housing woes have more to do with constraints created by the stress test than the oil and gas sector's plunge. The major problem in our housing market is the mortgage stress test rules, and Justing Trudeau signs off on them. The government wants to apply Toronto and Vancouver rules to us, an area that needs liquidity, for no reason other than somebody sitting in front of a computer at the Office of the Superintendent of Financial Institutions decided it's more important that there's stability in Toronto and Vancouver.

 

 

 Average days on the market (Calgary Metro)

 

 

Average days on the market in 

November 2018

Average days on the market in  

November 2017

 

Detached  

 

60

48

 

Attached

 

65

66

 

Apartments

 

69 54

 

 Attached category includes condominium townhouses and duplexes.

  

Median price (Calgary Metro)

 

 

Median price in  

November 2018

Median price in  

November 2017

Percentage change

 

Detached

 

  $455,000

$465,000

-2.2%

 

Attached

 

$320,000

$335,50

-4.6%

 

Apartments

 

$241,375

$251,000

-3.8%

 

The median price is where half sell for more and half for less.

 

Months of supply (Calgary Metro)

 

January 2014 1.57
February 2014 1.47
March 2014 1.26
April 2014 1.55
May 2014 1.57
June 2014 1.82
July 2014 2.05
August 2014 2.07
September 2014 2.13
October 2014 1.97
November 2014 2.16
December 2014 2.99
January 2015 5.31
February 2015 4.57
March 2015 3.19
April 2015 2.85
May 2015 2.44
June 2015 2.32
July 2015 2.53
August 2015 3.16
September 2015 3.85
October 2015 3.93
November 2015 4.21
December 2015 4.94
January 2016 6.57
February 2016 5.04
March 2016 3.83
April 2016 3.54
May 2016 3.20
June 2016 2.95
July 2016 3.26
August 2016 3.61
September 2016 3.97
October 2016 3.30
November 2016 4.06
December 2016 4.04
January 2017 4.36
February 2017 3.35
March 2017 2.71
April 2017 2.90
May 2017 2.95
June 2017 3.12
July 2017 4.12
August 2017 4.15
September 2017 4.71
October 2017 4.41
November 2017 4.03
December 2017 4.29
January 2018 4.83
February 2018 4.73
March 2018 4.64
April 2018 4.82
May 2018 4.91
June 2018 4.65
July 2018 5.46
August 2018 5.47
September 2018 6.28
October 2018 5.56
November 5.55

 

 

 Source: Calgary Real Estate Board

Calgary Metro-within Calgary City Limits