Peter Kusch

Tel.: 403-990-7990

August 2019

CHALLENGING YEAR IN CALGARY FOR BOTH RESALE AND NEW HOME MARKETS.

As the Calgary real estate market heads into the second half of 2019, it’s time to look back at the first six months of the year and how both the resale and the new home sectors have fared. It has been a challenging year for the housing industry on both fronts as the city continues to have its economic challenges that stem from the oil price collapse which began in the latter half of 2014, leading to recessions in both 2015 and 2016, coupled with the inability for Alberta to get oil out of the province via pipelines.

According to Canada Mortgage and Housing Corporation, year-to-date until the end of June, there were 1,520 single-detached starts in the Calgary region which was down from 2,012 for the same period in 2018, representing a decline of 24 per cent.

Semi-detached starts so far this year of 484 are down 20 per cent from 602 last year. Rows had 970 starts compared to 666 last year which was up 46 per cent. And apartment starts fell by 36 per cent to 1,726 this year compared to 2,699 last year.

Here are the year-to-date stats for the resale housing market and their percentage change from last year, according to the Calgary Real Estate Board:

MLS sales of 8,347 are down 2.39 per cent;
Total dollar volume of $3.9 billion is off by 7.28 per cent;
New listings have fallen by 13.27 per cent to 17,435;
The benchmark price – which is what CREB describes as the typical property on the market – has dropped by 4.40 per cent to $422,450;
The median price has decreased by 4.12 per cent to $412,287; and
The average price of $463,186 has declined by 5.01 per cent.

Average days on the market (Calgary Metro)

	Average days on the market in July 2019	Average days on the market in July 2018
Detached	50	49
Attached	67	54
Apartments	79	62

Attached category includes condominium townhouses and duplexes.

Median price (Calgary Metro)

	Median price in July 2019	Median price in July 2018	Percentage change
Detached	$470,000	$485,000	-3.1%
Attached	$328,100	$245,000	2.0%
Apartments	$250,000	$260,500	-10.3%

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 2018	5.55
December 2018	6.18
January 2019	6.81
February 2019	6.03
March 2019	4.96
April 2019	4.57
May 2019	3.89
June 2019	4.24
July 2019	4.36

Source: Calgary Real Estate Board

Calgary Metro-within Calgary City Limits