Peter Kusch

Tel.: 403-990-7990

December 2019

CALGARY HOUSING MARKET STILL FAVOURS THE BUYER

Here we go again - the total November sales in Calgary were slightly above the 1,000 mark. I really hope that we'd not see the next 3 months with the number of sales below 1,000. This is what happened in December 2018 and January plus February this year.

Detached

Despite some recent gains in sales activity, year-to-date sales remain comparable to last year’s levels and 20% below longer-term trends.
Improving sales, combined with further declines in new listings, helped reduce inventories in this sector compared to levels recorded last year. However, supply levels remained elevated based on seasonal comparisons.
The detached unadjusted benchmark price was $481,500 in November, slightly lower than last month’s levels and 2% below last year’s prices.

Apartment

Apartment sales pulled back this month, causing year-to-date sales to remain comparable to last year’s levels and 21% below long-term averages.
New listings rose across most districts, causing city-wide inventory gains this month. Much of the gains were a result of a rise in new-home listings filtering into the resale market. Despite the monthly shift, year-to-date new listings and inventories remain lower than last year’s levels.
Weaker sales, combined with rising inventories, pushed November months of supply to over seven months. This is higher than last year’s levels of more than five months.
Persistent oversupply in this sector caused prices to ease. The year-to-date benchmark price declined by more than 2%.

Attached

Year-to-date sales remain more than 6% higher than last year’s levels and just below long-term averages.
New listings eased this month compared to last year and sales improved. Inventories continue to ease from the monthly highs recorded last year. While the attached market remains oversupplied, the market continues to improve over last year’s levels.
November semi-detached prices eased by 2% compared to last year.
Row prices eased by nearly 4% compared to last year.

The average number of days on the market (Calgary Metro)

	Average days on the market in November 2019	Average days on the market in November 2018
Detached	61	60
Apartment	74	65
Attached	69	70

Attached category includes condominium townhouses and duplexes.

Median price (Calgary Metro)

	Median price in November 2019	Median price in November 2018	Percentage change
Detached	$460,500	$455,500	1.1%
Apartment	$229,000	$242,000	-5.4%
Attached	$312,500	$320,000	-2.3%

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
August 2019	4.45
September 2019	5.02
October 2019	4.49
November 2019	5.05

Source: Calgary Real Estate Board

Calgary Metro-within Calgary City Limits