Patience and Perseverance required!

Patience and perseverance is required in Calgary’s housing market. Recent struggles in the job market, accompanied by yet another interest rate increase, is piling on to the decisions potential purchasers have to make in the housing market.

In a buyers’ market, it’s critical for all parties to have the most up-to-date information to make a fully informed decision, whether you are buying or selling.

The month of July saw 1,547 units sold in Calgary.

 Detached 

Benchmark home prices totaled $501,300 in July over 2% from last year’s levels. Conditions today remain better than in 2016.

  • Benchmark prices in the city’s west area averaged  $733,329.
  • The west and city centre areas have recorded higher sale prices and continue to edge towards price recovery. City centre benchmark have averaged $693,243, 3% lower than previous highs.
  • Most districts have recorded detached prices 4% below previous highs.

Apartment  

New listings are easing in the apartment condominium sector and have prevented any further gains in the amount of inventory in the market.  Supply levels remain elevated compared to sales. Citywide inventory remains just below last year. Levels remain elevated by historical standards.  Reductions in inventory will help reduce oversupply.

  • July inventories edged down in the North East, North, North West, South and East areas of the city compared to the previous year.

Attached Sector (includes Semi-Detached and Row Housing)
Gains in new listings pushed up inventory levels and months of supply compared to last year.

  • Citywide year-to-date semi-detached prices have eased by nearly 1% compared to last year.
  • Benchmark price changes have ranged from a 3% decline in the North West district.
  • South District showed 6% increase.
  • Despite the annual gain this year in the South district, semi-detached prices remain nearly 5% lower than that district’s peak.
  • Year-to-date benchmark row prices have increased on a citywide basis due to gains in the City Centre, North and North West districts. The annual gain is a positive move towards recovery, but row prices remain well below previous highs in every district of the city.

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REGIONAL MARKET FACTS

Airdrie

  • 2018 Airdrie residential sales have totalled 732 units so far, which is 11 % llower than the same period last year. Sales are at the lowest level when compared to the same period in the past six years.
  • Year-to-date new listings remain just above last year’s levels, totalling 1,600 units and reaching a new peak when compared to the same period in previous years. Total inventories in Airdrie have averaged 544 units this year, approximately 100 units higher than the same period in 2017.
  • The rise in inventory, combined with easing sales, has caused months of supply to average over 5.2 months for the year, impacting prices.
  • Detached benchmark prices have averaged $372,386 so far this year. This is 1.29 % lower than in 2017.

Cochrane

  • Year-to-date residential sales in Cochrane totalled 380 units. Compared to the same period in 2017, this number has declined compared to last year. However, total sales continue to be above long-term averages and levels during 2015-16.
  • New listings are also at historical highs and have reached a new peak of 862 residential units. This has pushed year-to-date average inventory levels up to monthly levels of 390 units and causing months of supply to average six months for this year.
  • Despite gains in supply on the market, detached benchmark prices in Cochrane remain relatively stable. Year-to-date detached prices averaged $425,714, just above last year but still nearly four per cent below peak levels.

Okotoks

  • Total residential sales in Okotoks have totalled 320 units so far in 2018. A decline over the previous year and below long-term trends.
  • New listings remain elevated and comparable to periods in previous years. This has kept inventories at near-record levels, with year-to-date average levels being totalling 248 units.
  • Months of supply have averaged 5.4 months this year, higher than historical standards. However, the elevated levels have not prevented prices from starting to recovery.Overall, year-to-date detached benchmark prices have averaged $436,786 this year, just above last year but nearly three per cent below peak levels.

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