Market Update • 13 September 2018

CREB® Statistics – Unemployment rate slows housing market recovery

by Sarah Paranych

The Calgary Real Estate Board (CREB®) has released their statistic report for August 2018. A couple of quick statistics to take away from the article:

Citywide benchmark prices edged down over previous months by 0.8 per cent and are 2.4 per cent below last year’s levels.
Citywide sales totaled 1,490 units this month, down nearly seven per cent from last year and 14 per cent below long-term trends.
Prices have trended down in all districts in August, however, on a year-to-date basis prices remain above last year in both the City Centre and West.

For the full report, continue below. As always, if you’re interested in finding out what these statistics mean for you and your specific property, feel free to get in touch with me at any time; sparanych@outlook.com or 403.703.1052.

Easing sales, gains in new listings and elevated inventory levels continue to slow Calgary’s recovery in the housing market in August.

Persistent oversupply in the Calgary housing market continued to weigh on prices in August. Citywide benchmark prices edged down over previous months by 0.8 per cent and are 2.4 per cent below last year’s levels.

“Calgary’s employment market has persistently high unemployment rates at 7.9 per cent and recent job losses in full time positions. The struggles in the employment market are one of the factors weighing on our local housing market,” said CREB^® chief economist Ann-Marie Lurie.

“A slow recovery in the energy sector combined with tighter lending conditions and competition from the new home sector are also contributing current housing market conditions.”

Citywide sales totaled 1,490 units this month, down nearly seven per cent from last year and 14 per cent below long-term trends.

Sales and price declines were not consistent across all districts and product types. Prices have recently trended down across most areas based on year-to-date figures, but have remained comparable to last year’s levels in the City Centre and West districts of the city.

“Both buyers and sellers need to be realistic about their objectives. Buyers need to be aware that price changes differ depending on what and where you are buying. The decline in sales does not mean price declines across the board,” said CREB^® president Tom Westcott.

“Sellers need to be well informed to be competitive. They need a good understanding of what has been selling around them and how their property compares to homes that have successfully sold.”

HOUSING MARKET FACTS

Detached

Year-to-date detached sales eased across each district. Elevated inventory levels caused months of supply to remain just below five months in August and continued to weigh on housing prices across all districts.
Detached benchmark prices totaled $497,000 in August. This is a 0.74 per cent decline over last month and 2.6 per cent below the previous year.
Prices have trended down in all districts in August, however, on a year-to-date basis prices remain above last year in both the City Centre and West.
Year-to-date average detached benchmark prices have eased by 0.56 per cent over the previous year, reducing some of the price recovery from last year.

Apartment

Year-to-date sales totaled 1,892 units, seven per cent below the previous year. However, sales did not ease across all districts. Sales in both the North East and North West districts remained slightly higher than levels recorded last year.
New listings in the apartment sector eased compared to the previous year, preventing more significant gains in inventory levels. However, oversupply in this sector persists, causing further price declines.
Year-to-date city-wide prices eased by nearly three per cent, with the largest declines occurring in the North East, South and East districts. Overall prices remain nearly 14 per cent below 2014 highs.

Attached

Like the apartment sector, sales have eased in the attached sector. However, year-to-date sales have improved in some districts of the city for semi-detached and row product. Semi-detached sales improved in both the North West and West districts.
Row sales remained relatively stable in both the North East and East districts of the city.
Oversupply in the semi-detached sector has placed some downward pressure on prices this year, but year-to-date average benchmark price remains higher than last year in the City Centre, North
East and East districts of the city. Gains in these areas were enough to offset declines in other areas, keeping semi-detached prices one per cent higher than last year.
Year-to-date row prices eased by 1.5 per cent over last year. However, price movements ranged from relatively stable levels in the City Centre and North West to declines of nearly seven per cent in the North East district.

REGIONAL MARKET FACTS

Airdrie

Sales activity in Airdrie continued to ease compared to last year totalling 851 units so far this year.
Despite some of the recent pullback in new listings, year-to-date new listings remain just above last years levels keeping inventories elevated at 597 units.
The persistent oversupply in the market started to weigh on homes prices. Detached home prices totaled $366,900, 0.7 per cent below last month and 3.4 per cent below last year. When considering year-to-date averages, the benchmark price is 1.5 per cent below last years levels.

Cochrane

Year-to-date sales activity in Cochrane totaled 431 units. This is a decline over the previous year, but activity remains comparable to activity recorded over the past five years. This makes it a centre that has not seen the same pullback in demand seen in many other areas.
The challenge in the Cochrane area is the continued rise in supply. New listings continue to rise and are well above normal levels for the area. This has pushed up inventories to new highs, causing the months of supply to rise.
The excess supply in the area is starting to weigh on prices. Detached benchmark home prices in August edged down over the previous month to $426,100. Despite the recent easing, prices remain comparable to the previous year both for the month of August and year-to-date average figures.

Okotoks

Easing sales in Okotoks were met with further gains in new listings causing inventory levels to edge up to 280 units.
Recent gain in inventory compared to sales have placed some downward pressure on prices in the area. However, the easing was not enough to cause year-to-date prices to fall below last years levels.
Detached benchmark prices averaged $436,350 so far this year, just above last year’s levels.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

Sarah Paranych

sarah.livelovecalgary.com
sparanych@outlook.com
403-703-1052

Source: CREB®

1 August 2018

CREB® Statistics – Patience required in Calgary’s housing market recovery

by Sarah Paranych

The Calgary Real Estate Board (CREB®) has released their statistic report for July 2018. A couple of quick statistics to take away from the article:

With more supply than demand, prices continued to edge down, with a citywide average of $435,200. This amounted to a month-over-month price decline of 0.30 per cent and year-over-year decline of 1.89 per cent.
Detached benchmark home prices totaled $501,300 in July, down 0.4 per cent from last month and over two per cent from last year’s levels.
The apartment ownership sector continues to see the steepest declines, with year-to-date benchmark prices averaging $257,343, three per cent below last year and nearly 14 per cent below 2014 highs.

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.

The month of July saw 1,547 units sold in Calgary, nearly five per cent below last year. New listings eased to 2,964 units, causing inventories to total 8,450 units. With more supply than demand, prices continued to edge down, with a citywide average of $435,200. This amounted to a month-over-month price decline of 0.30 per cent and year-over-year decline of 1.89 per cent.

“Despite some positive momentum in some aspects of our economy, our job market has continued to struggle as of late, with some easing in total employment levels over the past few months and persistently high unemployment rates,” said CREB^®chief economist Ann-Marie Lurie.

“Also, the Bank of Canada raised rates again in July. Rising costs, combined with a slow recovery, are weighing on the demand for resale homes in the city. At the same time supply remains high and is resulting in an oversupplied market.”

Citywide months of supply have risen for each property type and currently range from nearly five months in the detached sector to seven months in the apartment sector. These elevated levels have been placing pressure on prices in the city.

Detached benchmark home prices totaled $501,300 in July, down 0.4 per cent from last month and over two per cent from last year’s levels. Year-to-date average benchmark prices in the detached sector remain just below levels recorded last year.

The apartment ownership sector continues to see the steepest declines, with year-to-date benchmark prices averaging $257,343, three per cent below last year and nearly 14 per cent below 2014 highs.

“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,” said CREB^® president Tom Westcott.

“A REALTOR^® can help make an accurate determination on how much to sell a home for or how much is too much when purchasing one.”

HOUSING MARKET FACTS

Detached

Oversupply issues continue to worsen in each district of the city compared to last year. However, compared to historical conditions, conditions today remain better than in 2016 in both the West and City Centre districts.
Year-to-date, the West and City Centre areas have recorded prices higher than last year’s levels and continue to edge towards price recovery. Benchmark prices in the West have averaged $733,329 this year, comparable to previous highs.
City Centre benchmark prices have averaged $693,243, nearly three per cent below previous highs. Most districts have recorded detached prices that remain over four per cent below previous highs.

Apartment

Easing new listings in the apartment condominium sector have prevented any further gains in the amount of inventory in the market.
Supply levels remain elevated compared to sales, keeping year-to-date prices three per cent below last year’s levels and nearly 14 per cent below previous highs.
Citywide inventory levels remain just below last year. July inventories edged down in the North East, North, North West, South and East areas of the city compared to the previous year.
Levels remain elevated by historical standards, but any reductions in inventory can help reduce oversupply.

Attached

Like the other sectors, attached sales have been easing this year, with 2,225 sales this year representing a 15 per cent decline over the previous year.
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 one per cent compared to last year. Benchmark price changes have ranged from a three per cent decline in the North West district to a six per cent increase in the South district. Despite the annual gain this year in the South district, semi-detached prices remain nearly five per cent 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.

REGIONAL MARKET FACTS

Airdrie

2018 Airdrie residential sales have totalled 732 units so far, which is 11 per cent lower 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 per cent 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.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

Sarah Paranych

sarah.livelovecalgary.com
sparanych@outlook.com
403-703-1052

Source: CREB®

CREB® Statistics – Weak sales persist in Calgary and beyond

by Sarah Paranych

The Calgary Real Estate Board (CREB®) has released their statistic report for June 2018. A couple of quick statistics to take away from the article:

Weak sales activity in Calgary continued into June, as residential sales for the month totaled 1,896 units. This is 11 per cent below last year and 12 per cent below long-term averages.
The city-wide benchmark price in June totaled $436,500. This is just below last month and 1.13 per cent below last year’s levels.
“While our economy is no longer in a recession, persistently high unemployment rates, concerns over long-term growth, rising lending costs and stricter qualifications are all weighing on the housing demand”

Many Canadian energy-related municipalities within Alberta and Saskatchewan have seen housing markets struggle over the past few years, resulting in price declines.

The recent mortgage rule changes and higher lending rates are factors weighing on demand and prices across some of those areas.

“While our economy is no longer in a recession, persistently high unemployment rates, concerns over long-term growth, rising lending costs and stricter qualifications are all weighing on the housing demand,” said CREB^® chief economist Ann-Marie Lurie.

“Growth in new listings is starting to ease for some property types, but it is not enough to prevent continued supply growth and, ultimately, an oversupplied housing market.”

Weak sales activity in Calgary continued into June, as residential sales for the month totaled 1,896 units. This is 11 per cent below last year and 12 per cent below long-term averages. New listings continued to rise, with further inventory gains and months of supply now at 4.7 months.

High inventories in comparison to sales have generated more widespread buyers’ market conditions, causing downward pressure on prices. The city-wide benchmark price in June totaled $436,500. This is just below last month and 1.13 per cent below last year’s levels.

The detached segment of the market accounts for over 60 per cent of overall sales activity and makes up over 54 per cent of the inventory, with 4,817 units as of June. While sales have fallen and inventory has been rising across most price ranges, inventory levels for homes priced under $500,000 remain well below peak levels.

“In any market it’s extremely important to be well-informed, whether it’s about the process to get pre-approved for a mortgage or having the most up-to-date information about the prices in the community you are buying or selling in,” said CREB^® president Tom Westcott.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

Sarah Paranych

sarah.livelovecalgary.com
sparanych@outlook.com
403-703-1052

Source: CREB®

21 June 2018

Just Listed – 151 Berwick Drive NW

by Sarah Paranych

Welcome to Beddington!

Quick Details:
– Listed at $365,000
– 1799 Total Square Feet
– 5 Bedrooms
– 2 Bathrooms
– Double Detached Garage

Welcome Home! This beautifully renovated property is ready for you to move-in – just pack your bags!

The bright and open plan features a new kitchen with stainless steel appliances, center island and tile back splash. New laminate flooring spans throughout the open concept living and dining room, down the hallway to the completely renovated 4 piece main bath and three good sized bedrooms.

Make your way down to the fully developed basement, perfect for a work space, games room, and second living room. The 4th and 5th bedrooms feature plush new carpet and large windows, allowing an abundance of natural light to flow in. An additional full 4 piece bath completes this level.

The backyard is truly a private oasis featuring a brand new deck, new fence, and the ONLY DOUBLE DETACHED GARAGE on the market in Beddington in this category!

Excellent location, only 15 minutes to downtown and a short walk to public transit.

View the full listing details for 151 Berwick Drive NW or check out the virtual tour.

This home is a rare find, get in touch today to book a private viewing or feel free to stop by our open house this Sunday, June 24, 2018 between 2-4pm!

Sarah Paranych
sarah.livelovecalgary.com
sparanych@outlook.com
403.703.1052

Just Listed • Just Listed • 20 June 2018

Just Listed – 1011, 200 Brookpark Drive SW

by Sarah Paranych

Welcome to Braeside!

Quick Details:
– Listed at $199,900
– 861 Square Feet
– 2 Bedrooms
– 1 Bathroom
– Faces Green Space/Parks

Welcome to Cedarbrook Park! This spacious, end unit, townhome has been extensively renovated and there is nothing for you to do except move in.

The main living space has an expansive open floor plan where the kitchen has been completely modernized with marble-like countertops and ceiling height cabinets. Floors in the entire home have been upgraded with designer selections including contemporary laminate throughout and marble-like laminate in the bathroom.

The back of your home hosts two large bedrooms, a spacious 4-piece bathroom, and a large storage area with in-suite laundry.

Your private outdoor patio faces west onto a large green space with a park just steps from your door.

Cedarbrook Park is close to many amenities including parks, shopping, schools, and the Southland Leisure Centre.

View the full listing details for 1011, 200 Brookpark Drive SW or check out the virtual tour.

Come see it for yourself, get in touch today to book a private viewing!

Sarah Paranych
sarah.livelovecalgary.com
sparanych@outlook.com
403.703.1052

7 June 2018

CREB® Statistics – Lending conditions weigh on housing demand

by Sarah Paranych

The Calgary Real Estate Board (CREB®) has released their statistic report for May 2018. A couple of quick statistics to take away from the article:

City-wide sales activity in May totaled 1,726 units and is 19 per cent below last years’ levels. This is 24 per cent below longer term averages.
City-wide residential benchmark prices totaled $436,900 in May. This is similar to last month and 0.6 per cent below levels recorded last year.
“The impact of rising lending rates and stricter qualification levels is causing demand to ease across all product types”

May sales activity continues to ease with the largest declines occurring in the detached sector.

Additional gains in new listings continue to increase inventory levels.

City-wide sales activity in May totaled 1,726 units and is 19 per cent below last years’ levels. This is 24 per cent below longer term averages. Sales activity in the detached sector declined to levels not seen in over a decade.

“The impact of rising lending rates and stricter qualification levels is causing demand to ease across all product types,” said CREB^® chief economist Ann-Marie Lurie.

“Economic conditions have improved compared to several years ago, but the pace of economic recovery has not been enough to outweigh the changes in lending conditions.”

Market supply has not adjusted to sales activity and is pushing months of supply to 4.9 months. Elevated supply relative to demand prevented any further price recovery in the market and city-wide residential benchmark prices totaled $436,900 in May. This is similar to last month and 0.6 per cent below levels recorded last year.

Detached sales and inventories have risen across all price ranges, but the amount of excess supply has been most notable for homes price above $500,000. Months of supply for the higher price ranges remain high compared to the past several years. However, they still remain below record levels that occurred post financial crisis (2008 – 2009).

“The changes in the lending market are preventing some people from moving up in the market. Uncertainty has also caused others to wait on making changes to their housing situation,” said CREB^® president Tom Westcott.

“However, there are pockets of the market that have not seen the same supply increase. It makes it so important to understand the dynamics of your community.”

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

Sarah Paranych

sarah.livelovecalgary.com
sparanych@outlook.com
403-703-1052

Source: CREB®

Buyers • Buyers • Buyers • Buyers • Open House • 11 May 2018

Tuscany Open House!

by Sarah Paranych

On Saturday, May 12, 2018, I will be hosting an open house at 82 Tuscany Springs Heights NW from 2.00pm – 4.00pm. Come by to check out this spacious home on a large corner lot in the sought-after community of Tuscany!

Quick Details:
– Listed at $409,900
– 1235 Square Feet
– 4 Bedrooms
– 1.5 Bathrooms

Check out the full listing details for 82 Tuscany Springs Heights NW.

The open concept main level flows freely from front to back. West facing and large windows allows for a flood of natural light, especially in the front living room. Entertain in your open kitchen complete with access to the large patio and fenced backyard!

Upstairs offers a large master bedroom with ample closets, two full size bedrooms and a full 4-piece bathroom with tub. Additional BONUS area at the top of the stairs is an excellent area for an office or kids space.

Downstairs you will enjoy a partially finished basement complete with a 4th bedroom and laundry!

Located in the heart of Tuscany close to schools, shopping, playgrounds, Stoney Trail & Crowchild, extensive pathways systems thru nature ravines, and much more. Living in Tuscany, you also have access to the Tuscany Club. Take your family and enjoy this exclusive club year round.

As always, if you have any questions you would like answered before the weekend, feel free to give me a call at 403.703.1052.

See you soon!

Sarah Paranych
sarah.livelovecalgary.com
sparanych@outlook.com
403.703.1052

3 May 2018

CREB® Statistics – Soft Sales Continue in April

by Sarah Paranych

The Calgary Real Estate Board (CREB®) has released their statistic report for April 2018. A couple of quick statistics to take away from the article:

Sales totaled 1,518 units in April, which is 20 per cent below last year and 25 per cent below long-term averages.
City-wide prices have remained relatively stable, totaling $436,500 in April, a monthly and annual gain of 0.21 per cent.
“For many sellers, they have to decide what price they are willing to accept for a lifestyle change. At the same time, buyers need to understand the supply dynamics and price movements in the specific area, as they may not align with their expectations.”

Prices steady, but struggles in Alberta economy weighs on housing

Changes to the lending industry and a challenging economic recovery are weighing on sales activity in Calgary’s housing market.

Supply levels have not adjusted to the weaker demand environment, and that is preventing price recovery.

“Slower sales do not come as a surprise, given the economy has not yet improved enough to offset the impact of changes in the lending industry,” said CREB® chief economist Ann-Marie Lurie.

“While the rising inventories are being monitored, prices have remained relatively flat as gains in some areas of the city have been offset by declines in other areas.”

The easing sales trend persisted through April in Calgary’s housing market. Calgary sales totaled 1,518 units in April, which is 20 per cent below last year and 25 per cent below long-term averages.

The detached sector has seen the largest decline, with year-to-date sales totaling 2,991 units, 27 per cent below the 10-year average.

Inventory levels in April totaled 7,324 units. This is a 32 per cent rise over last year, but well below the monthly high of 10,129 units recorded in 2008. Supply compared to demand has risen, but city-wide prices have remained relatively stable, totaling $436,500 in April, a monthly and annual gain of 0.21 per cent.

“The reality is that there’s selection heading into the active spring market,” said CREB® president Tom Westcott.

“For many sellers, they have to decide what price they are willing to accept for a lifestyle change. At the same time, buyers need to understand the supply dynamics and price movements in the specific area, as they may not align with their expectations.”

So far this year, apartment and attached sales have eased to levels that are comparable to 2016. However, rising supply in both markets have pushed months of supply to the highest levels recovered over this four-month period, which is preventing any significant shifts in pricing trends.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

Sarah Paranych

sarah.livelovecalgary.com
sparanych@outlook.com
403-703-1052

Source: CREB®

Buyers • Just Listed • 5 April 2018

Just Listed – 2, 1936 33 Street SW

by Sarah Paranych

Welcome to Killarney!

Quick Details:
– Listed at $575,000
– 1227 Square Feet
– 3 Bedrooms
– 3.5 Bathrooms
– Single Detached Garage

Upon entering this gorgeous town home, you’ll find a well designed, contemporary space with an open concept. The main floor is flooded with natural light from your large patio doors leading out to your private backyard, complete with gas hookup for your BBQ.

This modern home is fully loaded with upgrades including a built-in, 4-zone sound system with speakers throughout, skylights, and LED pot lights. High-end finishes in the kitchen include a custom fridge, stainless steel appliances with a gas range, and a large quartz island.

Retreat upstairs to your large master bedroom, finished off with a huge walk-in closet with custom organizers and a spa like ensuite with a marble look shower. Rounding off the second floor is storage, laundry, and a second bedroom with its own 4-piece ensuite.

The basement is fully finished with a large media room, bedroom, and a full 3-piece bathroom. This perfectly located home is only minutes to downtown, the Bow River trail system, Westbrook Mall, and the C-Train!

View the full listing details for 2, 1936 33 Street SW or check out the virtual tour.

Come see it for yourself, get in touch today to book a private viewing!

Sarah Paranych
sarah.livelovecalgary.com
sparanych@outlook.com
403.703.1052

Sellers • 4 April 2018

CREB® Statistics – Housing Market Inventory on the Rise

by Sarah Paranych

The Calgary Real Estate Board (CREB®) has released their statistic report for March 2018. A couple of quick statistics to take away from the article:

First quarter sales totaled 3,423 units, nearly 18 per cent below last year’s levels and 24 per cent below long-term averages.
In March, the detached price reached $503,800, 3.6 per cent below pre-recession highs, but one per cent above the lows recorded during the recession.
“You can find good value if you’re looking to buy a home, and you can also get good value if you’re selling. Being well-informed, in any economic condition, is the key, because there are differences in the market depending on what type of property it is and where it is located.”

Prices remain stable compared to last year

As expected, slow sales this quarter have persisted through March in the City of Calgary. This is not a surprise, after stronger growth in sales at the end of last year following the announced changes to the lending market.

First quarter sales totaled 3,423 units, nearly 18 per cent below last year’s levels and 24 per cent below long-term averages. Easing sales and modest gains in new listings caused inventories to rise and months of supply to remain above four months.

“Economic conditions are slowly improving, but it has not been enough to outpace the current impact of higher lending rates and more stringent conditions,” said CREB^® chief economist Ann-Marie Lurie.

“We are entering the most active quarters in the housing market with more inventory, which could create some price fluctuations. However, the improving economy is expected to prevent overall prices from slipping by significant amounts.”

While prices trended down on a quarterly basis, they remained relatively unchanged over last year’s levels due to modest gains in the detached sector offsetting declines in the apartment sector.

The citywide benchmark price for detached product averaged $502,000 in the first quarter. This is slightly lower than the fourth quarter of last year, but comparable to levels recorded in the first quarter of last year. In March, the detached price reached $503,800, 3.6 per cent below pre-recession highs, but one per cent above the lows recorded during the recession.

“The market today is better than what we experienced at the peak of the recession,” said CREB^® president Tom Westcott.

“You can find good value if you’re looking to buy a home, and you can also get good value if you’re selling. Being well-informed, in any economic condition, is the key, because there are differences in the market depending on what type of property it is and where it is located.”

Detached market inventories in the first quarter of 2017 were low compared to historical standards. This year, detached inventories have averaged 2,573 units over the first quarter, 10 per cent below first quarter averages recorded during 2015 and 2016.

Spring will have more inventory than last year, slowing progress on price recovery. However, the amount of price adjustment will vary depending on competing supply by location and product type.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

Sarah Paranych

sarah.livelovecalgary.com
sparanych@outlook.com
403-703-1052

Source: CREB®