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Calgary Home Boys Real Estate Blog

Calgary Home Prices As you might’ve already heard, home prices in Calgary have been dropping—a trend that’s become all too familiar. But just how does Calgary’s home price data compare to other Canadian cities?

According to data from the Teranet–National Bank National Composite House Price Index, Calgary’s home prices saw the most rapid decline back in February in terms of year-over-year prices, and it was also the eighth consecutive month in which there wasn’t at least a small increase. 

Of all 11 metro areas the report tracked, nearly every city also saw a month-to-month decline, but just Calgary, Edmonton, and Vancouver registered a year-over-year drop in housing prices. 

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Luxury Home Sales CalgaryAccording to a new report summarized by the Calgary Herald, luxury home sales in Calgary have increased year-over-year, suggesting that the city’s luxury home market overall is stabilizing. 

At the close of January of this year, luxury home sales spiked 10.3% year-over-year compared to the previous year, and the median home price also jumped 3.2% to $2,012,676. 

The upward trend is certainly encouraging for a number of reasons but especially significant given the high-end home market originally started to tumble all the way back in 2015 with the downturn of global oil prices. 

It’s worth noting, however, that the luxury market still hasn’t recovered to pre-recession levels, even with this latest surge.

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An ambitious and rather large-scale residential development is being proposed for a site that sits at a highly visible corner of the Beltline between the Elbow River and Macleod Trail. 

If approved, the project will feature three separate towers, including a mega 55-storey high-rise that would include residential units, retail and restaurant space on the ground level, above-grade parking, and a huge rooftop deck with a running track and dog park. 

Once built, the new tower would easily be the tallest residential tower in Calgary, and the first to leverage new provincial rules that grant developers additional density in exchange for more affordable housing units. 

The developer of the project is Cidex and the first phase of the project is

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Calgary Home Prices DecliningHome prices are continuing to drop throughout Canada but according to new stats, even more so here in Calgary. Recently released numbers from the Calgary Real Estate Board (CREB) revealed that the median selling price for a detached home so far in 2019 landed at $456,374, which represents a 7.3% decline, or more than $36,000, compared to last year at this time. 

It’s also mentioned that detached homes isn’t the only housing category where year-to-date prices have dropped. 

In fact, attached homes are 2.4% lower so far in 2019, and apartment-style condo prices have also dropped by around 6.1% compared with the first 10 weeks of last year. 

Despite falling prices, sales have also been slow to kick-off the year. So far, just 2,252 homes have traded,

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Across the entire city of Calgary, sales totaled 16,144 last year. Unfortunately, that sales volume is almost 15 percent below sales in 2017, and around 20 percent below long-term averages according to CREB.  

Broken down by district, East Calgary saw the fewest number of sales, 501, while City Centre saw the most sales with 3,134. In addition, sales in nearly every price category dropped, even for lower priced homes where demand was among the strongest.

In fact, product priced under $300,000 jumped from 18 percent of overall sales in 2017 to 20 percent of overall sales in 2018. Not surprisingly, homes priced between $600,000 and $999,999 dropped from 18 percent of overall sales in 2017 to just 16 percent of overall sales last year. 

For further

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New Construction Starts in Calgary 2018As you might’ve already heard, new home starts throughout Calgary slowed in 2018, at least in terms of detached and semi-detached homes. In the apartment sector, however, new construction starts did jump a bit, especially on the condo side of the market. 

As of last December, 81% percent of all residential product under construction in Calgary was multi-family, and apartment-style product accounted for 7,155 of the 11,452 units being developed at that time. 

The bulk of apartment construction in Calgary was focused on condos, as mentioned, but rental apartment construction was still on the rise as well. 

Collectively, 2018 saw 10,971 units start construction in Calgary, representing a 4.9% decline compared to 2017. 

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Calgary Housing Market 2019It’s no secret the Calgary housing market faced a number of challenges in 2018. But looking ahead, just what can we expect as we get a little further into 2019? Here’s a closer look at CREB’s 2019 forecast: 

  • Overall sales in Calgary are project to reach 15,882 units. While somewhat comparable to 2018, that sales volume is still well below historical levels. 
  • Re-sale homes will still remain oversupplied thanks to weak economic expectations for the rest of the year. As a result, home prices should fall by around 2.34%. 
  • New supply is expected to slow in 2019, which should help slow inventory gains towards the end of the year. 
  • For the most part, the market should keep moving further towards a balanced market; but it will
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Wondering what Calgary’s new home activity looks like? Well, at the time of CREB’s release of the annual Calgary Economic & Housing Outlook report, here’s an at-a-glance look new home inventory and under construction inventory by district: 

North West Calgary 

  • Detached New Home Inventory: 9
  • Detached Under Construction Inventory: 59
  • Apartment New Home Inventory: 11
  • Apartment Under Construction Inventory: 852

North Calgary 

  • Detached New Home Inventory: 149
  • Detached Under Construction Inventory: 322
  • Apartment New Home Inventory: 142
  • Apartment Under Construction Inventory: 292

North East Calgary

  • Detached New Home Inventory: 72
  • Detached Under Construction Inventory: 238
  • Apartment New
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More stringent mortgage policies and higher interest rates appear to be paying off for Canadian households. As recently noted by the Calgary Herald, The Bank of Canada has already hiked the interest rate five times since summer of 2017 and says it’s making a difference. 

According to bank officials, Canadians are in turn making adjustments to their spending habits, ultimately limiting the negative impact stricter lending guidelines are having on the housing industry. While still high, officials says household vulnerabilities are going down and credit growth is continuing to moderate.

New, high-leverage insured loans went from 20-percent in late 2016 to six-percent in the second quarter of 2018. Those are loans that are well more than quadruple a

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Alberta condominium boards will need to act under new guidelines that will reportedly go into effect on July 1, 2019, according to a recent announcement made by Minister of Service Alberta Brian Malkinson. 

The regulation changes made to the province’s Condominium Property Regulation are designed to enhance transparency and further protect condominium owners, which for many is a major step in the right direction towards professionalizing and legitimizing condo boards throughout Alberta. 

In short, major changes include how condo corporations can issue bylaw fines, how a condo owner’s investment is protected, and also how reserve funds are managed. In addition, boards must also issue Minutes in writing to all condo owners, as well as provide agendas

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