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Calgary Home Boys Real Estate Blog

Calgary Condo Market If there’s one segment of the Calgary real estate market that is showing strong signs of sustainability in the coming weeks and months, statistics are pointing towards affordable apartment-style condos. 

It’s no secret that Calgary’s housing market has struggled since the oil price downturn that started in 2014. But according to the most recent Housing Market Assessment from Canada Mortgage and Housing Corp., inventory levels, while still elevated, are beginning to balance out, especially for affordable multi-family homes. 

As of the beginning of the month, nearly 2,000 new single-family, apartment, row house, and semi-attached units were on the market in Calgary, and that’s with about 7,000 re-sale properties also on the market at that same time. 

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April’s housing stats are in from the Calgary Real Estate Board so we thought we’d provide a quick rundown. Below are a number of bullet points we thought were the most relevant: 

  • Detached home sales reached 930 and improved nearly 3 percent in April. 
  • Overall detached home sales are still down 5 percent year-to-date. 
  • Detached home sales increased in North East Calgary, North West Calgary, South Calgary, and South East Calgary. 
  • Inventory remains unchanged and still sits at four months.
  • Apartment-style condo sales have reached 714, which is actually the lowest level we’ve seen to this point in a year since 2001. 
  • Despite sales being down compared to other years, inventory has fallen to 1,546 re-sale
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First Time Home BuyersThe government unveiled a new incentive program as part of the new budget that should provide some relief to young home buyers looking to make the transition from renting to owning. 

With economic conditions struggling and purchasing a home becoming increasingly more difficult for first-time home buyers, the real estate industry has been advocating for government assistance, and some even suggesting the need for relaxing the mortgage stress test, which requires borrowers to prove they can afford payments on a mortgage with interest rates 2 percentage points higher than the current Bank of Canada Rate. 

According to reports, the $1.25 billion incentive program provides prospective buyers who have the minimum down payment for a home and also have a

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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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