December 2016 Calgary Luxury Homes Market Still Strong!
1. There were more Calgary homes over $1 million sold in December 2016 than in December 2015: 35 versus 29. These included detached, attached and apartment homes.
2. The median price of all Calgary homes sold over $1 million was $1,450,000 in December 2016 and $1,412,500 in December 2015. This is a direct result of more homes being sold above $1,500,000 in December 2016.
Calgary luxury home sales increased in 2016 compared to 2015 - 609 versus 512 homes sold, up 19%. The biggest percentage change occurred in the $2,000,000 to $2,499,999 price category at 73% - from 22 to 38 sales. This is a good sign. However, overall Calgary luxury real estate prices were lower in 2016, as most
Calgary Luxury Homes Market Highlights - June 2016
1. There were slightly more Calgary homes over $1 million sold in June this year than June 2015: 78 versus 76. These included detached, attached and apartment homes.
2. The median price of all Calgary homes sold over $1 million was not the same for both years: $1,262,500 in June 2016 and $1,216,100 in June 2015. It hit a low of $1,205,000 in October 2015. This is a direct result of more homes being sold in June 2016 in the $1,000,000 to $1,499,999 categories!
Sales of Calgary luxury homes in June 2016 were up slightly by 2.6% compared to a year ago - confirming that the previous declining and flat market has become more active again. Overall Calgary luxury real estate prices have not
Calgary home prices continue to slide in most areas of the market, but not at the rate that many might expect. This is partly due to June’s resiliency in the detached and semi-detached sectors of the market, where sales compared to new listings and standing inventory started returning to more balanced levels.
“The detached Calgary Real Estate market has been gradually moving towards more balanced conditions, helping to prevent price levels from declining at the faster rates we saw in the previous two quarters,” said CREB® chief economist Ann-Marie Lurie. “While this is welcomed news for sellers, it’s very likely that pricing challenges will persist in the Calgary
Calgary Home Prices Down 3.4%, Higher Inventory Levels and Less Sales
The Calgary Real Estate Board’s (CREB®) April 2016 Calgary Regional Housing Market Statistics for the City of Calgary confirmed that the Benchmark Price for Total Residential (detached, attached & apartment homes) dropped 3.4% to $441,000 from $456,700 in April 2015 and from $442,800 in March 2016. The most recent high Benchmark Prices of $459,300 in August and September 2015, as well as $462,400 in January 2015, indicate a slow decline in 2016 market prices with no major market correction taking place.
CREB® reported that slower sales, combined with rising inventories in the apartment and attached housing categories, ensured that market conditions continue to favour buyers in
Down Payment to Rise to 10% on Homes Over $500,000
Federal Finance Minister Bill Morneau announced changes to the CHMC 5% down payment program to take affect February 15, 2016. The government backed Canada Mortgage & Housing Corporation's program provides mortgage insurance to Canadians through lending institutions and is looking to reduce it's exposure in the market place by requiring buyers to increase their equity portion.
The Liberals have always expressed concern that home prices in certain Canadian real estate markets may be overheated, so they are increasing the minimum down payment required on a home in Canada from 5% to 10% on the portion of the purchase price over $500,000.
For a $600,000 home, the new 10% downpayment rule will apply
October 2015 Market Highlights for Calgary Luxury Homes
1. There were fewer Calgary homes over $1 million sold in October this year than October 2014: exactly half - 32 versus 64. These included detached, attached and apartment homes.
2. The median price of all Calgary homes sold over $1 million was not the same for both years: $1,205,000 in October 2015 and $1,300,000 in October 2014. This is a direct result of more homes being sold in October 2015 in the $1,000,000 to $2,499,999 category than all of the other price categories combined!
Sales of Calgary luxury homes in October 2015 were down almost 40% compared to a year ago - confirming a slower market. Overall Calgary luxury real estate prices have still not drastically dropped as
October is one of the most vibrant, breathtaking and festive months in Alberta. The colour of the leaves, the way the air feels and the sun shines in the afternoon, and the hustle and bustle of harvest, Thanksgiving and Halloween.
While you enjoy these last weeks before winter sets in, try to take in as many local festivities you can – we’ve listed a few below – but don’t forget to get your home prepared for the coming months. We’ve provided a checklist of the little things you can do now to save time and money later. There’s also a summary of how the local housing market has faired this past year – something to keep in mind as we close in on the end of 2015 and the surge of activity before the holidays.
Calgary Home Prices Unchanged Despite Higher Inventory Levels and Lower Sales
The Calgary Real Estate Board’s (CREB®) September 2015 Calgary Regional Housing Market Statistics for the City of Calgary confirmed that the Benchmark Price for Total Residential (detached, attached & apartment homes) dropped to $456,100 from $456,300 the previous month and $457,300 in September 2014. The most recent high Benchmark Prices of $459,900, in November 2014 and $459,100 in January 2015, continue to reinforce overall balanced market conditions and that no market crash is imminent. Even the median price has remained relatively stable over the past year and now sits at $425,000 - exactly the same as in September 2014. Continued job losses and unfavourable economic
Calgary Census Confirms Continued Population Growth
The recently released 2015 City of Calgary census report revealed the population increased 2.99% to 1,230,915 this year from last year’s 1,195,194, adding 35,721 more Calgarians. It marked another year of robust growth for the city, making it attractive for those planning to relocate. Covering the period from April 2014 to April 2015, the Calgary census results are used for the city's strategic planning.
Growing New Calgary Communities
Leading the population growth of all the Calgary communities was the northwest Calgary community of Evanston, with an increase of 2,853 this year. Please visit Evanston Homes for Sale to browse real estate listing and read more about what this community…
On July 31, 2015 CREB® will release it's annual Economic Outlook & Regional Housing Mid-Year Forecast, focusing on the Calgary housing market, the economy, real estate trends and Calgary house prices.
The past six months have tested the strength and resiliency of the Calgary real estate market with sales dropping 22% to 32% or more from the same month in 2014, depending on the price category and Calgary neighbourhood. Calgary house prices have remained relatively stable for most price categories, especially for Calgary communities that have resale home prices close to the median price or Benchmark Price.
CREB® chief economist Ann-Marie Lurie and president Corinne Lyall will contribute to this mid-year Calgary housing market forecast with…
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