Oxford Economics Forecasts a 24% Correction to Canadian Home Prices

By Rebecca Wissink

If you click on the Globe and Mail’s real estate page what you primarily see are articles detailing a housing market gone mad. Multiple headlines from various communities state this home has sold over list, attracted multiple bids, sold with no conditions, or sold on the first day. Perhaps the most ludicrous headline reads “This midtown Toronto home sold for $505,192 over asking despite busy street” (March 17, 2022). But wait, I can beat that with a Facebook status from a Kingston, Ontario Realtor® on March 21, 2022: “A house in Kingston sold today for $550,000 over the asking price of $800,000.” In Calgary, a home sold in February 2022 after four days on the market for two hundred thousand dollars over list. Ross Pavl reports one…

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Boom, Bust, or is Calgary Simply Playing Real Estate Price Catch Up?

By Rebecca Wissink

When I read anything that links Calgary’s current real estate market to the conditions of the market in 2006-07, alarm bells go off in my head. Rumours of bidding wars and offers over list price have come to Calgary. Inventory is tight and sales are up between 66-109% depending on the home type. The Calgary Real Estate Board (CREA) reported on March 1, 2022 “the benchmark price reached $596,400, which is nearly $50,000 higher than prices seen at the end of 2021 [a few months ago!] and over $90,000 higher than February 2021 prices.” I’ve written elsewhere for Ross Pavl that Calgary’s boom came later than most markets in Canada, not really taking flight until the winter of 2021. I remember what happened to real estate in Alberta in…

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Calgary Home Prices Down, But Not Out

Calgary Real Estate Prices Down Slightly in June 

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…

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April Calgary Real Estate Sales Decline & New Listings Increase

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…

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Calgary Real Estate Report October 2015 eNews

Dear Friends,

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.

If you,…

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September Calgary Real Estate Prices Stable

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…

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Calgary Home Prices Stabilize in June

Calgary Real Estate Market Report for June 2015

The June 2015 Calgary Regional Housing Market Statistics confirmed that Calgary home prices have indeed stabilized and the Calgary real estate market between buyers and sellers has returned to balanced territory.

The most recent figures released by the Calgary Real Estate Board (CREB®) revealed a decline of 17.8% in the year-over-year Calgary home sales to 2,183 units for June 2015 compared to June 2014. Despite the drop, this is only 5% lower than the 10-year average for June and is in fact higher than some of the years since 2008. See the chart below for more details.





For the month of June, the level of new real estate listings was still high at 3,122 units, but because of the increased absorption…

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April 2015 Calgary Real Estate Benchmark Prices Down Slightly

The Calgary Real Estate Board’s (CREB®) April 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 $451,600 from the most recent high of $459,900, in November 2014 and $459,100 in January 2015. The April 2014 Benchmark Price for all Calgary real estate was $443,400 still putting April 2015 at 1.85% higher than a year ago. Even the median price has remained fairly stable over the past year and sits at $419,000 in April 2015. Where's the market crash that the media was so keen on reporting in January and February of this year?

City of Calgary Real Estate Market Facts for April 2015:

New Listings were down 18%  - to 3,064 from…

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February 2015 Calgary Real Estate Sales Activity Drops

Calgary Real Estate Report

The Calgary Real Estate Board’s (CREB®) February 2015 Calgary Regional Housing Market Statistics for the City of Calgary confirmed that there was a 34% drop in residential sales activity over February 2014.

City of Calgary Real Estate Statistics for February 2015:

Listings were up 9%  - from 2,711 in February 2014 to 2,950.

Sales were down 34% - 1,217 units compared to 1,850 in February 2014.

Days on the market was 35 compared to 30 in February 2014.

Inventory levels rose to 5,474 units (covering all 3 housing types: detached, attached & apartment homes), up from 2,641 in February 2014.
This is still well below the record high level of over 6,900 units in February 2008.

Overall supply levels were 4.5…

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Calgary Downtown Real Estate Activity

Calgary Downtown Real Estate & New Calgary Condos

It is exciting to be surrounded by Calgary condo developments and constantly being reminded of what is next for Calgary’s real estate market. It’s hot outside and so is Calgary real estate. Take a stroll around downtown Calgary and you’ll be bombarded with the amount of construction taking place. Walk down 10th Ave SW and you’ll pass Brad Lamb’s future condo development - 6th and Tenth, on the corner of 6th Street in the Beltline, one of the trendiest’s Calgary neighbourhoods in the city. It is currently scheduled for completion in 2015. Units are still available…but probably not for long. Contact Ross Pavl for updates.

Continue walking west just 3 blocks away on 9th St and you’ll find another condo…

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