Realtors® are Experts in the Local Market

By Rebecca Wissink

One job of a Realtor® is to provide real-time and local advice to their clients, but this advice must be based on the market conditions at that moment, for that type of home, in that neighbourhood, of that city. While this may seem like common-sense, this can come as a shock to someone who has faithfully followed the media stories about the national housing market and expects the same results in their local market. There is no national real estate market, which should have been made very clear by the different trajectories the Calgary real estate market took over the last two years when compared to the housing markets of Atlantic Canada, cottage country in Ontario, or the Fraser Valley of BC. Each market is unique, with its own…

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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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Calgary Luxury Homes - 2016 Year End Review

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…

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Calgary Luxury Homes - Market Update June 2016

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…

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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 Luxury Homes - Market Update October 2015

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…

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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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