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When increases in home prices or mortgage rates reduce consumers' buying power, they shift their purchases to more affordable options. These rate increases by BoC immediately impact prime rates and affect variable-rate mortgages and HELOCs. The possibility of higher Alberta mortgage rates and reduced home affordability has caused a few months of record home sales in Calgary.
November 2013 Update – November was the fifth consecutive month that residential sales activity in Calgary has increased year over year by double digits. June 2014 Update - A new benchmark price record has been set for the condominium / apartment sector while levels of new listings year over year soar. Calgary's real estate market has ever-changing scenery, with one sector not always reacting to external pressure the same as another. For your use, we keep track of Calgary real estate market statistics, trends and analysis every month .
Most Recent Calgary Real Estate Statistics: November 2022
June 2012 Update – Sales activity in June 2012 remains below long-term trends but are gaining upward momentum. A main factor in the upswing of sales has been increased net migration to the province of Alberta with many of those people coming to Calgary. February 2014 Update – Calgary’s booming condo sector was mainly responsible for the increased amount of residential sales seen in the city during February 2014.
On a year-over-year comparison, the number of sold units decreased by 21.8%. It's very hard to flood the market with detached single-family homes even in a lousy economy. Home prices depend on the size, location, amenities, the age and condition of the apartment, townhouse or house. March 2012 Update - The local market is finally beginning to pick up some steam after the economic recession that gripped the world a few years back with a sales increase of 12.6 percent year over year.
Market Overview for Townhouses in November 2022
The tool automatically checks for updates from the FHFA and Bureau of Labor Statistics once a week. Depending on the data release, it will only be a maximum of one week out of date with those series. That means if reported inflation is ahead of home prices, it will inflation-adjust the front month or two . Benchmark townhouse prices grew 14% YoY but decreased 0.6% MoM to $358,700 for November 2022. The number of sold homes in Calgary last month was 1,648 properties. It is reflecting a seasonal trend when compared to October's numbers of 1,901 sold units, or a month-to-month decrease of 13.3%.
July 2012 Update – Year over year home sales increased dramatically in July 2013 at just over 21 percent. Such a large gain is definitely reflective of the continued economic prosperity that Calgary is going through. September 2013 Update – Calgary home sales were 14 percent higher than the long-term average for the month of September and were also 19 percent higher on a year over year basis.
Calgary Housing Statistics
These are the only charts you ever need to see to get an overall glimpse of today's Calgary Real Estate Market. You will also find statistics for the previous years by clicking on the links directly below. The third tailwind behind the Calgary housing market relates to Alberta having the fourth-largest oil reserves behind Venezuela, Saudi Arabia, and Iran.
At this time, we don't have enough active inventory to generate a distribution. High or low home prices don't mean much in a vacuum - and that includes measures that include things such as "multiple of income". Regardless, the annual real estate cycle usually favours buyers in late summer. Market sentiment and government stimulus have led to price acceleration and record home purchases even though most economic fundamentals have faltered. After breaking records during the pandemic, Metro Calgary condo apartment values are now falling. Prices of new homes have plateaued, and if they drop, some homebuyers might find they will have paid much more than the most recent buyers in their development.
Shiller's monthly data started in 1953; we merely have a yearly home value resolution before then. If you clamor enough, I'll extend the series further back with linear interpolation. Use the average ratio in the overlap of the FHFA index and Shiller's NSA home data. If you are considering buying, be sure to drive a hard bargain and pay as close to market value as you can. Also, when it comes to financing, don't bite off more than you can chew.
They are holding out for the return of inflation to housing prices. The average price of a home in Calgary was $490,134 in November 2022. Currently, it compares to be about the same as it was in the same month of 2021 when the combined price of single-family, condominiums and attached homes were recorded at $490,257. Detached homes are selling at a rate never before seen in the City of Calgary as buyers from Calgary and across Canada stampede to snap up the new listings. The detached market daily sales almost equalled the daily sales number for the entire market in April of 2021.
As another price indicator, we can also look at the median prices for Calgary houses, increasing by 1.1% yearly to $445k. Also, looking at year-to-date data, Calgary's benchmark real estate prices have increased by 13% this year, reaching $530.3k. Sales of semi-detached homes decreased by 37% YoY and decreased by 16% MoM, reaching 133 units. Currently, inventory stands at two months of semi-detached home sales. When compared to the same month in 2021, the number of new listings in Calgary in November 2022 decreased by 19.4% as CREB has recorded 1,611new listings coming on the market in Calgary.
If you are buying a condo, don't forget you will own your portion of the entire structure along with its liabilities. Buyer Beware applies to everything and more so to condos in my opinion. February 2013 Update – February saw a slight one percent decline in sales activity year over year. However, Calgary’s resale condo market sales increased by a whopping 13 percent year over year.
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