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Watch CREB® president David P. Brown as he recaps sales activity and the key influencers that shaped September’s housing market.

 

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CREB VIDEO: January 2017 market improves over last year

by Stewart J Lowe & Associates

The latest from Creb, looks like the Calgary market could be on the way back!

Stewart J Lowe & Associates. Real Estate Professionals Inc

Creb Stats: January market improves over last year

by Stewart J Lowe & Associates

For the fourth consecutive month, housing inventory levels have recorded year-over-year declines. At 4,112 total units, January's inventory was 18 per cent below last year's levels. 

"While housing conditions continue to favour buyers, a slow transition toward more balanced conditions is helping to ease downward pressure on home prices," said CREB® chief economist Ann-Marie Lurie. "Conditions have improved over last year, but people need to remember that last year's market was one of the weakest on record. Despite the appearance of a major shift in activity, the transition in the housing market is going to be a slow process."

January sales totaled 947 units, 24 per cent above last year, but 21 per cent below 10-year averages for the month. Sales activity improved across all product types, but only when compared to the near record lows that occurred in January 2016.

The detached segment of the market is demonstrating the most improvement.  Sales activity totalled 584 units in January, a considerable improvement over the 466 sales recorded last year. Inventories have also declined pushing the months of supply to 3.2 months well below the 5.4 months recorded in January 2016.  

"This past month showed how the market never stands still," said CREB® president David P. Brown. "The market isn't expected to be as unpredictable in 2017, but it's early in the year and there are still lots of unknowns that will shape decision-making for consumers."

"Every transaction is a personal decision and anyone going through the process of buying and selling real estate will be trying to make the best decision for their family. They need to consider their long-term objectives and think about the price they are willing to accept or pay for a home."

City-wide benchmark prices totaled $437,400, 0.16 per cent lower than last month and 2.82 per cent lower than last year's levels. Since recent highs in 2014, residential prices have declined from a low of 4.9 per cent in the detached sector to highs of 11.5 per cent in the apartment condominium market. 

Full January 2017 stats package  

CREB - OCTOBER IN THE CALGARY MARKET

by Stewart J Lowe & Associates

Calgary home sales rise for second consecutive month- NOV 2016

by Stewart J Lowe & Associates

REID SOUTHWICK- Calgary HERALD

NOVEMBER 1 2016

Calgary’s real estate market surged in October as home sales reached pre-recession levels for the first time in two years.

Sales increased from year-ago levels for the second straight month, with more than 1,600 housing units sold in October, a nearly 16% spike from 2015 levels.

Ann-Marie Lurie, chief economist with the Calgary Real Estate Board, said the lift in sales may be linked to mortgage rule changes, falling prices and availability of homes with lower price ranges.

Lurie said sales growth was unexpectedly high, but she remained cautious about whether it signalled a trend or simply a blip in an otherwise depressed market.

“Not just did it increase, but it rose to levels that were really consistent with what we’ve seen in normal conditions,” she said. “It is just one month to see that level of activity, so it is something I want to continue to monitor.”

 

Jesse Davies, a Calgary real estate agent, said he closed six sales last month, a big boost from the two or three deals he has been inking monthly in the past two recession-riddled years.

“People are trying to time the bottom of the market, and I think people kind of think the bottom may be here and want to catch it before the upswing,” he said. 

The increase in sales helped put a dent in the number of homes on the market, as inventory fell 3.5 % from a year ago, marking the first decline in at least 21 months.

Average home prices rose slightly, up one per cent to $462,279, but that likely indicates more higher-end homes selling rather than an increase in home values; the median price was down two per cent.

Benchmark prices for single detached homes — the price of a “typical” Calgary home — fell 3.2 % in October, while benchmark prices for apartments faced a steep decline of 6.3 %, the real estate board said.

Sales were up across all housing categories, the board said, with the largest gains in detached homes.

Sales were also heavily concentrated in lower-priced homes. Among single detached homes, the greatest amount of sales growth occurred in houses priced $300,000 to $400,000.

Despite lower prices, the Canada Mortgage and Housing Corp. said in its most recent housing report there continues to be moderate evidence of over-pricing in Calgary’s real estate market.

The indicator means current prices are not supported by the economic reality in a city dealing with a protracted downturn and high unemployment.

Still, Canada Mortgage and Housing analyst Richard Cho said there have been improvements in the past year.

“We have seen prices adjust and start to get closer to the current economic environment,” Cho said. “We do expect to see the market gradually shift from a buyer’s market to more of a balanced market as we move into 2017.” 

rsouthwick@postmedia.com

 

PLANNING A TRIP? 4 Tips Before Your Summer Vacation.

by Stewart J Lowe & Associates

As the song goes We are all going on a summer holiday .. no more working for a week or two! 

It’s here at last! Many families plan for their summer vacations months in advance but  also need to prepare your home for your vacation as well? Here are some tips to get ready!

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Cut your grass as close to leaving as possible. I would suggest that you set the mower on the shortest cut you can get so that you don’t have to worry about it growing too much while you are away. Better still, if you can ask your neighbor to cut it while you are away, that’s a plus! Remember mowing your yard before a vacation makes it look like you are still at home, and may keep away potential intruders.

  1. Another thing you should do before you leave on vacation this coming summer is to cancel mail if it is delivered to your door or newspapers. You can pick your mail up at the post office once you arrive back home and start your service back up. This may sound like a huge ordeal but it really is an easy way to keep things neat and tidy while you are away from home. Newspaper build up is a sure sign that the homeowner is away.
  2. If you don’t want your house to stand out as if no one is home, you may need to install a flood light that is activated by motion outside of your home. This way if someone walks up to your house that is not suppose to the neighbors will be able to see them and can report anything out of the ordinary. Another good idea is to put some of your inside lights on timers so it looks like you are home.
  3. If you have a VAC mode (vacation mode) on your water heater it’s always a good idea to use it while you are away. Some people also have a security link or App on their cell for when they are away, which is very useful.

A vacation is all about relaxing, and with your home safe that is exactly what you can do ...Turn off your cell and kick back!!

Housing Optimism Hits Two-Year High as Canadian Confidence Rises

by Stewart J Lowe & Associates

Optimism for housing prices in Canada has reached a two-year high as consumer confidence continues its upward march.
The share of Canadians expecting home prices to increase in their neighborhoods over the next six months rose to 43.3 percent last week, the highest level since October 2014.


 

Displaying blog entries 1-7 of 7

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Stewart J. Lowe & Associates
Real Estate Professionals Inc
202 5403 Crowchild Trail
Calgary AB T3B 4Z1
Direct: 403-850-0669
Fax: (403) 476-7608