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Housing market remains unchanged in January - Creb

by Stewart J Lowe & Associates

Slow sales activity and inventory gains place downward pressure on prices

Calgary’s housing market is starting 2016 firmly in buyers’ market territory, much the same as last year ended. 

“The recent slide in energy prices has raised concerns about near-term recovery prospects for the city,” said CREB® chief economist Ann-Marie Lurie. “Energy market uncertainty and a soft labour market are weighing on many aspects of our economy, including the housing sector.”

City wide, January sales totaled 763 units, 13 per cent below last year and 43 per cent below long-term averages. While new listings declined by 16 per cent compared to January 2015, the number of new listings far outpaced the sales, causing inventory gains. January’s city wide months of supply levels rose above six months.   

“Selection for buyers in all product types and price ranges has improved,” said CREB® president Cliff Stevenson. “More choice and low interest rates have encouraged some potential buyers to start window shopping. So far, this hasn’t translated into sales activity as many are waiting for steeper price declines from motivated home selling guide.”

The aggregate benchmark price of $447,300 in January was 1.21 per cent lower than the previous month and 3.27 per cent below the January 2015 price of $462,400. 

“As expected, the imbalance between housing supply and demand is continuing to place downward pressure on prices,” said Lurie. “However, the recent price retraction has not erased all the gains recorded in recent years, as the benchmark price remains 4.41 per cent above the January 2014 price of $428,400.”

While all property types have recorded price contractions from recent highs, the largest price declines have occurred in the apartment sector as this segment has had elevated months of supply since the second quarter of 2015.

The apartment benchmark price totaled $281,900 in January, a year-over-year decrease of 6.35 per cent and 2.12 per cent lower than the previous month’s price. In fact, apartment sector prices have once again fallen below the 2007 monthly high of $301,500.

The detached segment of the market continues to show variations depending on price range. The under $500,000 segment remains relatively balanced. However, recent trends are pointing to weaker sales-to-new-listings ratios in the $500,000 to $600,000 range of the market.

“Calgary’s housing market continues to face a wide range of challenges,” said Stevenson. “Sellers are reflecting on their expectations and considering all options available to them, given the dynamics of their specific market. In this environment, buyers have the opportunity to carefully consider their housing needs and make a decision based on their lifestyle and future goals.”

Source: Creb

 

Buyers Market - But sellers are optimistic

by Stewart J Lowe & Associates

Calgary buyers are taking note that things could turn during the next few months and they need to get themselves involved with what is currently a Buyers Market, but won't always be. 

home selling guide are being competitive with their listings, and so far this year showings are on the up.

JANUARY 2016 MONTHLY NEWSLETTER

by Stewart J Lowe & Associates


 

Take a look at our monthly Newsletter for January 2016 with CREB stats and Mortgage Information, click on Newsletters on the top bar.

Housing market characterized by slow demand : Creb

by Stewart J Lowe & Associates


Housing market characterized by slow demand

by CREB on January 04, 2016

Elevated supply levels placed downward pressure on prices in December.

With the focus shifting toward the holiday season, December sales activity slowed to 878 units in the city, 18 per cent below last year at this time and well below the five and 10-year averages.

As a result, the unadjusted benchmark price dipped to $448,800, a 0.42 per cent decline over the previous month and 2.33 year over year.

CREB® chief economist Ann-Marie Lurie noted December followed a pattern established early on in 2015, which was characterized by slower housing demand.

“Economic uncertainty, followed by weak economic conditions and job losses, contributed to slowing housing demand throughout the year,” she said.

“That said, while aggregate prices trended down in 2015, it was not to the same extent as some had speculated. Supply levels were low moving into this cycle and thus provided some cushion to absorb the inventory gains.”

 

 

 

 

 

 

 

 

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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