Panic over; Calgary listings ease but sales activity is weak

by |
A surge in the number of homes listed for sale in Calgary in January eased last month. Calgary Real Estate Board figures show that new listings growth was 9 per cent in February, down from 37 per cent at the start of the year when it may have looked like panic-selling. Sales activity last month was still blow long-term averages so the inventory rose to 5,474 units. This is still well below the peak in February 2008 when there were 7,000 units available.

City of Calgary sales totaled 1,217 in February down 34 per cent year-over-year. Apartment sales were notably lower. CREB president Corinne Lyall says it is difficult to predict how buyers will react to the current market conditions: “Buyers who have been waiting for more inventory to come on the market may find what they are looking for today. If they are in a position to make a buying decision, they certainly can take advantage of the lower interest rates.”

Prices in Calgary are down slightly month-over-month with the benchmark for detached houses at $516,000 in February, down 0.5 per cent from the month before, although 6 per cent higher than a year earlier. Attached and apartment prices are also down slightly on a monthly basis with benchmarks of $354,600 and $296,000 respectively. See the full CREB report.
  • Jerry Quigley on 2015-03-03 7:06:43 AM

    with 4.5 months supply, this is still a seller's market supported by a 6% price increase yoy.

  • nick on 2015-03-03 7:33:59 AM

    Jerry you are living in denial. We in the rest of canada are tired of the mortgage rules put in place to deal with the Alberta housing dilemna. The rest of Canada will pay for all the losses that the insurers will take in this over hyped market. Please stand by as the mortgage industry is going to be turned upside down and yes alberta is to blame. I guess that Cmhc was correct in putting measures in place to deal with this inevitable crash. Great forsight

  • jack on 2015-03-03 1:08:27 PM

    What gets me is how the CREB gets away with their news stories and how they report their numbers. To me it seems almost criminal in an attempt to manipulate the market. I trade crude and natural gas here in Calgary so I’m pretty familiar with the pulse of the oil and gas business here in Calgary. I’m also familiar with the market manipulation laws we have in place and I can’t believe that there hasn’t been a class action suit filed against them yet. I keep hearing the CREB and various realtors feeding the uneducated buyers in Calgary that the market is balanced, the market is going to go up ect ect. Oil prices will rebound and start heading back up in May, cause they always go up in the summer. Most of these guys selling houses have a high school education at best, and they’re spewing global oil and gas fundamentals like they actually have a clue of what they are talking about?

    The 1200 people that bought a house in February I feel sorry for. I really feel sorry for them if they only had 5 or 10% down as they are going to be under water on the mortgage in a matter of months if not already. With the new projects still coming online and the volume of oil and natural gas that has been drilled and is just waiting to be tied in still the price isn’t going to recover in a month or so. It could be 18 months till we see a sustained recovery.

    Some of the stories I’ve read buyers have stated well, I got a fair price so I purchased the house. They got a fair price in a 2014 market, wait till they find out they could have gotten the same 550,000 dollar house they bought in Feb for 475,000. For the love of God, those of you that are looking to buy a house don’t listen to anything the CREB says. Those of you that are selling, your timing isn’t very good and if you want to sell your house you need to price it to sell and hope there are enough clueless buyers out there that take the CREB for their word.

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Name (required)
Comment (required)
By submitting, I agree to the Terms & Conditions