CREB® Statistics - Demand down with net migration

The Calgary Real Estate Board (CREB®) has released their statistic report for July.  A couple of quick statistics to take away from the article:

  • Overall sales in July 1,741 units, a year-over-year decline of 12.6 per cent
  • Benchmark detached price in Calgary $502,300, a year-over-year decline of 3.4 per cent

For the full report, continue below.  As always, if you’re interested in finding out what these statistics mean for you and your specific property, feel free to get in touch with me at any time; sarah.paranych@century21.ca or 403.703.1052.

Prices similar to last month, down more than four per cent from last year

In step with City census data on declining net migration levels, housing sales activity totaled 1,741 units in July, a 12.6 per cent decrease over last year and the 20th consecutive month of year-over-year sales declines.

“Continued pullback of sales activity is a sign of economic conditions,” said CREB® chief economist Ann-Marie Lurie. “The number of unemployed workers keeps rising and when you combine job losses with declining net migration, the result is going to be weaker housing demand.”In step with City census data on declining net migration levels, housing sales activity totaled 1,741 units in July, a 12.6 per cent decrease over last year and the 20th consecutive month of year-over-year sales declines.

Slower sales were accompanied by declining new listings in July. This helped prevent further inventory gains and minimize the downward pressure on benchmark prices. By months end, the residential benchmark price was $440,000, similar to last month, but 4.2 per cent below July figures from the previous year.

While detached prices seem to be leveling, this is not the case for all property types. With over six months of inventory in the apartment sector, oversupply continues to create steep price declines.

The apartment benchmark price totaled $277,000 in July, a 0.4 per cent decline over the previous month and 6.6 per cent below last year’s levels.

City-wide benchmark prices for detached product totaled $502,300 in July, which is similar to last month, but 3.4 per cent lower than last year’s levels. Meanwhile, semi and row attached product recorded a year-over-year decline of 3.1 and 5.5 per cent for July prices of $385,200 and $310,300.

“To buyers and sellers that have been paying attention to the housing market in Calgary and surrounding areas, it should come as no surprise that we continue to see a slowdown in sales activity,” said CREB® president Cliff Stevenson. “Buyers are expecting further declines in sold prices, and sellers are adjusting to softer demand with price decreases. When these expectations intersect, we're seeing sales activity in the market, but not at the level realized over the last several years.”

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary Region monthly stats package.

Sarah Paranych

sellingcalgaryproperties.com
sarah.paranych@century21.ca
403-703-1052

Sarah Paranych

Sarah Paranych

REALTOR®
CENTURY 21 Bamber Realty Ltd.
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