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CREB: 2022 ECONOMIC REVIEW & 2023 FORECAST

Posted on Jan 24, 2023 in Market Updates

The aftermath of the pandemic, along with geopolitical issues impacting global energy markets, has left many countries facing challenges with inflation and rising interest rates. The persistent inflation in 2022 has triggered significant rate hikes from the bank of Canada this year, moving from 0.25 percent at the start of the year to 4.25 percent...

JANUARY 2023 MARKET UPDATE

Posted on Jan 03, 2023 in Market Updates

2022 saw record-high sales and double-digit price growth - December sales eased, however, slowing sales over the second half of 2022 were not enough to offset earlier gains as sales reached a record high of 29,672 units in 2022.

Over the past several months, the pullback in sales was also met with a significant pullback in new listings, causing furt...

DECEMBER 2022 MARKET UPDATE

Posted on Dec 01, 2022 in Market Updates

2022 on track to be a record year for sales - Residential sales in the city slowed to 1,648 units, a year-over-year decline of 22 per cent, but 12 per cent above the 10-year average.

The pullback in sales over the past six months was not enough to erase gains from earlier in the year as year-to-date sales remain nearly 10 per cent above last year’s...

NOVEMBER 2022 MARKET UPDATE

Posted on Nov 01, 2022 in Market Updates

Sales remain stronger than pre-covid levels - October sales eased compared to last year’s levels, mostly due to slower activity in the detached sector.

However, with 1,857 sales this month, levels are still stronger than long-term trends and activity reported prior to the pandemic. Year-to-date sales have reached 26,823 and with only two months to g...

OCTOBER 2022 MARKET UPDATE

Posted on Oct 03, 2022 in Market Updates

Demand shifting to more affordable options - Strong sales for condominium apartment and row properties was not enough to offset declines reported for other property types. This caused city sales to ease by nearly 12 per cent compared to last year.

However, with 1,901 sales in September, activity is still far stronger than levels achieved prior to th...

SEPTEMBER 2022 MARKET UPDATE

Posted on Sep 01, 2022 in Market Updates

Supply levels ease with fewer new listings in August - August sales activity was comparable to the strong levels recorded last year and well above long-term trends for the month.

While sales have remained relatively strong, there continues to be a shift towards more affordable options as the year-over-year pullback in detached sales was nearly match...

CALGARY Q2 2022 MARKET UPDATE

Posted on Aug 16, 2022 in Market Updates

CREB, August 2022 – Within the city of Calgary, housing sales totalled 18,694 units in the first half of 2022, with sales in the second quarter nearly matching the record-high pace set in the first quarter of the year.

“This doesn’t come as a surprise as consumers were eager to get into the market ahead of rate gains while they still had low pre-app...

AUGUST 2022 MARKET UPDATE

Posted on Aug 02, 2022 in Market Updates

Detached home sales decline as apartment condominium sales rise - Significant slowdowns in the detached and semi-detached market were nearly offset by sales growth in the apartment and row sectors. This left July sales three per cent lower than levels recorded last year. While this is the second month where sales activity has slowed, total resident...

JULY 2022 MARKET UPDATE

Posted on Jul 04, 2022 in Market Updates

Market starts to shift as sales slow - Sales activity in June eased relative to the past several months and with 2,842 sales, levels declined by two per cent over last year’s record high. While sales activity has remained relatively strong for June levels, the decline was driven by a pullback in detached and semi-detached home sales.

“As expected, h...

JUNE 2022 MARKET UPDATE

Posted on Jun 01, 2022 in Market Updates

Market continues to favour the seller despite slowing sales - For the second month in a row, sales activity trended down after all-time record high sales in March. While activity in the market slowed down in May with 3,071 sales, levels are still slightly higher than last year’s record high and are far stronger than typical levels of activity recor...

MAY 2022 MARKET UPDATE

Posted on May 02, 2022 in Market Updates

Sellers' market conditions continue in April – Following an all-time record high month of sales in March, activity slowed down in April. However, with 3,401 sales, it was still a gain of six per cent over last year and a record high for the month of April.

“Despite some of the monthly pullback, it is important to note that sales remain exceptionall...

CALGARY Q1 2022 MARKET UPDATE

Posted on Apr 22, 2022 in Market Updates

CREB, April 2022 - The first quarter of 2022 saw record high sales activity, thanks to an increase in new listings. This provided some choice for buyers in comparison to the previous quarter, where sales exceeded the number of new listings.

Although there was an improvement in new listings, it was not enough to add significant supply to the market...

APRIL 2022 MARKET UPDATE

Posted on Apr 01, 2022 in Market Updates

Record high sales seen again in March – For the second month in a row, sales activity not only reached a monthly high but also hit new record highs for any given month. Gains occurred across every property type as they all hit new record highs.

An increase in new listings this month helped support the growth in sales activity. However, inventories h...

MARCH 2022 MARKET UPDATE

Posted on Mar 01, 2022 in Market Updates

Sales continue to surge as listings rise – Thanks to a surge in new listings, sales activity reached a record high for the month of February with 3,305 sales. The rise in new listings caused adjusted inventories to rise above last months levels. However, with only one month of supply, the market continues to favour the seller.

“Sales have been somew...

CREB 2022 ECONOMIC FORECAST

Posted on Feb 04, 2022 in Market Updates

Despite risks surrounding the pandemic, the outlook for our economy is far more promising than it was a few years ago, with renewed optimism coming from the energy sector and growth prospects in the tech industry. Improving economic activity, job growth and the slow return of migration to the city are expected to continue supporting relatively stro...

FEBRUARY 2022 MARKET UPDATE

Posted on Feb 01, 2022 in Market Updates

Sellers' market conditions continue to impact prices – Thanks to persistently strong sales, inventory levels in the city eased to 2,620 units, the lowest levels seen since 2006. This caused the months of supply to remain exceptionally low for this time of year at 1.3 months.

The tight market conditions contributed to further upward pressure on pric...

CREB 2022 HOUSING MARKET FORECAST

Posted on Jan 25, 2022 in Market Updates

Calgary housing market expected to remain strong in 2022 after record-breaking 2021 – Housing market activity in 2022 is expected to moderate relative to record levels of activity in 2021, while remaining stronger than historical levels.

“Despite challenges with COVID-19, we are starting to see a turnaround in our job and migration numbers, and whil...

JANUARY 2022 MARKET UPDATE

Posted on Jan 04, 2022 in Market Updates

2021 record year for home sales – Thanks to exceptionally high sales in December, 2021 was a record year for home sales. Calgary sales reached 27,686 units this year, nearly 72 per cent higher than last year and over 44 per cent higher than the 10-year average.

“Concerns over inflation and rising lending rates likely created more urgency with buyers...

DECEMBER 2021 MARKET UPDATE

Posted on Dec 01, 2021 in Market Updates

Persistent sellers’ market conditions drive up prices - Driven by growth in demand for all property types, there were 2,110 sales in November, just shy of the record for the month set in 2005.

“Lending rates are expected to increase next year, which has created a sense of urgency among purchasers who want to get into the housing market before rates...

NOVEMBER 2021 MARKET UPDATE

Posted on Nov 01, 2021 in Market Updates

Market continues to favour the seller in October – There were 2,186 sales in October, a record high for the month and over 35 per cent higher than longer-term averages. Year-to-date sales are on pace to hit new record highs and are currently 61 per cent higher than average activity recorded over the past five years and 42 per cent higher than 10-ye...

CALGARY Q3 2021 MARKET UPDATE

Posted on Oct 19, 2021 in Market Updates

CREB, October 2021 - The persistent challenges caused by the pandemic continue to weigh on economic activity. However, the housing market remains resilient. The pace of growth and level of sales have eased from the record highs seen in the second quarter, but with 6,628 sales, this was the best third quarter since 2014.

Much of the demand growth con...

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