Calgary Real Estate Market Update February 2018
– Residential market prices stay put, but sales drop –
Calgary’s housing market saw a drop in sales activity in February of 2018, but a decrease in new listings also helped keep prices stable. There were 1,094 total sales in the month, approximately 18 percent lower year-over-year.
All of Calgary’s residential sectors saw lower sales which outpaced the increase in sales activity seen in January of 2018. The decrease in the number of new listings was not enough to prevent further gains in months of supply, but it did help to reduce the effects of slower sales activity.
Overall, sales activity in February 2018 remain well below long-term averages seen for Calgary’s residential market.
The Calgary Real Estate Board’s (CREB) Chief Economist, Ann-Marie Lurie, suggests that housing market conditions are still adapting to the changes in lending requirements and rise in lending rates introduced by the government as of late.
It will be a bumpy road she says, with the full effect of these changes to be understood in the coming months when the supply response is seen. See Real Estate Terms Defined: Months of Supply / Inventory to learn more.
February 2018 Real Estate Market Facts & Statistics
- A total of 1,094 sales in February 2018, 18 percent lower year-over-year
- $434,300 city-wide benchmark price, slightly above levels last month but similar to those seen last year
- Detached months of supply continues to sit at just under 4 months
- Detached sales in the $600,000 to $1 million range saw lowest sales to new listings ratio of all sectors
- A total of 1,240 detached units have been sold year-to-date, 12 percent lower year-over-year and 22 percent lower compared to the city’s long-term averages
- Detached benchmark prices have averaged $501,100, similar to those seen the previous year
- Semi-detached and row product continue to show varying levels of oversupply, affecting price recovery
- Semi-detached has averaged $417,300 benchmark price year-to-date, about 1 percent higher year-over-year
- Row homes have averaged $296,050 for the first two months of 2018
- Apartment condominium sector continues to see large amounts of supply – at nearly 8 months, higher than the 7 months of supply seen in February 2017
- Apartment benchmark price is 3 percent lower year-over-year at $256,300, with recovery being prevented by continued entry of new listings onto the market and increased supply levels
With all the latest changes to mortgage requirements and rates, home buyers should seek pre-approval for a mortgage so they know exactly what type of property and price point they can begin to shop around for.
Calgary’s residential market today is as dynamic as it gets. While one sector may be experiencing halted or slight benchmark price growth, another may have seen multiple year-over-year decreases. This is one reason, among several other, as to why you should consult a REALTOR® in Calgary before making a move in the local real estate market!
Make sure to look for an agent who specializes in the potential area and / or home type you’re interested in. You deserve only the best service, advice and third-party representation when navigating today’s residential market – don’t settle for anything less!
Call me anytime about questions or concerns you have with current market trends. I am available to help guide you through today’s ever changing residential market and provide expert advice 100% free and without obligation!
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