Slow first quarter expected by Calgary Real Estate Board

Calgary’s resale housing market started 2019 on a low note, with sales last month 16 percent below January 2018, a trend that is expected to continue.

“We anticipate that the slow market conditions will persist throughout much of the first quarter,” said Ann-Marie Lurie, the Calgary Real Estate Board’s (CREB) chief economist.

Here are the highlights, by housing type and district, from CREB’s January 2019 report.

Detached homes

• Sales slid 17 percent compared to last year. However, declines did not occur across all districts, as sales activity improved in both the northwest and northeast districts. The most significant sales declines occurred in the north and west districts of the city.

• New listings rose across all districts except the northeast, north and southeast districts. Only the northeast district recorded easing months of supply compared to last year.

• The benchmark price was $476,500, a one percent decline from December and more than four percent lower than January 2018.

• Prices eased across all districts. The largest year-over-year declines occurred in the south, northwest and city centre districts.


• Apartment sales reached 126 units in January, 13 percent below last year and more than 20 percent below long-term averages for the month.

• Slower sales and lower new listings helped inventory levels ease. To the end of January, there are 1,173 units in inventory, which is nine percent lower than January 2018 levels.

• Despite this decline of inventory, months of supply remained elevated at nine months, impacting prices. While prices remained relatively flat compared to December, they declined by two percent compared to levels from last January.

• Prices remain well below previous highs, but there were some price improvements compared to last year in both the northeast and southeast districts.


• Sales declined for both row and semi-detached product types. New listings rose, with the result being increased inventories for both product types.

• With the attached sector firmly reflecting buyers’ market conditions, prices eased by more than four percent for a January benchmark price of $313,700.

• Semi-detached prices eased by nearly five percent compared to January 2018, to $393,100. The steepest declines occurred in the city centre and south districts, with adjustments of more than six percent.

• Row prices declined by four percent compared to last year for a total of $284,300. All districts recorded price declines, but the most notable decline occurred in the city centre, where prices were nearly eight percent lower than last year.

from Calgary Sun

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