A steady spring

Demand for detached housing continues to rise

The detached housing market continues to lead the way in Calgary’s slow but steady recovery from a two-year recession. It is the fourth consecutive month of price increases in this segment of the market.

For the first time since June 2015, prices for detached homes did not decline on a year-over-year basis. Unadjusted detached benchmark prices reached $509,000 in May – one per cent higher than last month and levels recorded last year.

Detached sales improved across all price ranges and represented 65 per cent of all Calgary sales in May, the highest level since 2012. The largest detached sales growth occurred in the $600,000 – $999,999 range.

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Dissecting housing demand indicators

CREB® chief economist walks through often-overlooked housing statistics

Months of supply is a statistic that often gets lost in today’s housing market, yet it is an important indicator of the relationship between supply and demand, says CREB® chief economist Ann-Marie Lurie.

“It gives us one indication of balance in the market,” she said of months of supply, which is the amount of time it would take to sell current inventory.

“If the number is really high – so you have a higher level of months-of-supply – that essentially just means that there’s more supply than demand in the market and it generally correlates with declining prices in the market.

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‘Favour the buyer’

CREB® report singles out changing conditions in apartment sector

Buyer’s conditions in the apartment sector are contributing to a continued shift in Calgary’s resale residential housing market, which experienced a second consecutive month of price declines in October, according to CREB®.

The local housing agency noted that while overall, new listings in the city did not decline enough to prevent inventory gains and, ultimately, price contractions, the biggest shift continued to occur in the apartment sector.

CREB® chief economist Ann-Marie Lurie noted months of supply in that sector have gone from a low of three months in June to nearly six months in October.

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Inventory levels rise

August sales activity falls below long-term averages

Calgary’s residential resale housing market recorded further easing in absorption rates in August due to weaker sales activity.

Sales in the city declined by 27 per cent to 1,643 units last month relative to the same time last year and 12 per cent below 10-year averages.

“Persistent weakness in the energy sector weighed on sales activity this month, which once again retracted to levels well below the norm for the city,” said CREB® chief economist Ann-Marie Lurie.

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Roots run deep in Cochrane

New museum provides perspective of just how far growing town has come

Gordon Davies’s roots run deep in Cochrane.

His family moved to the area in the early part of the 20th century, while Davies himself is president of the Cochrane Historical & Archival Preservation Society (CHAPS).

The society, in fact, is behind the new Cochrane Historical Museum, which opened May 31 and was nearly two decades in the making, according to Davies.

“Unlike many towns, Cochrane has never had a museum dedicated to its local history,” he said, noting CHAPS has been planning the museum since the society’s inception in 1999.

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