Lending conditions weigh on housing demand

May sales activity continued to ease, with the largest declines occurring in the detached sector. Additional gains in new listings continued to increase inventory levels.

Citywide sales activity in May totalled 1,726 units, 19 per cent below last year’s levels and 24 per cent below longer-term averages. Sales activity in the detached sector declined to levels not seen in over a decade.

“The impact of rising lending rates and stricter qualification levels is causing demand to ease across all product types,” said CREB® chief economist Ann-Marie Lurie.

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Lacklustre luxury

High-end housing market continues sluggish recovery, but slow sales bump up supply 

As a former long-time writer with the Calgary Herald focusing on the real estate beat, I knew how popular coverage of the real estate industry was to readers.

One aspect of the industry people always loved reading about was the city’s luxury home market. So, I was curious how the high-end segment of the housing market has been faring lately.

Year-to-date sales – up to the end of April – of $1-million-plus properties totalled 204 transactions, which is down slightly from 211 during the same period a year ago, says Ann-Marie Lurie, chief economist with CREB®.

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The big picture

Inventory increases and sales drop in September, but overall sales for the year remain higher than last year

Strong gains in the first half of 2017 have put Calgary year-to-date sales at seven per cent above last years’ levels and 11 per cent below long-term averages, but challenges remain with easing sales and rising new listings.

Inventories rose across all property types to 6,861 units, while both apartment- and attached-style properties saw the highest inventory on record for the month of September.

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Bottoms up

After a tough year for the ‘other half’ of Calgary’s real estate market, the city’s apartment/attached segments are expected to see gradual turnaround in 2017

Lower prices and added choices created buyers’ conditions in Calgary’s attached and apartment sectors in 2016. But a slow recovery is expected in 2017, bringing both sectors into better balance, says CREB®’s 2017 Economic Outlook & Regional Housing Market Forecast.

The degree to which they’ll the “other half” will get there will differ, however. While the attached sector is set to post positive overall numbers, apartment sales and prices will be moderated by persistently high inventory levels.

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2016 year in review

Few surprises, but still highlights for Calgary’s housing market this past year, say experts

In a year of sales declines, price adjustments and mortgage rule changes, the one constant for Calgary’s housing market in 2016 was the number of challenges it faced as the result of soft economic conditions, say industry observers.

Yet officials also maintain challenges for some created opportunities for others. And, perhaps more importantly, there is renewed optimism heading into 2017 thanks to improving numbers during the second half of this year and a series of large energy infrastructure announcements.

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