Housing market deja vu in January

As expected, Calgary sales activity similar to last year

The new year opened predictably, with monthly figures close to the Januarys of the past three years.

With new mortgage rules and rates officially in effect, sales activity in January remained comparable to last year, as rising sales for attached properties were not enough to offset declines in both the apartment and detached sector.

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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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Aging in place

Major renovations and minor modifications to make any home more accessible and livable for seniors

As Canada’s population continues to skew older, more and more seniors want to remain in their homes rather than move into a retirement residence or long-term care facility. This preference for “aging in place” has increased the popularity of several home renovations and modifications that make the home more accessible, and easier to navigate, for older individuals. Here are some of the top aging-in-place renovations. (more…)

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Better than the last

January market improves over last year

At 4,112 total units, January’s inventory was 18 per cent below last year’s levels, according to CREB®, which released its monthly housing summary today.

“While housing conditions continue to favour buyers, a slow transition toward more balanced conditions is helping to ease downward pressure on home prices,” said CREB® chief economist Ann-Marie Lurie. “Conditions have improved over last year, but people need to remember that last year’s market was one of the weakest on record. Despite the appearance of a major shift in activity, the transition in the housing market is going to be a slow process.”

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Home prices down, not out

Resiliency in the detached and semi-detached markets temper price fluctuations

Calgary home prices continue to slide in most areas of the market, but not at the rate that many might expect, reported CREB® in its June housing summary. (Click here for the full report.)

CREB® partly attributed June’s stats to resiliency in the detached and semi-detached sectors of the market, where sales compared to new listings and standing inventory started returning to more balanced levels.

“The detached market has been gradually moving towards more balanced conditions, helping to prevent price levels from declining at the faster rates we saw in the previous two quarters,” said CREB® chief economist Ann-Marie Lurie. “While this is welcomed news for sellers, it’s very likely that pricing challenges will persist in the housing market until economic conditions start to improve.”

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