November sales slide into old patterns

Detached prices dip below $500,000 for first time since 2014

Coming off a month of stronger sales activity, November’s resale residential housing market returned to previous trends, according to CREB®.

In its November housing summary released Dec. 1, year-over-year monthly sales totaled 1,227 units, which is nearly three per cent lower than last year and 17 per cent below long-term averages.

“November was the first full month with CMHC’s new lending rules in effect,” said CREB® chief economist Ann-Marie Lurie. “As suspected, the gains in last month’s sales were temporary. Stringent conditions for borrowers are converging with the current economic climate and weighing on demand.”

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Home sales rebound in October

CREB® points to mortgage rule changes as motivator

For the first time in two years, resale residential housing sales activity in October resembled normal levels, according to a new report.

City-wide sales totaled 1,644 units, which is an increase of nearly 16 per cent over last year, reported CREB® in its monthly housing summary.

“The shift in sales activity this month is likely related to the new mortgage rule changes, inventory gains in the lower price ranges and further price adjustments,” said CREB® chief economist Ann-Marie Lurie.

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CREB® foundation announces Investing in Hope recipients

$180,000 in grant funding awarded to Calgary and area non-profits

In keeping with its long-legacy of giving, CREB® Charitable Foundation has awarded $180,000 in grant funding to local non-profits selected by REALTORS® through its Investing in HOPE program.

The Charitable Foundation typically awards 15 grants through the Investing in HOPE program, but thanks to the generosity of its board of governors who unanimously agreed to inject an extra $30,000 this year, 18 organizations providing sustainable community solutions, shelter and care will receive a $10,000 grant.

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Detached prices stabilize in soft market: CREB®

New listing levels starting to match sales

A new report indicates the segment of Calgary’s resale residential housing market with the greatest influence on the overall market is showing signs of pricing stability.

The detached benchmark price totaled $503,400 in September, which is 3.3 per cent below last year, but the second consecutive month at this price level, reported CREB® today.

While overall economic conditions remain soft, for now the detached sector is demonstrating some steadiness in terms of pricing, the member-based organization said.

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Housing market tells different stories in August

Detached versus higher-density segments paint different pictures of health

Overall resale residential housing sales activity in Calgary was down again in August, totalling 1,567, reported CREB® in its monthly housing summary.

However, the organization noted this figure does not reflect the big differences in activity between the detached sector, versus the high density apartment and attached segments of the market.

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