Soft sales continue in April

Prices steady, but struggles in Alberta economy weigh on housing

Changes to the lending industry and a challenging economic recovery are weighing on sales activity in Calgary’s housing market.

Supply levels have not adjusted to the weaker demand environment, and that is preventing price recovery.

“Slower sales do not come as a surprise, given the economy has not yet improved enough to offset the impact of changes in the lending industry,” said CREB® chief economist Ann-Marie Lurie.

“While the rising inventories are being monitored, prices have remained relatively flat as gains in some areas of the city have been offset by declines in other areas.”

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Housing market inventory on the rise

Prices remain stable compared to last year

As expected, slow sales this quarter have persisted through March in the City of Calgary. This is not a surprise, after stronger growth in sales at the end of last year following the announced changes to the lending market.

First quarter sales totaled 3,423 units, nearly 18 per cent below last year’s levels and 24 per cent below long-term averages. Easing sales and modest gains in new listings caused inventories to rise and months of supply to remain above four months.

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House hunting

Sheila Darragh is searching for her next home, after a quick sale left her scrambling

Sheila Darragh is a woman in transition. Her husband recently passed away, and, finding herself alone in a big home, she knew it was time for a change. She placed her single-family, bi-level home on the market and it quickly sold, leaving her scrambling for a new home in an area with a strong sense of community. Over several weeks, she looked around the city, toured several neighbourhoods, compared home styles and visited showhomes. Nothing felt quite right, until she visited a friend in Cochrane. She fell in love with the quaint feel of the town. But with a rapidly approaching possession date, allowing her little time to suss out a new home purchase, she’s decided to rent in Cochrane while exploring the market. (more…)

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A bumpy road to recovery

Calgary housing market prices hold, but sales fall

Residential home sales declined in February, but a decline in new listings helped keep prices steady this month.

Sales totaled 1,094 units in February, 18 per cent below last year’s activity. Easing sales occurred across all property types this month, which outpaced the sales growth that occurred in January. After the first two months of the year, sales activity remains well below longer-term averages.

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Love of the land

Silverhorn acreage development focuses on conservation and enhancement of nature

For 25 years, Mark Kwasnicki has not only been living in the Bearspaw area on the doorstep of Calgary’s northern boundary, he has also been building large, custom homes for some who would become his neighbours.

He knows what people want when it comes to acreage homes – including the high-end construction specs, impressive designs, and all the bells and whistles – but he also knows what they want from the development itself.

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