I know you’re pretty busy these days getting ready for your epic journey. You must receive millions of letters. I can’t imagine how time-consuming it is for you, but if you have a chance, please read mine.
There’s no question that demand in the Calgary housing market eased following the collapse of oil prices in late 2014.
The impact of that global event sent shockwaves through the local economy, as thousands of people lost their jobs through two brutal years of recession in 2015 and 2016.
A slowing economy and job uncertainty always have an impact on the housing market, and the city saw a corresponding ease in home demand.
However, Calgary’s homebuilders have been resilient and creative.
Real estate is a numbers game, and looking at those numbers over an extended period truly does shine a light on the performance of a market over the long-term.
From that perspective, home prices in Calgary have been very impressive.
A guide to distinguishing average, median and benchmark prices
Sellers and potential buyers in today’s residential real estate market can be understandably excused if they are confused about what’s happening with housing prices.
After all, for both, price changes in the market are supremely important. Plus, CREB® gathers price information that, to the untrained eye, can tell different stories.
For example, in February, CREB® reported the benchmark price in the city for all MLS® properties that were sold was $445,000, or down 3.45 per cent from February 2015. However, the average MLS® sale price increased by 2.72 per cent to $472,529 while the median price was unchanged at $420,000.
From top to bottom, that’s a difference of close to $30,000.
“It’s looking at values based on criteria such as square footage, total bedrooms and bathrooms, location, property type.”
So what should one look at if they are either selling a home in this tough market or hoping to buy one?
A good start would be by looking at what each price category entails, said CREB® chief economist Ann-Marie Lurie. For example, the median price looks at every sale that has occurred in the market, ranking them from lowest to highest. The median price is the midpoint of all the sales.
Lurie said the average sale price is adding up the total dollar sum of the purchases divided by the number of total sales. (more…)
Here is your Morning News Rundown for Monday, January 6:
2014 Likely to Mark Year of Urbanism – Calgary Sun
Making Dreams Come True – Calgary Sun
Calgary MLS Listings Significantly Down From Last Year – Calgary Herald
Number of $1M Homes Rises, Despite Flood’s Toll on Assessments – Calgary Herald
Calgary Real Estate Market to Leave Vancouver in the Dust – Vancouver Sun
Canada’s Housing Market Finished 2013 on Solid Footing – Globe and Mail