Still no big crash in prices. When will it happen?
So far, despite the panic around crashing oil prices, the only crash in the real estate market is with new listings. The new listings are down 23% compared to the 3-year average, and down 28% compared to last year.
The drop in sales at 16% is to be expected when there is uncertainty around the economy, and when there are so few homes coming on the market.
More detailed statistics can be found at Single Family Stats
In case you missed it, one element of the NDP platform was a promise to repeal the increases to mortgage registration/land title registration fees that were put forward in the PC budget in March 2015 and restore the current 2014/15 fees. Click here for the announcement of the campaign promise.
Recent statements from the NDP indicate that the government will be pushing forward in eliminating these increases. There is no official timeline yet for this to take place, as the election result represents a significant change and the NDP will require time to transition into office and be prepared to take real action on campaign promises. The Alberta Real Estate Association, of which I am a member, is advocating on your behalf to hold the government to their promise.
The independent research firm, Teranet, released their statistics today. They show Calgary’s prices up .19% in March, but down .83% since the start of the year. CREB’s stats show the single family home price in March was up .21%, almost the same as Teranet.
Year-over-year, Calgary is up 4.37% according to Teranet, but CREB’s stats show the median SFH price is down 3.9%.
You can read more about Teranet’s Methodology
Welcome back! Ski season is over and I’m looking forward to getting back to the real estate business, and helping you with your house search. There are some amazing new tools which have been made available to Calgary realtors which I’m really excited about.
The new “Matrix” system software which went into effect on March 1 enables us to help clients in ways that were not previously available to us. For example, If you are looking for a house in Tuscany but do not want to be within a half-kilometre of Stoney Trail(because of the noise), I can enter a search with that criteria.
If you have a specific criteria for the home you’re looking for, send me the information and I’ll set up a search for you. You can also use this form Home Search
The Calgary Real Estate Board has changed the criteria for reporting their monthly statistics. Rather than single family home, condo, and townhouses, it has morphed into detached, attached and apartment.
Going forward, I will continue to compile the Single Family Home stats and the Detached stats only. I expect my website will be the only place where you can find the current Single Family Home stats.
The Detached stats go back to 2005, but you’ll notice there’s nothing in the “Active Listings” column yet, but I’m working on that.
Over three years ago, I commenced a lawsuit against an anonymous blogger. He went by the name of Squidly77 and was posting statements which were defamatory and damaging to me personally and to my real estate business. I tracked him down(a fascinating story in itself), and when I unmasked him, it turns out his real name is Gary Michael Bench. This person was completely unknown to me previous to this lawsuit.
Holding Gary Bench (aka Squidly77) accountable for his lies and receiving a public apology was a matter of principle for me.
Many of the things he was saying were outright lies. It finally went to trial, and when it was his turn to take the stand, he chose to settle the matter “out-of-court.” He issued an apology and signed an Agreement. At the request of Gary Bench, I agreed not to disclose the terms of the Agreement and settlement. My original statement of claim was seeking approximately half-a-million dollars in damages from Gary Bench.
Gary Bench’s apology (Gary Bench was known to the blogosphere as Squidly):
Some welcome changes are occurring in the Calgary housing market. It’s been a long time since buyers had the upper hand, and it’s also been a long time since buyers had a good selection of homes from which to choose.
Bidding wars are almost a thing of the past with only 9% of homes selling for list price or higher in January. It takes about six months for the realities of the market to hit home with most sellers and that’s why you haven’t yet seen a corresponding drop in prices yet.
You can see historical and more detailed statistics at bobtruman.com. CREB has changed their reporting criteria, but my stats criteria have remained consistent since I started reporting them 11 years ago.
If you’re buying or selling and want to be represented by someone who will give you the straight talk, give me a call or send an email.
“Two consecutive years of relatively strong employment and population growth, combined with rising wages and low lending rates, have supported demand growth in our housing sector,” said CREB® chief economist Ann-Marie Lurie.
“All citywide resale segments have recorded a moderate easing of supply constraints, which should help stabilize prices as we approach the end of the calendar year,” said Lurie. “Nonetheless, consumers should be aware that market conditions can vary significantly depending on the location and property type.”
In Oct, 16% of homes sold for list price or higher.
More home owners have been motivated to list their homes and reap the rewards of the recent price increase. As a result, new listings are up slightly for the sixth consecutive month.
For September, 17% of sales were for list price or higher. If you bought an average house 12 months ago, it has increased in value by $38,750.
Calgary continues to experience a shortage of inventory with 17% fewer listings than normal for this time of year. There is only a 60-day supply of single family homes on the market. In the lower price ranges, it’s even more severe. For homes priced under $500,000, there is only a 42-day supply.
Despite the shortage of listings, it was the third-best August ever for SFH sales(second-best for overall sales due to strong condo sales).
If you had any doubts about the lack of inventory, bidding wars are still going strong with 18% of sales for list price or higher.
If you bought an average home in Calgary in Aug 2013, the price has increased $29,100 in the past year.