Jackie Morin MaxWell Capital Realty Associate

02/02/2024

01/02/2023

Active Calgary Condos Jan 1
2023 - 855
2022 - 1508 / 2021 - 1910

08/16/2022

CREB®'s Q2 2022 Housing Market Report City of Calgary, August 16, 2022 – Within the city of Calgary, housing sales totalled 18,694 units in the first half of 2022, with sales in the second quarter nearly matching the record high pace set in the first quarter of the year.

“This doesn’t come as a surprise as consumers were eager to get into the market ahead of rate gains while they still had low pre-approval rates,” said CREB® Chief Economist Ann-Marie Lurie.

At the same time, new listings struggled to keep pace leaving inventories relatively low and the months of supply relatively tight. This resulted in prices trending up in the second quarter relative to both the previous quarter and year.

Since April, the Bank of Canada has taken an aggressive stance against inflation with their most significant move in July, which saw a one per cent increase. After four consecutive rate increases, the overnight lending rate has jumped to 2.5 per cent and pushed mortgage rates up to their highest levels in over a decade.

The lending rate increases have started to impact home sales and are expected to weigh on sales over the second half of the year, offsetting some of the strong gains reported over the first half of the year.

Supply adjustments in the market have been slow, especially for lower priced products. However, the pullback in demand is expected to help support more balanced conditions.

“With market conditions easing and a higher cost of borrowing, prices are expected to trend down in the second half of the year, offsetting some of the stronger than expected gains in the first half of the year,” said Lurie. “Despite the pullbacks, we anticipate that the annual benchmark price will remain higher than levels reported last year.”

04/27/2022

April 22, 2022 | CREB

CREB®'s Q1 2022 Housing Market Report

The first quarter of 2022 saw record high sales activity, thanks to an increase in new listings. This provided some choice for buyers in comparison to the previous quarter, where sales exceeded the number of new listings.

Although there was an improvement in new listings, it was not enough to add significant supply to the market. Inventory levels declined over the last quarter of 2021 and were 30 per cent lower than long-term trends, reflecting the lowest quarterly inventory level seen since 2014.

“Record sales combined with low inventory levels caused the months of supply to average just over one month in the first quarter,” said CREB® Chief Economist Ann-Marie Lurie.

“Conditions have not been this tight since 2006, which was also the last time that we saw price gains push above 15 per cent.”

The persistent sellers’ market conditions weighed on prices in the first quarter of 2022. Driven by strong gains in the detached sector of the market, the total residential benchmark price averaged $496,767. This is a quarterly gain of nearly eight per cent and a year-over-year gain of over 15 per cent.

While sales were expected to be strong in the first quarter, demand continued to exceed expectations.

“Expectations on rising rates and further price gains is likely pushing consumers to enter the market as soon as possible,” said Lurie.

“However, lack of choice over the past several quarters has created a build up of demand that can only be filled as supply levels improve.”

While economic improvements will continue to support housing demand, this pace of sales is still expected to cool later this year. This will eventually help the market shift to more balanced conditions and slow the upward pressure on prices.

04/13/2022

Buyer, please be aware. In a red hot market, unscrupulous people take advantage of buyers who don't know how to do research. Use a Realtor,

Dhaliwal Homes Ltd. was charged for not complying with the Safety Codes Act and for failing to comply with the city's Land Use Bylaws.

04/12/2022

Realtors and economists alike see a shifting tide after Canada’s home prices surged by more than 50 per cent over the past two years.

Realtors and economists alike see a shifting tide after Canada’s home prices surged by more than 50 per cent over the past two years.