Calgary's Current Real Estate Statistics and Property Information
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City of Calgary, January 2, 2019 - As oversupply continues in Calgary’s housing market, December prices eased by one per cent compared to last month and are over three per cent below last December.
“Persistent weakness in the job market and changes in the lending market impacted sales activity in the resale market this year,” said CREB® chief economist Ann-Marie Lurie.
“This contributed to elevated supply in the resale market, resulting in price declines.”
December sales totalled 794 units, a 21 per cent decline over the previous year. Overall year-to-date sales in the city totalled 16,144 units. This is a 14 per cent decline over 2017 and nearly 20 per cent below long-term averages.
Inventory levels in December sat at 4,904 units. This is well above levels recorded last year and 30 per cent above typical levels for the month. Elevated resale inventories in 2018 were caused by gains in the detached and attached sectors.
Throughout 2018, the months of supply remained elevated and averaged 5.2 months. This contributed to the annual average benchmark price decline of 1.5 per cent. Price declines occurred across all product types and have caused citywide figures to remain over nine per cent below the monthly highs recorded in 2014.
“Both buyers and sellers faced adjustments in expectations this year. Sellers had to compete with more choice in the resale market, but also the new-home market,” said CREB® president Tom Westcott.
“With less people looking for a home, it became a choice between delaying when to sell or adjusting the sale price. However, buyers looking for more affordable product did not find the same price adjustments that existed in some of the higher price ranges.”
More information on the 2018 housing market will be released at CREB®’s 2019 Forecast Conference &
Tradeshow (www.crebforecast.com) on Jan. 30, 2019.
HOUSING MARKET FACTS
• Detached sales declined across all districts in 2018. With citywide sales
of 9,945 units, activity remains 21 per cent below typical levels for the
• Detached inventories were higher than last year’s levels for each month
of the year, including December. Slow sales caused the market to be
oversupplied through most of 2018.
• Detached benchmark prices totalled $481,400 in December, a one per
cent decline over last month and a three per cent decline over last year.
Overall, 2018 prices declined by 1.5 per cent compared to last year.
• Prices have eased across most districts in 2018. The largest declines this
year have occurred in the North East, North West and North districts.
• Apartment sales totalled 2,663 units in 2018. While the decline is less
than other product types, levels are 22 per cent below long-term
• The apartment condominium sector has struggled with oversupply for
almost three years and 2018 was no exception.
• However, supply has been easing, as inventories this year averaged
1,584 units, one per cent below last year’s levels.
• Despite slowing supply growth, the market remained oversupplied,
causing further price declines. In December, benchmark prices were $251,500, over two per cent below last year. Annually, prices have declined by nearly three per cent for a total decline of 14 per cent since 2014.
• Price declines this year have ranged from a high of nearly six per cent in the East district to a low of two per cent in both the City Centre and North West districts.
• Declines for both row and semi-detached product resulted in 2018
attached sales of 3,536 units, a 15 per cent decline over the previous
year and 14 per cent below long-term averages.
• Slower sales activity prompted some pull-back in new listings, but this
was limited to the row sector. Row new listings declined by four per cent
and semi-detached new listings rose by nearly 15 per cent in 2018.
• Despite some adjustments to new listings, inventory levels remained
elevated, keeping the market in buyers’ market territory and putting
downward pressure on prices.
• In December, the semi-detached benchmark price totalled $397,500.
City of Calgary Property Statistics and market information.
for the City of Calgary's daily housing statistics
for all the latest news from the Calgary Real Estate Board
for all the latest news from the Calgary Herald newspaper
for theCalgary Real Estate Board's 2019 Housing Market Forecast