City of Calgary, April 1, 2019 –

March saw a modest decline in city wide sales activity compared to last year. However, sales have been rising for more affordable product in the detached and attached sectors.

Shifts in the lower end of the market have not outweighed easing across the higher priced product. First-quarter sales dropped to 3,108 units. This is nine per cent below last year and 28 per cent below typical levels of activity.

Price declines and relatively slow sales activity are impacting the number of new listings. For the second consecutive month, new listings eased compared to last year’s levels and long-term trends, but it was not enough to prevent inventory growth.

“If new listings continue to slow compared to sales, it could start to help with the persistent oversupply scenario weighing on our housing market,” said CREB^® chief economist Ann-Marie Lurie.

“However, inventory is still high. It will still take time for our market to transition towards more balanced conditions and stable pricing.”

With 6,595 units in inventory in March, the months of supply eased to five months. This is an improvement over the past several months, but still considered oversupplied when compared to levels traditionally recorded in March.

The oversupply in the Calgary market has caused further price declines this month. As of March, benchmark prices eased to $413,900, five per cent below last year’s levels and just below levels recorded last month.

HOUSING MARKET FACTS

Detached

• First-quarter sales declined by nearly nine per cent compared to last year and 30 per cent below typical levels of activity.
• Detached sales have varied depending on location and price range, with gains occurring mostly in the most affordable price ranges of each district.
• In March, citywide detached sales improved for all homes priced under $500,000.
• Despite easing in new listings, inventories increased over last year’s levels, pushing months of supply to the highest level ever recorded for the month of March. When considering activity by districts, the North East and East districts have seen the level of oversupply ease compared to last year.
• Oversupply in the detached sector continues to weigh on prices across all districts in the city. Citywide detached benchmark prices eased 5.4 per cent compared to last year for a total price of $475,800.

Apartment

• Resale condominium sales fell by 14 per cent in March, causing first-quarter sales to total 464 units, 17 per cent below last year. The decline did not occur in all districts, as sales activity improved in both the North and West districts of the city. Despite some signs of improvements in those districts, activity remains well below long-term trends.
• Supply in this sector is showing signs of adjusting to the lower levels of demand. New listings eased again this month compared to last year’s levels. Unlike other property types, this adjustment is impacting inventories. Inventory in March was 1,488 units, 12 per cent below last year’s levels.
• The months of supply has edged down from levels recorded earlier in the year, but due to weak sales, it is elevated compared to last year’s levels.
• Citywide, apartment condominium prices fell by 0.7 per cent from last month and 2.6 per cent over last year. However, in both the North East and South East districts, prices posted a modest gain over last year.

Attached

• There was a slight uptick in attached sales in March due to improvements in both the semi-detached and row sectors. Despite the gains in March, year-to-date sales remain four per cent below last year’s levels and 16 per cent below long-term averages.
• Year-to-date sales have eased, but there have been improvements in the South and South East districts.
• Despite some improvements in sales, citywide months of supply remain elevated.
• Prices continued to trend down for semi-detached product. March’s benchmark price was $391,000, nearly six per cent below last year’s levels and 0.4 per cent below last month’s price. However, the North district saw different results, as tightening months of supply supported a modest gain in prices compared to both last month and last year.
• Row prices in March remained relatively flat compared to February levels, but remain more than four per cent below last year’s levels and over 13 per cent lower than previous highs.

REGIONAL MARKET FACTS

Airdrie

• First quarter sales were seven units less than last years levels, but the number of new listings also declined by 47 units over the same period. This prevented any significant change in inventory levels in the market. However, the months of supply remained elevated averaging five months after the first quarter.
• The persistent oversupply in the market has weighed on prices. City-wide benchmark first quarter prices eased by 1.7 per cent compared to the previous quarter and remain 4.6 per cent below levels recorded in the first quarter of last year. While prices eased across all property types, the largest declines occurred in the apartment sector.

Cochrane

• Cochrane’s first quarter sales and new listings were 114 units and 330 units, respectively, both declining over last years levels. However, the relatively steeper pull-back in sales caused inventories to rise and months of supply to average eight months in the first quarter.
• Persistent oversupply in the market has weighed on prices. After the first quarter benchmark prices eased by 1.6 per cent compared to last year and 1.5 per cent compared to the previous quarter. However, year-over-year declines were higher in the attached sector at 2.7 per cent compared to the detached sector which was 1.5 per cent.

Okotoks

• In the first quarter both sales and new listings slowed compared to last year. However, the pull-back in new listings was not enough to reduce inventory levels in the market and months of supply remained elevated averaging 7.7 months in the first quarter.
• The persistent oversupply has impacted prices. The detached benchmark price averaged $413,733 in the first quarter a 4.8 per cent decline compared to last year and 3.8 per cent below the fourth quarter of 2018. Price declines were slightly higher in the attached sector with the benchmark price totaling $376,433 for the first quarter a five per cent decline over the previous year.

I just finished uploading this House for sale, 327 LEIGHTON VW, Rural Rocky View County, Alberta

Welcome to your Zen inspired, architecturally designed oasis in Elbow Valley West. Situated on over a 1/2 acre, prepare to be captivated by the panoramic WEST MOUNTAIN VIEWS through floor to ceiling windows. Behold a magnificent, yet different landscape view each day under ever changing Prairie skies. Open concept design home, perfect for entertaining - Main floor boasts 2100 SF of gracious living space: spacious great rm w/soaring ceilings & oversized sliding doors leading to west facing deck, entertainment style kitchen w/huge island & prime west facing windows, dining rm perfect for family dinners, media/family rm & the master retreat completes the main flr. Uniquely & thoughtfully designed with lofts at either end of the home: 2 bdrms, full bath & a loft on one, & a private guest suite w/loft & full bath on the other - this is the dream family home. Fully dev't lower level: massive rec rm, 2 add. bdrms (each with a full bath), wine rm & storage. So many additional features, this home must be viewed.

I just finished uploading this Condo for sale, #1801 920 5 AV SW, Calgary, Alberta

Beautiful NW CORNER suite with outstanding river-side panoramic views of the Bow River, the mountains & North Hill. Located in the elegant Five West building, this suite showcases windows on 3 sides, 2 bedrooms PLUS a den, new wood flooring throughout, spacious living area with ample sized dining area, corner gas f/p in the living room, ALL granite countertops, stainless steel kitchen appliances & breakfast ledge, bonus den with French doors to take in the view. The master bedroom easily accommodates a king-sized bed, ensuite with dual sinks, shower & jetted soaker tub, second bedroom with built-in Murphy bed and 3pc second bath. Don’t forget the oversized laundry room with custom built-in storage and views from all the main rooms. Building amenities include secured indoor parking, indoor guest parking, concierge service and secured storage room with a large locker is included. Walk to work location and a block to the DT Free Zone LRT.

I just finished uploading this Condo for sale, #602 1108 6 AV SW, Calgary, Alberta

River-side with River Views in The Marquis! Beautiful 2 bdrm + den, nearly 1100 SF, original owner suite with TWO parking stalls & storage locker, overlooking the river valley. Features floor to ceiling windows to take in the view from all primary rooms, engineered hardwood floors throughout, freshly painted, open kitchen with granite counters, recessed lighting & breakfast bar, spacious living area with gas fireplace & separate dining area. Access to the large balcony is from both the master and the living room. The den is perfect, with a glass wall to let in the natural light. Large master bedroom features walk-through closet with mirrored doors and full bath with soaker tub & separate shower & a separate laundry rm. The Marquis building amenities incl. onsite management, indoor secured visitor parking, secured bike storage rms & storage locker rms, and a large onsite exercise area on the main floor wrapped in glass. Conveniently located steps to the Bow River and steps to the LRT across the street!

I just finished uploading this House for sale, 5316 GROVE HILL RD SW, Calgary, Alberta

Superbly located on desirable Grove Hill Rd, this gorgeous 1375 SF, FOUR bdrm up bungalow is ready for you to move in! Features included refinished hardwood floors on the main floor, large expanded kitchen with skylights, cozy new gas fireplace in the living room & good sized bedrooms. Fully finished down with a big family room and bedroom (window not to code) and full bath. You’re sure to enjoy the mature landscaped yard with wide exposed aggregate and lighted walks, concrete and brick post fence along the back, a oversized double detached garage (26’ x 24’6”), deck and patio and lots of upgrades including windows, new service panel, shingles, gas line for bbq, central vac & more! Simply a great location, with large area parks just around the corner, great area schools and an easy walk to the 17th Ave & 45 St LRT stop. This one’s a Gem – call to book your viewing today!

I just finished uploading this Condo for sale, #212 1108 6 AV SW, Calgary, Alberta

Nestled amoungst the trees at the west end of the Marquis’s park-like grounds, you’re sure to be impressed with this updated, spacious, 2 bdrm suite. Move in ready with hardwood floors, new high-end stainless steel kitchen appliances, granite counters and breakfast bar perfect for entertaining friends and family, spacious dining room wrapped in windows with lovely garden views, cozy gas fireplace in the living room, second bdrm & 3 pc bath - perfect for a room mate or when guests come over. The master bedroom is a generous size with walk-through closet (with mirrored doors) to the 4 pc ensuite. In-suite laundry, titled tandem parking (2 spots) and extra storage locker complete the package. The Marquis offers owners day-time caretaker service, exercise facility with hot tub & change rooms, lots of extra indoor visitor parking and a superb location overlooking the Bow River, pathways, and 1 block to the LRT. Call to view this gorgeous suite today!

I just finished uploading this Condo for sale, #1501D 500 EAU CLAIRE AV SW, Calgary, Alberta

Beautiful, renovated two bedroom suite high up on the 15th floor with wonderful views west and north over the river and to the mountains! You are sure to be impressed with the features of this lovely condo: engineered wood floors, granite countertops in the bright white kitchen, stainless steel appliances, gas fireplace, renovated bath, in-suite laundry, extra storage and corner windows are just a few of the features. Semi-private elevators assure a high level of privacy. One underground titled parking stall is included. You will be hard-pressed to find a first class condo building with more amenities than this: indoor pool, hot tub & exercise facilities, 2 full time security staff, onsite management, unit electricity and Tier 1 cable are all included. Enjoy this wonderful walk to work location, steps from the river, river pathways and Prince’s Island Park and barely a block to the Down Town Plus 15 network! Be sure to view this suite today!