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Sellers’ market in February leads to rising prices

With gains in every price range, residential sales activity in February totalled 1,836.

This reflects the best February since 2014.

“Despite continued COVID-19 restrictions, housing activity continues to improve. Much of the strong sales activity is expected to be driven by exceptionally low mortgage rates,” said CREB® chief economist Ann-Marie Lurie.

“Confidence is also likely improving as vaccine rollouts are underway. Additionally, some of the worst fears concerning the energy sector are easing with recent gains in energy prices.”

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How does buying and selling a house work with our current COVID Restrictions?

Both buyers and sellers are effected by our current covid restrictions selling and buying a home in Calgary and Airdrie. Here is a summary of our current rules and what are we doing as Realtors to keep our clients safe and protected.

Buying and selling real estate is an essential service, we have been working with our clients as well as new clients looking to buy and sell a house in Calgary and Airdrie throughout all of the shut downs.

Rules set out by AHS that all realtors in Calgary and Airdrie at this time need to follow are:

No Open Houses

A maximum of 2 adults from the same household can attend showings with their realtor. No Children can attend showings.

Everyone must wear masks inside the property being viewed.

Covid related precautions Tammy and I are doing above and beyond these mandates set out by AHS are:

We use hand sanitizer before each showing and provide our clients with the same before each showing.

We only touch necessary surfaces such as light switches and door knobs with a Lysol or Clorox wipe in hand. We also provide our clients viewing the property with a Lysol or Clorox wipe should they need to touch a surface area.

We provide all of our listings with sanitizing materials to put out for their showings and request that they be used by the showing realtor and their clients.

We go through an extremely thorough covid related checklist of questions with our clients selling their house prior to listing their home and ensure that they update us of any changes throughout the process. They also sign this checklist of questions once all the questions are answered and then again should any of the answers change. Questions such as covid symptoms, recent travel, known exposure, waiting for test results, quarantining mandates.

We ensure that realtors with potential buyers wanting to see any of our client’s homes go through the same thorough covid related checklist with their clients before viewing any of our client’s homes.

Before EVERY showing with our buyer clients we go through a thorough screening checklist before entering a property. Questions such as covid symptoms, recent travel, known exposure, waiting for test results, quarantining mandates. This is then provided to the owner of the home being viewed should it be requested.

For awhile we started doing 3D online virtual tours for all of our listings but quickly figured out that this actually slowed down the activity for our listings. Since then we only offer 3D virtual tours if our clients request it. We feel that it doesn’t always showcase the best most flattering perspective of the home.

We frequently help short list properties for our clients who are either out of town or uncomfortable with showings at this time with live zoom or facetime call showings. We go through the properties in a live video format for a very thorough look with our clients via facetime or zoom answering their questions live from inside the property.

Daily we take our immune boosters, vitamins, workout and live a healthy lifestyle. Doing everything we can to stay healthy so that we can continue to do what we love; buy and sell homes with our clients.

Please contact us anytime you have any questions. We are here and always happy to help and hear from you!

Amidst economic challenges, housing market ends 2020 on a high note

City of Calgary, January 4, 2021 –

With December sales of 1,199, this is the highest December total since 2007.

“Housing demand over the second-half of 2020 was far stronger than anticipated and nearly offset the initial impact caused by the shutdowns in spring. Even with the further restrictions imposed in December, it did not have the same negative impact on housing activity like we saw in the earlier part of the year,” said CREB® chief economist Ann-Marie Lurie.

Attractive interest rates along with prices that remain lower than several years ago have likely supported some of the recovery in the second half of the year. However, it is important to note that annual sales activity declined by one per cent compared to last year and remain well below long-term averages.

New listings in December increased by 11 per cent. However, the number of sales exceeded the number of new listings in December contributing to further declines in inventory.

Reductions in supply and improving demand in the second half of the year have contributed to some of the recent price improvements in the market. However, the recent gain in the benchmark price was not enough to offset earlier pullbacks as the annual residential benchmark price in Calgary declined by one per cent over last year.

The pandemic has resulted in a significant shift in economic conditions, yet the housing market is entering 2021 in far more balanced conditions than we have seen in over five years. This will help provide some cushion for the market moving into 2021, but conditions will continue to vary depending on price range, location, and product type.

More information about the 2021 housing market forecast for Calgary will be available at the CREB® Forecast on Tuesday, January 26, 2021.

For more event details, please visit crebforecast.com.

HOUSING MARKET FACTS

Detached

Stronger sales in the second half of the year were enough to offset earlier pullbacks as detached sales totalled 9,950, just slightly higher than last years’ levels. Despite the modest gain, detached sales activity remains at the lower levels recorded since the stress test was introduced in 2018.

Supply adjustments is causing sellers’ market conditions for detached homes across all districts except the West and City Centre. This has helped support some price recovery in the market over the past several months.

Annual city-wide price remains relatively flat compared to last year, but there were notable annual gains in both the South and South East districts which both recorded price gains of nearly two per cent. Despite some of the annual shifts seen, prices remain well below previous highs in all districts of the city.

Semi-Detached

Sales growth in the North East, North, West and South East district were offset by declines in the City Centre, North West, South and East districts. Sales this year of 1,663 were similar to levels recorded last year.

While sales did not improve across each district, there were reductions in supply across all districts and is helping to reduce the months of supply.

These reductions are starting to impact prices, but it was not enough to offset earlier pullbacks. City wide semi-detached prices eased by over one per cent in 2020, with the largest declines occurring in the City Centre, North West and West areas.

Row

Slower sales in the west district were not enough to offset the gains recorded in the rest of the city. Row sales totalled 2,145 in 2020, nearly two per cent higher than last years’ levels. Despite the gains, levels continue to remain below long-term averages for the city.

Rising sales were generally met with a reduction in supply. This is causing the months of supply to trend down, especially over the second half of the year.

The decline in the months of supply was enough to help support some stability in prices. However, the adjustment did not occur soon enough and annual prices eased by nearly two per cent compared to the previous year and remain nearly 14 per cent below previous highs.

Price adjustments did vary depending on location. The steepest decline occurred in the North East with a year-over-year decline of five per cent. The strongest gain occurred in the West district with a two per cent rise.

Apartment Condominium

Sales this month were the best December since 2014. However, it was not enough to offset earlier pullbacks as apartment condominium sales eased by ten per cent in 2020. This is the slowest year for apartment condo sales since 2001 and the only property type to record a significant annual decline in sales.

Unlike other property types, supply levels have not adjusted in the same way and this segment remains oversupplied. Prices have trended down over the past two months due to excess supply. On an annual basis, the benchmark price declined by over two per cent this year and is over 16 per cent below the highs set in 2015.

REGIONAL MARKET FACTS

Airdrie

December sales reached a new record high for the month. Improving sales throughout the second half of the year contributed to the annual sales of 1,407, a year-over-year gain of 18 per cent. 

New listings also rose in December and is likely contributing to some of the monthly gains in sales. Overall, new listings have remained well below last year. Along with improving sales, this is causing inventories to decline.

Months of supply has remained below three months since June and prices have trended up. By December, the benchmark price had risen by nearly five per cent compared to last year.

On an annual basis, the gains in price were enough to offset the earlier pullbacks and is creating stability in prices. However, this was not the case for all product types. Detached prices rose by nearly two per cent on an annual basis. Benchmark prices for row and apartment style product eased by a respective seven and one per cent compared to last year.

Cochrane

Record sales in December contributed to the annual gain of 16 per cent, making it the best year of sales compared to the past five years. New listings in 2020 also eased compared to last year. Rising sales and less new listings on the market caused inventories to ease to the lowest levels recorded since 2014.

With months of supply of only two months, prices continued to trend up. December benchmark price was $419,900 and is a 5 per cent gain over last year. Prices have trended up over that past six months but remain relatively stable compared to last year. This is due to easing prices for higher density products offsetting gains in the detached sector.

Okotoks

Despite further declines in new listings, December sales improved. Year-to-date sales increased by nearly eight per cent. The lack of new listings and stronger sales caused inventories to drop to 63 homes in December, the lowest level for any month seen since 2006.

The lack of inventory and high demand has supported increasing prices for the second half of the year. As of December, the benchmark price was $434,700, nearly two per cent above last years’ levels. Despite the recent gains, 2020 benchmark prices remain over one per cent below last years’ levels.

However, this could be due to steeper price declines for semi, row and apartment style product.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

Sales activity remains strong in November

City of Calgary, December 1, 2020 –

For the sixth month in a row, sales in the Calgary market recorded a year-over-year gain.

Sales growth over the past several months has been the strongest seen in the past five years, but the activity has not been strong enough to offset the pullbacks from the spring. Year-to-date sales remain over three per cent lower than last year’s levels.

New listings continue to slow, reducing inventory in the market. On a year-to-date basis, new listings have eased by nearly ten per cent and are at the lowest level recorded since 2001. This has reduced the oversupply that has been impacting the market for nearly five years.

“The gains in sales in the latter part of this year have been a bit surprising considering the job losses and unemployment rate in our city,” said CREB® chief economist Ann-Marie Lurie.

“However, it is important to note that the shift to more balanced conditions has been mostly driven by the reduction of supply.”

Tighter conditions in the housing market have contributed to some of the recent gains in benchmark prices. As of November, the benchmark price was $423,600. This is nearly two per cent higher than last year’s levels.

However, conditions vary depending on price range. There is not a lot of supply for affordable homes in each product type because of high demand. This is likely causing differing price trends in the lower end of the market versus the higher end.

HOUSING MARKET FACTS 

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Coopers Crossing once again named Nicest Subdivision

Whether its parks, schools, shopping, playgrounds or ponds, Cooper’s Crossing is a community that has something for everyone.

Whether its parks, schools, shopping, playgrounds or ponds, Coopers Crossing is a community that has something for everyone.

According to Paul Gerla, the owner and manager of WestMark Holdings – the development company behind Coopers Crossing – thoughtful community design with “great attention to detail” is the reason the neighbourhood was voted the nicest subdivision in the Best of Airdrie Readers’ Choice Award.

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Calgary Lake Communities By The Numbers

For many Calgarians, the idea of living beside a lake is extremely appealing. Thankfully, Calgary is home to several lake communities, and each has its own unique character and mix of amenities.

For those thinking about buying their own lakefront oasis, here’s a look at each of Calgary’s established lake communities to help you find the one that’s right for you:

Arbour Lake Quadrant: N.W. Established: 1992 Population: 10,636 Dwellings: 3,942 Median pre-tax household income: $109,790 New listings (YTD): 94 Number of residential sales (YTD): 55 Residential average price (YTD): $412,650 Residential benchmark price (YTD): $420,150

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2020 CREB FORECAST SUMMARY

Sales activity in 2019 was slightly higher than forecasted, as stronger-than-expected price declines and easing mortgage rates helped support modest improvements for homes priced below $500,000. These improvements outweighed the losses for the higher-priced product.

As we move into 2020, we expect these trends in the market to continue – where improvements will be driven by the lower end of the market and challenges will persist in the higher end. Despite challenges in the higher end of the market, overall sales activity is expected to improve by two per cent.

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