yyctimes

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Calgary Flames unveil first-ever Pride jersey – Calgary

    March 28, 2023

    Canadian Pacific train derails in rural North Dakota, spilling hazardous chemicals

    March 28, 2023

    What Calgary advocates and businesses want in the 2023 federal budget

    March 28, 2023
    • Home
    • Contact Us
    Facebook Twitter
    yyctimes
    yyctimes
    Home » Calgary home sales slow in November but remain on record pace for year
    yyctimes

    Calgary home sales slow in November but remain on record pace for year

    yyctimesBy yyctimesDecember 2, 2022No Comments5 Mins Read
    Facebook Twitter LinkedIn Telegram Pinterest Tumblr Reddit Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Breadcrumb trail links

    1. Property
    2. News
    3. Local news
    4. Local Business
    5. Business
    House for sale in Calgary
    Although home sales have slowed toward the end of 2022, a red-hot market at the start of the year means Calgary is on track for a record year, according to the real estate board. Gavin Young/Postmedia file

    Article content

    Residential home sales were slower than normal in November, but Calgary remains on track for a record year due to a red-hot first six months of 2022.

    Advertisement 2

    This ad has not yet loaded, but your article continues below.

    Article content

    Year-over-year for November, total sales fell 21.82 percent to 1,648 units, along with a sales volume decline of 21.84 percent to $807.74 million year-to-date. However, annual sales are still up 9.71 percent with volumes up 15.07 percent to $14.74 billion.

    Calgary Herald Headline News Banner

    Sign up to receive daily news from the Calgary Herald, a division of Postmedia Network Inc.

    By clicking the sign up button, you agree to receive the above newsletter from Postmedia Network Inc. You can unsubscribe at any time by clicking the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

    Thanks for subscribing!

    A welcome email is on its way. If you don’t see it, please check your junk folder.

    The next issue of Calgary Herald Headline News will be in your inbox soon.

    We encountered a problem signing you in. Please try again

    Article content

    The challenge is that inventory fell 28.69 percent to 1.67 months of supply, the lowest it has been since pre-2005.

    Article content

    “Given the context of what we’re seeing in other markets, we’re still seeing an exceptionally strong level,” said Ann-Marie Lurie, chief economist of the Calgary Real Estate Board. “We just didn’t see those listings coming, inventory levels continue to weaken, even for this time of year. They usually slow down in November and December, but relative to what we traditionally have in the market, it’s much less and it keeps conditions relatively tight.”

    Advertisement 3

    This ad has not yet loaded, but your article continues below.

    Article content

    The benchmark price continues to rise, up 12.87 percent year-to-date to $530,273. Prices have fallen from their peak levels this spring, but are still higher than 12 months ago.

    To keep the market strong, the influx of newcomers to the city is mixed with the lack of supply. This has helped buoy real estate prices in Calgary in the face of rising interest rates that have hurt prices in other major centres.

    Article content

    Detached houses have the biggest effect on overall numbers. Sales of such homes fell 34.3 percent year-over-year to 818 in November, but benchmark prices rose 10.6 percent to $619,700. Year-to-date, sales fell 5.3 percent to 15,181 , while benchmark prices rose 14.91 percent to $630,236.

    Advertisement 4

    This ad has not yet loaded, but your article continues below.

    Article content

    Calgary condo sales continue to trend upward

    Apartment sales exploded while other segments lagged behind. Year-over-year, sales are up 34.94 percent and benchmark prices are also up 9.96 percent to $277,000. The price is trending up overall, with a year-to-date benchmark of $271,718, with sales reaching rose 51.11 percent to 5,910 units.

    This growth is welcome news for investors, but prices still remain about 10 percent below highs from 2014. Meanwhile, inventory levels are at their lowest point since November 2013.

    “We hear a lot more investors are coming back to the market because the rental markets are getting a lot tighter,” Lurie said. “It’s also more affordable. So we are seeing strong growth in demand and I don’t see that changing in the near term.”

    Advertisement 5

    This ad has not yet loaded, but your article continues below.

    Article content

    The oil and gas sector also contributes to a strong market, supporting the provincial economy as the rest of Canada heads into recession in early 2023, driven by inflation and rising interest rates.

    Re/Max released its 2023 Canadian Housing Market Outlook earlier this week, predicting a seven per cent increase in the average sales price next year in Calgary, along with 12 per cent growth in sales. The report estimates a 3.3 percent decline nationally in the price of homes.

    Lurie could not comment specifically on this report and could not say there would be a significant jump in sales next year, but said prices should remain strong.

    “I think some of it will depend on what happens in terms of supply,” she said. “I don’t expect you’ll see the same level of adjustment that you might see in some other markets and that’s because our economy is generally doing better. We’re still seeing sales activity, even with the downturns we’ve seen recently with slower sales that are still better than before the pandemic. “

    jaldrich@postmedia.com

    Twitter: @JoshAldrich03

    Share this article in your social network

    Advertisement 1

    This ad has not yet loaded, but your article continues below.

    Commentary

    Postmedia is committed to maintaining a lively but civil forum for discussion and encourages all readers to share their opinions on our articles. Comments may take up to an hour to appear on the site. We ask that you keep your comments relevant and respectful. We’ve enabled email notifications—you’ll now receive an email when you receive a reply to your comment, there’s an update to a comment thread you follow, or when a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.

    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    yyctimes
    • Website

    Related Posts

    What Calgary advocates and businesses want in the 2023 federal budget

    March 28, 2023

    Hearing underway in connection with killing at Sundre McDonald’s

    March 28, 2023

    Photographer describes equipment being ruined by protester

    March 28, 2023

    Braid: Feds appear more collaborative, UCP credits Sovereignty Act

    March 27, 2023

    Calgary’s lone Liberal MP scorches Imperial Oil for Kearl Lake spills

    March 27, 2023

    Ten people injured after house explosion in northeast Calgary

    March 27, 2023

    Leave A Reply Cancel Reply

    Don't Miss
    yyctimes

    Calgary Flames unveil first-ever Pride jersey – Calgary

    By yyctimesMarch 28, 2023

    Pleasure Nights within the NHL have prompted controversy this season with some gamers – and…

    Canadian Pacific train derails in rural North Dakota, spilling hazardous chemicals

    March 28, 2023

    What Calgary advocates and businesses want in the 2023 federal budget

    March 28, 2023

    Bikes on CTrain pilot extended through end of 2023 – Calgary

    March 28, 2023
    Our Picks

    Calgary Flames unveil first-ever Pride jersey – Calgary

    March 28, 2023

    Canadian Pacific train derails in rural North Dakota, spilling hazardous chemicals

    March 28, 2023

    What Calgary advocates and businesses want in the 2023 federal budget

    March 28, 2023

    Bikes on CTrain pilot extended through end of 2023 – Calgary

    March 28, 2023

    Subscribe to Updates

    Get the latest creative news from SmartMag about art & design.

    Our Picks

    Calgary Flames unveil first-ever Pride jersey – Calgary

    March 28, 2023

    Canadian Pacific train derails in rural North Dakota, spilling hazardous chemicals

    March 28, 2023

    What Calgary advocates and businesses want in the 2023 federal budget

    March 28, 2023
    New Comments

      Type above and press Enter to search. Press Esc to cancel.