With gains in every price range, residential sales activity in February totalled 1,836 units. 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 [...]
January sales were the highest they have been for the month since 2014, as housing market momentum from the end of 2020 carried over into the start of 2021. Sales activity improved across all product types and across all price ranges. “Discount lending rates are exceptionally low, which is likely attracting all types of [...]
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,” said CREB® chief economist Ann-Marie Lurie. “Even with the further restrictions imposed in December, it did [...]
November 2020: sales activity remains strong in November 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 [...]
October 2020: detached homes drive Calgary sales growth With strong gains in the detached sector, October sales in the city reached 1,764 units. This is a 23 per cent increase over last year and well above longer-term averages. The gain in citywide residential sales outpaced the growth in new listings, supporting tighter market conditions [...]
September sales activity jumped to 1,702 units, the strongest September total since 2014. New listings in September improved over last month, but levels remained comparable to the previous year. The increase in sales relative to new listings did prevent any monthly gains in inventory levels, but supply in the market is still down 12 per [...]
Housing market activity in May remained slow, but sales exceeded the lows from April, which saw less than 600 sales in Calgary. May sales totalled 1,080 units, a 44 per cent decline from last year's figures. "The initial shock of COVID-19 and social distancing measure is starting to ease. This is bringing some buyers and [...]
After the first full month with social distancing measures in place, the housing market is adjusting to the effects of COVID-19. April sales hit 573 units, a decline of 63 per cent over last year. “The decline in home sales does not come as a surprise. The combined impact of COVID-19 and the situation in [...]
After a strong start to 2020, economic conditions have dramatically changed, as COVID-19 is impacting all aspects of society. The economic impact is starting to be felt across many industries. This includes the housing market. March sales activity started the month strong, but quickly changed, as concerns regarding the spread of COVID-19 brought about [...]
Someone asked me the other day. They said "Pete, why are mortgage rates going up when the Bank of Canada is bringing rates down?" I am going to answer that question for you and a couple more with Scott Grubbe. I want to talk to Scott a little bit about what's going on in [...]