Pete: Quiet on the set. Rolling.
Kate: Hey, how do you do it Like this? No, like this.
Pete: You have to ask that crazy weirdo that was here. Hey everyone, it’s Pete de Jong, here with the actual Kate. Kate is back from holidays.
Kate: Hello.
Pete: For a few days. So that’s nice that we, that we can have her back. ’cause I tell you that girl we had fill in for you last time.
Kate: What? I know what, how much did you pay her? Like serious.
Pete: Serious. What a disaster. Well, too much. Yeah. Yeah. Like whatever we paid her, even if it was like a sandwich. It was too much. She was awful. I don’t know if you guys watched the last market update, but yeah. I, I hired an actress to fill in for Kate and she was an unmitigated disaster.
Kate: She caught my smile right though. At the end.
Pete: At the end. Yeah. She did this.
Kate: I was like, Hey, that’s me.
Pete: Yeah. But otherwise, yeah. What a nightmare. Hey so here’s what’s going on in the market ’cause that’s probably really why you’re here. So we’re gonna be talking about July of 2 20 23 versus July of 2022. Standby for that.
Kate: Sorry. See, I’m offbeat. So let’s talk about our benchmark prices specifically for detached houses. It rose up 7.6%. So we’re almost at $700,000 for the benchmark price.
Pete: For detached houses. Yeah. Semi-detached. So these are houses that are attached to another house, but they’re not exactly a townhouse or a condo type thing. They rose 7.4% over July of last year, and they’re actually at $617,000 for a semi-detached house. That seems odd. . Yeah. What about townhouses? What are they doing?
Kate: Yeah. Townhouses actually has the biggest increase from all of the market. It’s at 13.7% higher than it was last year, so just a little over $400,000 now for a benchmark price for a row house.
Pete: For a townhouse. Yeah. Whoever would’ve thought. And they, and like Kate mentioned, like they’re just going up and up and we’ll explain why in a minute here. But, and then apartments are up 12% as well. And what we’re really finding is it’s the low end apartments that are, that are climbing the fastest there as well, so just like the whole market, it’s the lower end of the market in every way that you look at it, whether it’s. Segment of the market by type of property or segment of the market, depending on even geographical area. It’s all this, it’s like the cheaper your house, the faster it’s moving up.
So, eventually, what we hope is that, you know, the rising tide lifts all ships, but we’re really seeing the most activity. And I think this is just a reflection of what would happen when you raise interest rates.
Kate: Exactly. Yeah.
Pete: That’s gonna affect the expensive stuff more than The cheaper stuff.
Kate: More than the cheaper stuff. Yeah. Because we’re even, like Pete mentioned, when we talked about the geographical side of it, the east is the side that’s actually doing the best right now.
Pete: Yeah. Forest lawn.
Kate: Forest lawn. My hood.
Pete: Forest Lawn where you were raised, I think, right?
Kate: Well, yeah. Born than raised.
Pete: Yeah. Forest Lawn, Dover, Erin Woods. Those areas have outpaced the rest of the market like significantly. They’re up almost 18% from July of last year. Compared that the downtown, which is up, like what?
Kate: Not even a percentage.
Pete: Not even 1%, 0.9%. Yeah. So everyone that told you a few years ago, don’t ever buy a house in Forest Lawn, you know, blah, blah.
It’s like, no, that’s actually the area that has performed the best. In fact, it’s pretty much double some of the areas or most of the other areas of the city, so, yeah, the downtown still has a lot of room to grow, and as a result, actually, I’m actually thinking that that’s where the opportunities are right now.
So we’ll see if I’m right or wrong. In the next few months or a year or so. In terms of total sales though, what are we seeing, Kate?
Kate: Total sales are up 17.7% year over year. As for listings?
Pete: Yeah. Like yeah, sales are up 18%. New listings are only up 2% . So inventory’s being driven down.
Kate: Yes. Yeah. Inventory is down at 34%. Compared to last year. And how does that look for
months of supply?
Pete: Months of supply? We’re at 1.3 months of supply, so that’s down 44% from last year. Yeah. And like I said, I, you know, I keep saying this. Last year we were saying we had a bit of low inventory problems.
We’re down 44% in months supply from last year. But of course, like we always say, we have to. You know, you have to look at what your market is doing. ’cause every market is a little bit different, you know, depending on where you are in the city or depending on whether you’re living in a condo or a house, all that kind of stuff.
So it’s really important. If you wanna know what’s going on in your immediate market, get ahold of us. We’re happy to, to let you know. In fact we’re happy even to send you a monthly report, free of charge and with no obligation. That’ll just show you what’s happening, like if you say, I just need single family homes in Bridgeland. I don’t want condos. And we could send you a report every month for single family homes in Bridgeland, if you want. But. Here’s the funnest part. What’s the highest price house to sell this year?
Kate: Oh, so the highest price house to sell for the month of July. It sold for $4.075 million, beautiful home, by the way sold in Britannia.
Pete: Who was it sold by? It was my cousin, wasn’t it? Yeah.
Kate: Yeah. April de Jong. I wanted to, because I saw de Jong, so I was like, do you know April de jong?
Pete: Yeah. I don’t know. April de Jong. Oh, I’ve never met her. I probably should. She’s probably my cousin. But anyways, who knows? I have black cousins, you know? Did you ever, there was a de Jong that played soccer for the the Dutch National team. Yeah. Oh. And and now there’s a guy named Frankie de Jong, who I keep hearing from my. People that, that watch soccer. I don’t watch soccer. I don’t have the patience. My, I watch the highlights it takes about 30 seconds.
Yeah. But anyways lowest price sale was in, was in the belt line. But just, just so you know, the BeltLine is actually starting to really come alive. It’s, and when you hear this price, you’re gonna go, oh, but there’s, there’s a story. So this one sold for $108,000. But it did have a huge special assessment. The condo fees were high, there was all kinds of issues with this one. So.
I wouldn’t pay too much. I, you know, for those of you that are watching this from Toronto or Vancouver, please don’t think you can buy a condo in the BeltLine for 108. I think in the BeltLine, they’re sort of starting at about $160k, $170k now for an older one bedroom condo.
So, yeah, this one really had some issues. But again if you wanna know what’s going on in your market, Get ahold of us. My website is www.petedejong.ca. And you have a website,
Kate: www.katelynbrecio.ca.
Pete: And I’m sure our video editor will put them there or there. Probably not. There or there.
Up there or down there. So anyways, that’s where you go to get info. Well, thanks everyone for watching. Don’t forget to like, and subscribe and share and do all the things. All the things we’d really appreciate it. There might be other people that you know too, that would like to know what’s going on in the market every month.
So feel free to share it around and we appreciate you. Thanks so much.
Kate: Until next time folks. I feel like that deserves like a little Warner Brothers tune.
Pete: Well, Lydia can add that.
Kate: Yeah! Until next time folks!
Calgary home prices reach new heights: July sees seventh consecutive monthly gain
Rising rates had little impact on sales this month as the 2,647 sales represented a year-over-year gain of 18 per cent, reflecting the strongest July levels reported on record. The record-setting pace has been driven mainly by significant gains in the relatively affordable apartment condominium sector. Despite recent gains, year-to-date sales have declined by 19 per cent over last year.
In line with seasonal expectations, sales and new listings trended down compared to last month. However, this had minimal impact on inventory levels, which remained near the July record low set in 2006. With a sales-to-new-listings ratio of 82 per cent and a months of supply of 1.3 months, conditions continue to favour the seller.
“Continued migration to the province, along with our relative affordability, has supported the stronger demand for housing despite higher lending rates,” said CREB® Chief Economist Ann-Marie Lurie. “At the same time, we continue to struggle with supply in the resale, new home and rental markets resulting in further upward pressure on home prices.”
In July, the unadjusted total residential benchmark price reached $567,700, marking the seventh consecutive monthly gain. Prices are now over four per cent higher than the previous peak in May of 2022.
Detached
With 1,197 sales and 1,587 new listings in July, inventory levels trended up over last month. However, with 1,720 units available, inventory levels are at the lowest ever reported for July. Inventory levels have declined across all properties priced below $1,000,000.
Shifts in sales and inventory have caused the months of supply to trend up over the one month reported over the past several months. However, conditions remain relatively tight, and prices continued to rise this month. In July, the unadjusted benchmark price rose to $690,500, a monthly gain of nearly one per cent and over seven per cent higher than last July. Both year-over-year and monthly price growth was strongest in the city’s most affordable North East and East districts.
Semi-Detached
With only 248 new listings in July and 211 sales, the sales-to-new-listings ratio once again pushed above 85 per cent. The pullback in new listings relative to sales ensured that inventory levels remained low, and the months of supply remained just over one month.
With no shift in the sellers’ market conditions, the unadjusted benchmark price continued to trend up in July, reaching $616,800. Monthly gains were strongest in the North East and East district as both rose by over two per cent compared to June. The only district that experienced stability in monthly prices was the City Centre.
Row
July reported 488 new listings and 467 sales, resulting in a sales-to-new listings ratio of 96 per cent. This prevented any additions to the inventory and left the months of supply below one month for the fourth consecutive month.
The persistent sellers’ market conditions caused further price gains for row properties. As of July, the benchmark price reached $407,500, nearly two per cent higher than last month and 14 per cent higher than prices reported last July. Prices trended up across all districts, with the highest monthly gain occurring in the west district at nearly four per cent. The slowest monthly gains happened in the City Centre.
Apartment Condominium
July sales continued to rise over last year’s levels, leaving year-to-date sales 16 per cent higher than levels reported last year. This is the only property type that has reported a year-to-date gain in sales activity. This has been possible thanks to recent gains in new listings. However, conditions remain tight for apartment condominiums with a sales-new-listings ratio of 84 per cent and a months of supply of 1.4 months.
The strong demand relative to supply for this property type has driven further price gains this month. As of July, the unadjusted benchmark price reached $305,900, nearly one per cent higher than last month and over 12 per cent higher than last July. While prices are higher than last year in every district, the city center has yet to see the same level of pressure on prices and has reported the lowest year-over-year growth at nearly nine per cent.
REGIONAL MARKET FACTS
Airdrie
New listings this month remained comparable to last month. Meanwhile, sales trended down, supporting a modest gain in inventory and a sales-to-new listings ratio of 84 per cent. This also helped push the months of supply back above one month.
Despite the monthly gain in the months of supply, conditions remain exceptionally tight and continue to favour the seller. This caused further price growth as the unadjusted benchmark price rose nearly one per cent over last month to $514,100. Prices have been improving across all property types, but the detached benchmark price has pushed above $600,000 in Airdrie for the first time.
Cochrane
With 110 new listings and 85 sales, the sales-to-new-listings ratio remained at 77 per cent this month. This helped contribute to a modest gain in inventory levels, and the months of supply rose to nearly two months.
Despite this shift, conditions remained exceptionally tight in the Centre, and prices continued to trend up. As of July, the unadjusted benchmark price reached $529,700, nearly one per cent higher than last month and over three per cent higher than last July. Price growth has occurred across all property types, and the detached benchmark price now sits at $626,100.
Okotoks
July reported 78 new listings and 67 sales, keeping the sales-to-new-listings ratio elevated at 86 per cent and preventing any significant shift in inventory levels. Nonetheless, the months of supply did rise to above one month following the exceptionally low levels reported over the past two months.
While conditions are not as tight as last month, the market still favours the seller, and prices trended up over last month, with a benchmark price reaching $586,900. Prices now sit over seven per cent higher than last year, with the most significant year-over-year gain occurring in the semidetached sector. Detached benchmark prices pushed up to $655,100 in July,
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