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Jane Kinsella
The Real Estate Company Ltd.
11, 5080 12A St. SE, Calgary, Alberta
P: 403-874-6143
F: 403-476-5467

CREB®'s Q3 2020 Housing Report released

City of Calgary, October 22, 2020 –

Third-quarter activity was far better than original expectations, as sales activity in the city improved by nearly 12 per cent over last year's levels.

Some of the shift in the third quarter reflects activity that likely would have occurred in the second quarter. The housing market also benefited from easing lending rates and previous price declines. Gains were driven by all property types except apartment condominiums.

"As the economy started to re-open, we saw some improvements in the economic indicators," said CREB® chief economist Ann-Marie Lurie.

"Most industries are not back to pre-pandemic levels, but over the past three months we have seen notable improvement across most industries."

The gains this quarter did not offset all of the earlier declines, but the year-to-date decline eased to nine per cent. This is a significant improvement from the first half of the year, where sales were sitting 20 per cent below last year's levels.

New listings were also on the rise. It was enough to cause inventories to trend up from the lower levels recorded earlier in the year, but inventories remain well below the levels recorded last year.

Overall, the months of supply did tighten to levels well below the past two years. Improved supply/demand balances did support some modest improvements in prices, which trended up in the third quarter compared to the second quarter and remained only one per cent below last year's levels.

Current conditions in the housing market are surprising, but there are several reasons to still be cautious:

The current job market: Unemployment levels remain exceptionally high and there is added concern regarding additional job losses coming in the energy sector. If this situation persists, it could result in weaker demand and rising listings.
A second wave of COVID-19 and further shutdowns: Widespread closures are currently not expected, but if they do occur, this could be problematic for many businesses that cannot survive a second shutdown.
Government support: The housing market and overall economy has benefited from significant government income support programs, and banks allowing homeowners to defer their mortgage. As these benefits end, there is a risk that some households will not be able to keep their home, causing a rise in new listings and pushing up supply levels. If this occurs, it could erode some of the recent gains in pricing.

For more information, please download CREB®'s Q3 2020 Calgary & Region Quarterly Update Report here.


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Wednesday, May 26, 2010 - Homes more affordable, but deemed overpriced

Alberta was the only province in Canada to see an improvement in housing affordability in the first quarter of this year, bucking the national trend. But 17.4 per cent of homes in the province are still overpriced -- the second-highest rate in the country behind B.C.'s 20.7 per cent. Those are the findings of two national real estate reports released Tuesday. The RBC Housing Affordability report indicates houses are more affordable in Alberta today than they were in the previous quarter. Diane ... Full Article...

posted in News at Wed, 26 May 2010 16:57:35 +0000

Wednesday, May 26, 2010 -

posted in News at Wed, 26 May 2010 16:34:52 +0000

Monday, May 17, 2010 - Resale Housing Markets in Calgary Lag

CALGARY - Residential MLS sales and price growth in Calgary and in Alberta lagged behind the national averages in April as the housing market showed initial signs of cooling, according to a report released today by the Canadian Real Estate Assocation.   CREA said there were 2,382 MLS sales in Calgary last month which was up 7.4 per cent from a year ago. The average sale price was $395,847 for a 6.4 per cent hike from April 2009.   In Alberta, CREA said sales increased by 5.9 per cent to 5,544 ... Full Article...

posted in News at Mon, 17 May 2010 17:01:54 +0000

Monday, May 17, 2010 - Alberta Housing Affordability

Bursting the Alberta Housing Myth The 2009 real estate market started out slow and ended with a bang. With prices and interest rates plummeting, many consumers took advantage and became homeowners. 2010, however, has been shrouded with whispers of a housing boom, with some suggesting that prices are creeping up to the staggering highs of 2007. REALTORS® know differently and can use the following statistics to demonstrate to prospective clients that, while the economy has raised real estate ... Full Article...

posted in General at Mon, 17 May 2010 16:22:15 +0000

Friday, May 14, 2010 - BMO Fraud

         RECA Continues To Be Proactive Against Mortgage Fraud          Additional Information Due to the recent Bank of Montreal (BMO) Mortgage Fraud case, RECA is issuing this formal position statement to all Industry Members. Formal Position Statement The Real Estate Council of Alberta (RECA) sets and enforces standards of conduct for industry members in the real estate brokerage, mortgage brokerage and real estate appraisal industry. RECA supports BMO?s legal action and the ...

posted in News at Fri, 14 May 2010 17:56:51 +0000

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