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Jane Kinsella
The Real Estate Company Ltd.
11, 5080 12A St. SE, Calgary, Alberta
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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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Friday, April 12, 2013 - Alberta Real Estate

What happened to the expected Alberta real estate boom? Market influencers tempering demand CALGARY ? Several ?market influencers? have kept the reins on the expected Alberta real estate boom, says a new report on the housing market.The report, by Don Campbell, senior analyst and founding partner of the Real Estate Investment Network, said debate is raging about why the market isn?t booming like it did in 2006 and 2007 when the job market and population in the province were growing at the same ... Full Article...

posted in News at Fri, 12 Apr 2013 19:49:30 +0000



Friday, April 12, 2013 - Market update

Residential Market Update Market Commentary Definite cooling in the Canadian housing market A recent economic analysis suggests Canada?s housing correction is headed for something a little rougher that the projected ?soft landing?, but not a U.S. style crash. The analysis is based on the premise that housing prices are declining. Relative to inflation that may be true, but in terms of raw numbers price drops are not showing up in the national housing figures. Only Vancouver, where a 2-storey ... Full Article...

posted in General at Fri, 12 Apr 2013 19:24:30 +0000



Friday, April 12, 2013 - Markets

New house prices advance 0.2 per cent in February Add to ...OTTAWA ? The Canadian Press                       Published Thursday, Apr. 11 2013, 9:01 AM EDTStatistics Canada says its new housing price index rose 0.2 per cent in February, following a 0.1-per-cent increase in January.The agency says Calgary was the top contributor to the advance, up 1 per cent from January ? the biggest month-to-month increase in that region since May 2007.It says increases in material and labour costs were the ... Full Article...

posted in News at Fri, 12 Apr 2013 19:17:54 +0000



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