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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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Wednesday, January 15, 2014 - Real Estate

Canadian home prices return to record high Canadian home prices ticked back up to a record high in December, thanks entirely to Edmonton, Vancouver and Toronto, according to the Teranet-National Bank house price index. The 0.1-percent rise in home prices in December reversed a 0.1-percent decline in November, and returned the index to its all-time high. But the majority of the 11 cities that the index tracks have seen prices edge down in recent months. Winnipeg, Calgary, Ottawa-Gatineau, Quebec ... Full Article...

posted in General at Wed, 15 Jan 2014 22:13:43 +0000



Monday, January 6, 2014 - Calgary Real estate

Calgary MLS listings significantly down from last year  Pushing prices upwards CALGARY - The single-family home inventory of 1,515 MLS listings is the lowest level to begin a year since 2006 and it?s the second fewest active listings in a decade to begin a year, says a Calgary realtor. According to research by Mike Fotiou, associate broker with First Place Realty, there were 2,236 active listings in the city?s overall real estate market to begin the month of January, down 17.9 per cent from a ... Full Article...

posted in News at Mon, 06 Jan 2014 18:13:00 +0000



Sunday, January 5, 2014 - Calgary Urban real Estate

2014 likely to mark year of urbanism Welcome to 2014, it?s going to be an interesting year for the Calgary new home building and land development industries. Not in the way 2013 was interesting, which was akin to watching a stock car race, waiting for the next pile-up to happen. The interest this year will focus on the coming changes to how and where Calgary will grow in the future, with a greater focus on increasing the population in established neighbourhoods and at what cost. The trend to ... Full Article...

posted in News at Sun, 05 Jan 2014 20:29:07 +0000



Saturday, January 4, 2014 - Real Estate Vancouver/Calgary

Barbara Yaffe: Vancouver real estate market steady, but lacks Prairie cities' sizzle  Buyers increasingly want to live in ?mixed-use products,? featuring office, retail and residential in one convenient location. Many homes on the east side of Vancouver are now selling for more than $1 million, which probably explains why Vancouverites have been seeing so many construction cranes hard at work, building more affordable, urbanized and densified communities characterized by tall, multi-purpose ... Full Article...

posted in News at Sat, 04 Jan 2014 18:01:15 +0000



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