register | confirm account | forgot password
Jane Kinsella
The Real Estate Company Ltd.
11, 5080 12A St. SE, Calgary, Alberta
P: 403-874-6143
F: 403-476-5467
Email

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.

 

1 - 2 of 2

Saturday, August 30, 2014 - Real Estate

Home resales to be most active in the West  First posted: Saturday, August 30, 2014 02:00 AM MDT [Home sales]RBC Economics predicts home resales to grow vigorously in the Western provinces, where the economy and population growth is strong, while remaining flat in the rest of the country. Change text size for the storyPrint this story Report an error Western Canada will continue to have the most active housing markets in Canada through the balance of the year and into 2015, although some ...

posted in News at Sat, 30 Aug 2014 20:18:44 +0000



Friday, August 29, 2014 - Forecast

Market Commentary   The more you look into it the bigger the consensus seems to be: interest rates aren't going anywhere until sometime in the second half of next year.The latest inflation figures, which showed a modest dip in the consumer price index, would seem to leave the Bank of Canada with little choice but to maintain its neutral stance.The latest forecasts on the future of the housing market are also banking on low rates continuing into next year. And CMHC, CREA and the big banks all ... Full Article...

posted in General at Fri, 29 Aug 2014 17:25:57 +0000



1 - 2 of 2
MLS® Search Button
Button advertising your MLS® Search page
Map-based MLS® Search
Recent Blog Entries
Displays summaries of most recent blog items
Recent Blog Entries
Calgary Real Estate - Oct 2, 2020

[CREB® Media Release]   Home sales rise along with supply City of Calgary, October 1, ...

Real Estate - Dec 12, 2014

No crash on the horizon, according to major source   by Justin da Rosa | 12 Dec 2014 Another day, ...

Calgary Condos - Sep 5, 2014

Value drives Calgary Condo Resale market The condo apartment and townhome resale market in Calgary ...

Real Estate - Aug 30, 2014

Home resales to be most active in the West  First posted: Saturday, August 30, 2014 02:00 AM ...

Forecast - Aug 29, 2014

Market Commentary   The more you look into it the bigger the consensus seems to be: interest rates ...

Feature Listings Button
Button advertising your Feature Listings
Feature Listings
This site's content is the responsibility of Jane Kinsella, licensed REALTOR® in the Province of Alberta.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.
The trademarks MLS®, Multiple Listing Service®, and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.

© 2021, All Rights Reserved | Privacy Policy | Mobile Site | REALTOR® Websites by RealPageMaker