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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.


1 - 8 of 8

Friday, October 2, 2020 - Calgary Real Estate

[CREB® Media Release]   Home sales rise along with supply City of Calgary, October 1, 2020 ? September sales activity jumped to 1,702 units, the strongest September total since 2014. New listings in September improved over last month, but levels remained comparable to the previous year. The increase in sales relative to new listings did prevent any monthly gains in inventory levels, but supply in the market is still down 12 per cent compared to last year. "The recent rise in new listings, ...

posted in General at Fri, 02 Oct 2020 17:25:11 +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

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

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, November 2, 2012 - Housing Statistics

CALGARY REGIONAL HOUSING MARKET STATISTICS 10.12CALGARY HOUSING MARKET DOES NOT SHOW SIGNS OF SLOWINGYear-over-year sales growth remains in double digit territoryCalgary, November 1, 2012 ? City of Calgary sales activitymarked a 23-per-cent increase over levels recorded inOctober 2011. The continued improvement in sales haspushed year-to-date sales activity to nearly 16-per-centabove levels recorded in 2011.?Relative to national trends, we continue to move in theopposite direction, recording ... Full Article...

posted in General at Fri, 02 Nov 2012 16:22:47 +0000

Tuesday, August 24, 2010 - Calgary Home Sellers Beware

Calgary Home Sellers really have to keep their wits about them right now as there are a lot of scams out there and people trying to take advantage of a Calgary buyers market with more desperate sellers out there. I have recently been approached by so called Calgary investors with all sorts of offers to buy properties with unique rent backs, hold backs and other sorts of ?creative? options.(most I have never heard of even after 15 years of Calgary real estate) While none of these are illegal, ... Full Article...

posted in General at Tue, 24 Aug 2010 17:37:48 +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

Tuesday, March 30, 2010 - My New Website

I like my new website! Everyone should come, visit and sign up. Loads of information for you at your fingertips!  Jane Kinsella

posted in General at Tue, 30 Mar 2010 17:23:20 +0000

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