After the first half of the year, the economic climate in Alberta appears to be shifting from recession to recovery, with oil prices improving from monthly lows of $30 US per barrel last year to an expected average of $49 this year. While the shift is a welcome change, the pace of recovery is expected to be slow, as economic conditions are supporting stability rather than expansion. Click HERE for the full report from the Calgary Real Estate Board. Please do not hesitate to contact Doug, Susan or Kristen with any questions or if you would like an up to date evaluation of your home. We love what we do – serving Calgary for 40 years! www.penleymcnaughton.com
Market Update and Statistics
Calgary real estate market update – Housing recovery remains a work-in-progres
Market sees modest inventory gains, but overall prices inch up Jul. 2017. City of Calgary, August 1, 2017 – Sales exhibited stable growth through the first half of the year in the Calgary housing market, but the number of transactions slowed slightly in July compared to last year. City-wide sales totaled 1,637 units, six per cent below July 2016 levels. Year-todate sales activity totaled 11,957 units, nine per cent above last year. “Sales growth exceeded expectations so far this year. Clients were re-entering the market after delaying decisions until there were some signs of economic improvement,” said CREB® president David P. Brown. “However, this recovery will require patience. There continues to be many new and resale ownership options available. This reduces the sense of the urgency for many consumers.” … For the full report CLICK HERE. Please do not hesitate to Contact Doug, Susan or Kristen with any questions. We are a family team with RE/MAX serving Calgary for over 40 years! We love what we do! www.penleymcnaughton.com
Calgary real estate market update for the month of June
City of Calgary, July 4, 2017 – Calgary’s housing market in June saw a modest improvement in sales along with an increase in new listings.However, demand gains have not kept pace with the amount of new listings coming onto the market. This caused inventory levels to increase to 6,659 units, which is 11 per cent higher than last year’s levels. Despite the recent shift in inventory this month, second quarter activity continues to demonstrate improved supply-demand balance and price stability. City wide benchmark prices totaled $441,500 in June. This is a 0.5 per cent gain over last month and nearly one per cent higher than last year. For the full report click HERE. Please do not hesitate to contact Doug, Susan or Kristen here at Team Penley McNaughton with RE/MAX Central. We love what we do and have been selling real estate in Calgary and surrounding areas for over 40 years. If you would like an update on what is happening in the surrounding areas of Calgary as well let us know and we will send it to you!
Check out what's happening in Calgary's real estate market
Please do not hesitate to Contact Doug, Susan or Kristen with any questions you might have regarding real estate in Calgary or surrounding areas. We are a family team that has been serving Calgary and surrounding areas for over 40 years (that’s just Doug’s # of years in the business!). We love what we do! www.penleymcnaughton.com
For a more detailed report and interesting facts about what’s happening in June in Calgary click HERE
Calgary home prices remained stable in May
Demand for detached housing continues to rise. Fueled by the detached sector, Calgary home prices trended up for the fourth consecutive month, but remain below 2014 highs. “The economic climate is supporting detached housing market recovery,” said CREB® chief economist Ann-Marie Lurie.
“Improved demand and easing supply has created more balanced conditions and ultimately some modest price gains. While it will still take some time for prices to recover, the transition in the detached segment is an important first step to stabilization across all segments of the housing market.” For the first time since June 2015, prices in the detached sector did not decline on a year-over-year basis. Unadjusted detached benchmark prices reached $509,000 in May, one per cent higher than last month and May 2016 levels. For a full detailed report from the Calgary Real Estate Board please click HERE. Please do not hesitate to contact Doug, Susan or Kristen here at Team Penley McNaughton with any questions you might have or if you would like us to drop by and complete a free evaluation of your property. www.penleymcnaughton.com
Calgary real estate market update for May
Click HERE for the full statistical report for Calgary’s real estate market update and useful links to check out. We also have a market update for Calgary’s surrounding areas such as Airdrie, Oktoks, Chestermere, Cochrane etc. if you are interested. If you have any questions or would like us to pop by and complete an a current market evaluation of your home or revenue property please do not hesitate to contact Doug, Susan or Kristen at Team Penley McNaughton. We are a family real estate team with RE/MAX serving Calgary for 40 years (Doug has been licensed for 40 years… this is not a combined number of how long all of us has been in the business 🙂 ). www.penleymcnaughton.com
Calgary Real Estate Board update for April
Housing market retains momentum in April City-wide prices hold steady as labour market improves.
City of Calgary, May 1, 2017 – Calgary’s housing market continued to show signs of stability in April. With improvements in the labour market and a balanced detached sector, city-wide benchmark prices reached $439,600 in April, similar to the previous month, but 0.90 per cent below last year’s levels. For the full report click HERE. Please do not hesitate to contact Doug, Susan or Kristen with any questions you might have – penleymcnaughton.com.
RE/MAX Western Canada Spring market report
Recovering oil prices, low interest rates, and US approval of the Keystone XL pipeline project have renewed buyer optimism in Calgary’s real estate market. Older properties in prime neighbourhoods in the centre-core of northwest and southwest Calgary are being redeveloped, contributing to a healthy increase in land values in these areas. Optimistic move-up buyers are driving demand for detached, single-family homes, typically in the range of $400,000$550,000. Although there is some activity in the lower-end, the condo market is flat due to considerable inventory. Properties remain on the market for approximately 2.5 months and this is unlikely to change over the course of 2017. Please call Doug, Susan or Kristen anytime with any questions you might have 403-283-7113. We are a family real estate team serving Calgary for 40 years! Click HERE or on photo for the full report.
April's real estate market update for Calgary
Spring is finally peeking around the corner after a drawn-out winter and with it comes the promise of sunny afternoons, blooming flowers, and a slowly defrosting housing market. Now is the time to harness the spirit of spring and tick off items from the to-do list around the house: spring-cleaning, taking advantage of renovation sales, and freshening up the home’s vibe.
The weather might not be quite warm enough yet to put on the gardening gloves but we’ve set out some ideas on how to bring the benefits of a fresh garden right to your kitchen counter. We’ve also included an update on recent developments in the local real estate market and the latest infographic market reports in our monthly newsletter. If you, your friends or family are looking to buy or sell real estate, please keep us in mind. We are happy to answer any questions and look forward to guiding you on your housing needs. Click HERE for the full report.
Calgary Real Estate market statistical update for March
Housing market set for favourable lead into spring Detached prices stabilize as city-wide inventory trends down
Mar. 2017. City of Calgary, April 3, 2017 – After a long period of disconnect between supply and demand, Calgary’s detached housing sector is firmly in balanced territory. Sales were still 10 per cent below long-term trends in March, but above levels seen in recent years, while average inventory declined compared to last year, supporting price stability in the detached market. “It’s not so much that demand went through the roof in March, but that we had less supply come onto the market, which is really helping to balance things out,” said CREB® president David P. Brown. “These changes are lifting the cloud of uncertainty for housing consumers and nicely positioning our market as we move into the more active spring season.” Unadjusted detached benchmark prices totaled $503,900 in March, 0.4 per cent above last month and similar to levels recorded last year. Meanwhile, Apartment and attached prices continue to remain well below levels recorded last year. “Market conditions are quite different in the apartment sector,” said CREB® chief economist Ann-Marie Lurie. “The additional supply coming from the new home sector is not easily reversed and the added competition is continuing to weigh on prices in the higher density sectors of the market.” City-wide inventory levels totaled 5,114 in March, 16 per cent below last year’s levels. This is primarily driven by the 25 and 17 per cent contraction in the detached and attached markets. Inventory levels in the ownership apartment sector remain three per cent higher then levels recorded last year. “The housing market transition in the first quarter appears to be consistent with trends in the labour market,” said Lurie. “However, the way the rest of the year unfolds will be largely determined by what happens in the next two quarters, as nearly 60 per cent of all housing sales typically occur in that timeframe.” For the FULL report click HERE.
If you have any questions please do not hesitate to call Doug, Susan or Kristen at Team Penley McNaughton with RE/MAX Central in Calgary 403-283-7113.
