Calgary market to fall short-term says Conference Board

The downturn in Calgary’s housing market due to the oil slump will continue in the short-term according to a new report. The Conference Board of Canada’s Metro Resale Snapshot shows a 35.9 per cent year-over-year drop in MLS sales (annual seasonally-adjusted rate) to 23,400 units with listings down 12.9 per cent and average prices down 4.3 per cent to $446,848.
Senior economist Robin Wiebe’s assessment is that the resale market is balanced with a ratio of sales to new listings of 0.534. Sales in October were up 2.1 per cent with prices down 0.3 per cent compared with the previous month.

Calgary Herald Reports:
A report released Friday by the Conference Board of Canada says the short-term year-over-year MLS price change expectations for the Calgary region are “falling.”
The Metro Resale Snapshot, by Robin Wiebe, a senior economist with the board, said the seasonally-adjusted annual rate for MLS sales in Calgary is 23,400 units, which is down 35.9 per cent from a year ago. Listings of 43,296 on an annual rate are also off by 12.9 per cent from last year and the average house price has declined by 4.3 per cent to $446,848.
The report classified Calgary’s resale market as “balanced” with a sales-to-new listings ratio of 0.534.
On a monthly basis, MLS sales in Calgary were up 2.1 per cent, listings rose by 1.9 per cent and the price was off by 0.3 per cent.
Also on Friday, the conference board released its Metropolitan Housing Starts report by Jane McIntyre, its senior economist, showing negative short-term and long-term expectations for new home construction.
The report said the seasonally-adjusted annual rate of starts in the Calgary region has dipped to 14,956 units from 17,636 a year ago.
Short-term expectations are based on residential permits data while long-term expectations are based on demographic requirements, said the conference board.