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Home » Real estate stats May 2018

Real estate stats May 2018

May 1, 2018 By Calgary Real Estate Board CREB

Lending conditions weigh on housing demand

City of Calgary, June 1, 2018 – May sales activity continue to ease with the largest declines occurring in the detached sector. Additional gains in new listings continue to increase inventory levels.

“Economic conditions have improved compared to several years ago.”

City-wide sales activity in May totaled 1,726 units and is 19 per cent below last years’ levels. This is 24 per cent below longer-term averages. Sales activity in the detached sector declined to levels not seen in over a decade. 

“The impact of rising lending rates and stricter qualification levels is causing demand to ease across all product types,” said CREB chief economist Ann-Marie Lurie.

“Economic conditions have improved compared to several years ago, but the pace of recovery has not been enough to outweigh the changes in lending conditions.”

Click to view all Calgary real estate stats from May 2018

Market supply didn’t adjust to sales activity in May, which pushed months of supply to 4.9 months. Elevated supply relative to demand prevented any further price recovery in the market and city-wide residential benchmark prices totaled $436,900. This is similar to last month and 0.6 per cent below levels recorded last year.

Detached sales and inventories have risen across all price ranges, but the amount of excess supply has been most notable for homes priced above $500,000. Months of supply for the higher price ranges remain high compared to the past several years. However, they still remain below record levels that occurred post financial crisis (2008 – 2009).

“It makes it so important to understand the dynamics of your community.”
“The changes in the lending market are preventing some people from moving up in the market. Uncertainty has also caused others to wait on making changes to their housing situation,” said CREB president Tom Westcott.

“However, there are pockets of the market that have not seen the same supply increase. It makes it so important to understand the dynamics of your community.

April 2018 real estate stats
June 2018 real estate stats

Filed Under: Calgary Real Estate Stats

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