Detached Prices Stabilize in Softer Market - Oct 2016

The segment of Calgary's housing market with the greatest influence on the overall market is showing signs of pricing stability. The detached benchmark price totalled $503,400 in September, which is 3.3% below last year, but the second consecutive month at price level. 


Well overall economic conditions remain soft, for now the detached sector is demonstrating some steadiness in terms of pricing.


"The decline in demand has caused many people to anticipate steeper price declines for detached homes." said CREB* chief economist Ann-Marie Laurie. "That hasn't happened in a large part because detached supply levels haven't climbed as sharply as many expected. There was a limited amount of supply in the overall market when this cycle began, and while levels did rise and remain somewhat elevated, they were well below previous highs,"


The level of detached new listings also eased compared to last year, helping push down year-over-year inventory levels for the second consecutive month,


"Consumers are really starting to come to terms with the current environment." said CREB* president Cliff Stevenson. "Most sellers have adjusted their expectations at the same time that many buyers are realizing the price of a home is influenced by factors like location, supplying specific price ranges and condition of the property."


Residential inventory levels totalled 5,877 in the month of September, 5% higher than last year, due to gains in both the apartment sector and attached sector. City wide months of supply neared 4 months, but ranged from a low of 3 months in the detached sector to a high of 8 months in the apartment sector


Sales were equally inconsistent, improving by 4% in the detached market while declining 23% in the apartment sector. Nonetheless. in every category, sales activity year-to-date sale activity has declined over over levels recorded last year and remains below long term averages,


The resale apartment market has recorded large inventory gains and a sharp pullback in sales. This, combined with additional competition for new builds, is resulting in steeper price adjustment in this sector,


Condominium apartment prices totaled $274,700 in September, 0.1% below last month and 6.8% below last years price.




Disclaimer: This article was provided by the Calgary Real Estate Board (CREB) October 3, 2016.

No comments

Post Your Comment:

* indicates required fields.
Your Name: *
Please note, your email will not be shown publicly
Your Email (will not be published): *
Comment: *
Please type the text as it appears above:

Finding your dream home is just a click away, start your search!  Search Now

contact me anytime

Office Location:

115, 8820 Blackfoot Trail SE Calgary AB T2J 3J1 CA

Samantha Rose

I make myself available at all times. My web site is here to help you 24 hours a day. You can search listings at your own convenience, browse reports, and read up on real estate info on your own terms. When you are ready to see a listing in person, or just have a simple question, please dont hesitate to contact me!


When you make the important decision to buy or sell a home, I am committed to going the extra mile to ensure that all of your needs are successfully met in a professional and honest manner.

Contact Form
*indicates required fields.
Your Email:*
Your Name:*
Your Telephone:
Please type the text as it appears above:
Data supplied by CREB®’s MLS® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
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.
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.