Latest news with #CalgaryRealEstateBoard
Global News
01-08-2025
- Business
- Global News
Calgary home sales fall 12 per cent in July as inventory reaches pre-pandemic highs
The Calgary Real Estate Board says home sales in the city declined 11.6 per cent in July compared with the same period last year as inventory grew to levels not seen since before the pandemic. The board says 2,099 homes changed hands last month compared with 2,374 sales in July 2024. The organization attributes the decrease to factors such as persistent economic uncertainty due to tariffs, the lack of further reductions in lending rates and added competition from the new home market. There were 3,911 new listings on the market last month, up 8.6 per cent from a year earlier, as the city's inventory reached 6,917 homes for sale — a 66.1 per cent surge. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy The board says additional supply has weighed on home prices in some parts of the city. Story continues below advertisement The residential benchmark price was $582,900 last month, a 3.9 per cent decrease from July 2024. View image in full screen The Calgary Real Estate Board said home prices in the city fell by 3.9 per cent last month, compared with July 2024. Global News However, CREB chief economist Ann-Marie Lurie says price declines are not occurring across all property types in all locations of the city and the steepest price drops seen in apartment and row style homes. 'Even where there have been declines, it has not erased all the gains made over the past several years,' said Lurie.
Winnipeg Free Press
02-07-2025
- Business
- Winnipeg Free Press
Calgary home sales drop again in June as inventory keeps piling up: board
CALGARY – The Calgary Real Estate Board says home sales in the city decreased 16.5 per cent in June compared with last year as higher levels of new listings led to inventory gain. The board says 2,286 homes changed hands last month, with declines recorded across all property types year-over-year. CREB chief economist Ann-Marie Lurie says sales decreases come as supply has improved across rental, resale and new home markets, allowing for more choice as inventory returned to levels reported in 2021 before a population surge. There were 4,223 new listings on the market last month, up 11.2 per cent from a year earlier, as the city's inventory reached 6,941 homes for sale — an 83.2 per cent increase. Lurie says additional choice in the market — combined with stagnant lending rates, persistent uncertainty and concerns of price adjustments — is keeping many potential buyers on the sidelines, which 'is weighing on home prices, especially for apartment and row style homes.' Monday Mornings The latest local business news and a lookahead to the coming week. The residential benchmark price was $586,200 last month, marking a 3.6 per cent decrease from June 2024 levels. This report by The Canadian Press was first published July 2, 2025.
Global News
03-06-2025
- Business
- Global News
Calgary home sales drop in May amid economic uncertainty: CREB
The Calgary Real Estate Board says home sales in the city dropped 17 per cent in May compared with last year as economic uncertainty continues to weigh on the housing market, while new listings and inventory were up. The board says 2,568 homes were sold in May. CREB chief economist Ann-Marie Lurie says the recent pullback in sales and a build up of inventory have helped shift the market toward balanced conditions and has taken the pressure off prices. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy There were 4,842 new listings on the market last month, up 11.6 per cent from a year earlier, as the city's inventory reached 6,740 homes for sale – relatively balanced with 2.6 months of supply. The board says recent inventory gains have created pockets of the market that are struggling with too much supply, while other areas are seeing low levels of inventory compared with demand, causing divergent home prices. Story continues below advertisement The residential benchmark price was $589,900 last month, marking a nearly three per cent decrease from May 2024 levels.
Calgary Herald
29-05-2025
- Business
- Calgary Herald
Canmore sees growing demand for its high-cost housing
Canmore is increasingly one of Canada's worst kept secrets as a top recreational destination. That's helped drive real estate prices, making the Bow Valley community one of the most costly in Canada for many years. Article content Article content This year is no exception even amid economic uncertainty. Recent market data from the Calgary Real Estate Board shows Canmore's benchmark price was $1,116,500 at the end of April, up nearly 13 per cent from the same month last year. Article content Article content The 54 resales consisted mostly of row home and apartment resales with single-family detached homes making up less than 20 per cent of all sales — significantly less than in Calgary and other regional communities. Article content Article content One reason is the average higher price for a home, says Richard Greaves, Canmore realtor at Re/Max Alpine Realty. And it is likely to move higher this year as demand ramps up from a slower pace last year. Article content 'In 2024, the single-family home market in that $1.8 million to $2.8 million was actually fairly slow, and this year, it's flipped on its head with more sales.' Article content This has not been unexpected, he adds. 'In the past, when stock markets got volatile, people invested in something safer.' Article content Canmore real estate is indeed a safe bet, given its scarcity and high demand. In turn, Greaves suspects that high-net-worth buyers are looking to purchase in Canmore. That's maybe even more so today as more Canadians sour on American destinations, says Don Kottick, president of Re/Max Canada. Article content Article content 'We know anecdotally the snowbirds are thinking about coming back,' Kottick says. Article content Re/Max's recent 2025 Canadian Cabin and Cottage Trends Report forecasts tariffs are having an impact, but it's mostly a headwind for resales. The study notes demand growth paused this spring as prospective buyers held back on decisions. Article content Still, the report also forecasts that prices could gain almost two per cent year over year across Canada in recreational markets by year's end. And resales could range from flat to as high as 10 per cent growth, depending on the region. Article content Kottick further notes some buyers see the market as a good entry point with prices down from their peak in places like Ontario.
Yahoo
13-05-2025
- Business
- Yahoo
Calgary's hot house-flipping market is cooling off, real estate insiders say
Calgary leads the country in flipping houses, as recent data from the Bank of Canada shows nearly seven per cent of homes purchased in the Calgary metropolitan area were re-sold within 12 months. That's far above cities like Toronto, Quebec, Vancouver and Edmonton, which came second to Calgary at 4.2 per cent of homes purchased and successfully flipped. But, according to Andrew Jones, a Calgary-based Realtor who spoke to the This is Calgary podcast, Canada's hottest house-flipping metropolis may be entering a cool-down period. LISTEN | Will Calgary's house flipping trend continue? Since 2020, he said, "markets [have] been running like crazy. We have seen prices just taking off. We've seen really low inventory levels and all of that has led to a lot of people getting into the flipping because, quite honestly, if you just buy a property and hold it for six months or a year and do nothing, you were probably going to make money." Now, Jones said, it's less of a guarantee. "As we get to a balanced market, we have more inventory. There's a lot more competition out there," he said. "If you're flipping, you're going to have to do a little bit more than, you know, paint everything white and throw some black fixtures on and call it a day." According to the Calgary Real Estate Board (CREB), last month's inventories rose to 5,876 units, more "consistent with what we typically see in April," while sales were down 22 per cent from last year's level, with 2,236 units sold. Economic uncertainty has played a role in the dip in home sales, but "previous gains in migration, relatively stable employment levels, lower lending rates, and better supply choice compared to last year's ultra-low levels have likely prevented a more significant pullback in sales and have kept home prices relatively stable," Ann-Marie Lurie, CREB chief economist, said in a press release. According to Calgarian Shelly Visser, who flips houses with Front Door Investments and Rich Girl Renovators, Calgary is an attractive place for house flippers. "It's a beautiful city to live in. There's a lot of opportunities. It's affordable compared to some of the other provinces, there's growth, there's a younger demographic, there's a lot of different price points for everyone," she explained to This is Calgary's Jenny Howe. "So no matter what product you are flipping, you can meet a price point that is needed for that demographic." Jones said an influx of migrants helped keep Calgary's housing market afloat as interest rates went up. "We saw a lot of migration here. Everyone in Canada wanted to move here. It was an attractive place to be, and because of that, I think the flip market ... garnered a lot of action, a lot of activity." The lack of any vacancy tax or land-transfer tax adds to the appeal, especially for 25-40 year olds who use house flipping as a side hustle, Visser said. "It's doable to make anywhere from $80,000 up to $200-300,000 depending on what is going on. Depends on the market as well," Visser said. "That's a really important factor in your decision making because if you've bought at a height of a market or the market's a little bit higher and then six months later you're finishing and then now the market's in a downturn, there goes maybe your profit." "Things are cooling off, but a balanced market is good," said Jones, the Calgary Realtor. "It's been excellent for sellers for a long time, but it's been really challenging for buyers. So a balanced market is an opportunity for both buyers and sellers to have a little bit of benefit out there." Jones is seeing flipped homes close to the University of Calgary still selling quickly, in neighbourhoods like Charleswood and Brentwood. But what's slowing down is the full two-storey detached homes, where "someone's gone in there ... they've thrown lipstick on a pig. They've painted the house, they've thrown in some new appliances, but the home itself is still a little bit older." He said because there isn't as much of an inventory crunch anymore, buyers have the option to wait and see what other properties enter the market. Visser said that while the market is balancing out, it isn't declining — just cooling off. "When you don't have that big panic and rush, it feels like a cooling off, right?" she said. "So when we're talking about Calgary, we are still very healthy and it's actually good to be balanced. Jones said, moving forward, there's going to be more competition in the housing market. "You're gonna have to do a little bit more to make your property stand out."
