Latest news with #CalgaryRealEstateBoard
Global News
3 days ago
- 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."
CTV News
01-05-2025
- Business
- CTV News
Calgary's 5 most expensive homes for sale right now (May 2025)
A look at 980 101 Street S.W. in Calgary, Alta. ( The Calgary Real Estate Board says home sales in the city decreased again on a year-over-year basis last month amid uncertainty over the economy, while new listings and inventory both grew. The board says 2,236 homes were sold in April, marking a 22.3 per cent decrease compared with the same month last year, as sales in Calgary slowed across all property types. CREB chief economist Ann-Marie Lurie says that while sales have been softening in recent months, activity is still outpacing the levels seen during the economic downturn that plagued the city leading up to the pandemic, thanks to previous migration gains, relatively stable employment levels, lower lending rates, and better supply. There were 4,038 new listings on the market last month, up 15.7 per cent from a year earlier, as the city's inventory reached 5,867 homes for sale — more than double the supply available at the same time last year. The board says the rise in inventory has helped the market shift to balanced conditions, however lower-priced detached and semi-detached properties continue to struggle with insufficient supply. The residential benchmark price was $591,100, marking a 1.4 decrease from April 2024 and a month-over-month decrease of 0.2 per cent. Dreaming of owning a lavish new home? Here are the city's five most expensive already-constructed residential homes for sale as of May 1, 2025, according to $7.5M mansion in Upper Mount Royal 930 Prospect Avenue S.W. - 6 930 Prospect Avenue S.W. in Calgary. ( This historic mansion, known as the 'Burns Residence,' is in Upper Mount Royal. The 5,298-square-foot home was built in 1912 and originally owned by Alfred Price, a superintendent with the Canadian Pacific Railway. 930 Prospect Avenue S.W. - 4 930 Prospect Avenue S.W. in Calgary. ( Aside from serving as the home for several notable and influential Calgarians, the residence sits on a sprawling half-acre lot surrounded by mature trees and lush landscaping. The three-storey home has five bedrooms, six full bathrooms and three half-baths. One of the mansion's biggest draws may be the pool; it's situated near a glass cabana that can serve as a bar area or greenhouse. 930 Prospect Avenue S.W. - 3 930 Prospect Avenue S.W. in Calgary. ( The home is located at 930 Prospect Ave. S.W. It has been listed on for 53 days. $7.25M Eagle Ridge bungalow 40 Eagle Ridge Place S.W. A look at 40 Eagle Ridge Place S.W. in Calgary, Alta. ( This gated home in Eagle Ridge sits on a sprawling double lot. Built in 1971, the home has four above-grade bedrooms and one below grade, plus seven bathrooms. 40 Eagle Ridge Place A look at 40 Eagle Ridge Place S.W. in Calgary. ( 'Once you step inside past the hand-chiselled walnut doors, you are greeted by a grand foyer that sets the tone for the splendor that awaits,' states the listing. 'The main rooms are nothing short of magnificent, boasting expansive dimensions and exquisite finishes.' 40 Eagle Ridge Place S.W. A look at 40 Eagle Ridge Place S.W. in Calgary, Alta. ( The home may be of interest to culinary enthusiasts due to its walk-in cooler, gas cooktop, double ovens and commercial-grade appliances. 'Whether you're hosting a grand gala or preparing an intimate meal for loved ones, this culinary haven is sure to impress.' 40 Eagle Ridge Place A look at 40 Eagle Ridge Place S.W. in Calgary. ( The bungalow is located at 40 Eagle Ridge Pl. S.W. It has been listed on for 211 days. $6.3M Bel-Aire bungalow 1020 Bel-Aire Drive S.W. A look at 1020 Bel-Aire Drive S.W. in Calgary, Alta. ( This Bel-Aire bungalow was built in 1972 and is more than 4,000 square feet. It comes with three bedrooms (and three below grade) plus seven bathrooms and two partial baths. 1020 Bel-Aire Drive S.W. A look at 1020 Bel-Aire Drive S.W. in Calgary, Alta. ( According to the listing, the main level of the home offers a blend of 'elegance and comfort,' featuring a spa-quality ensuite bathroom. In the basement, there's a wine cellar and a theatre. 1020 Bel-Aire Drive S.W. A look at 1020 Bel-Aire Drive S.W. in Calgary, Alta. ( The single-storey home is located at 1020 Bel-Aire Dr. S.W. It has been listed on for 278 days. $6.3M Bel-Aire estate 1016 Beverley Boulevard SW A look at 1016 Beverley Boulevard S.W. in Calgary, Alta. (MLS/Gary Heald) Nestled into a 0.30-acre lot, this 5,817-square-foot home is surrounded by the Calgary Golf & Country Club, the Glenmore Reservoir and the Elbow River valley. Built in 2003, it has three bedrooms, seven bathrooms and three half-baths. 'This one-of-a-kind estate offers an unparalleled fusion of modern design, natural elements and masterful craftsmanship,' states the listing. 1016 Beverley Boulevard SW A look at 1016 Beverley Boulevard S.W. in Calgary, Alta. (MLS/Gary Heald) The home's outdoor lounge is accessible via multiple sliding glass doors and is accented by two six-foot fireplaces. It has an outdoor pool with a power cover and is next to a covered outdoor kitchen. 1016 Beverley Boulevard SW A look at 1016 Beverley Boulevard S.W. in Calgary, Alta. (MLS/Gary Heald) The estate also has as a state-of-the-art home theatre, a gym and yoga studio, a wine wall and a chef's kitchen with high-end cabinetry and top-tier appliances. It also has a heated front driveway. 1016 Beverley Boulevard SW A look at 1016 Beverley Boulevard S.W. in Calgary, Alta. (MLS/Gary Heald) The two-storey home is located at 1016 Bel-Aire Drive S.W. It has been listed on for 29 days. $6M West Springs mega mansion 980 101 Street S.W. A look at 980 101 Street S.W. in Calgary, Alta. ( This 9,032-square-foot-home sits atop a ridge on the western edge of the city and includes almost 10 acres of land. 'This magnificent custom concrete estate home exceeds all expectations,' says the listing. 980 101 Street S.W. A look at 980 101 Street S.W. in Calgary, Alta. ( It has four bedrooms, nine bathrooms and two half-baths. The concrete castle, built in 2012, also has a home theatre, gym, indoor pool and hot tub, sauna and a five-car garage. 980 101 Street S.W. A look at 980 101 Street S.W. in Calgary, Alta. ( The two-storey home is located at 980 101 St. S.W. It has been listed on for 37 days. 980 101 Street S.W. A look at 980 101 Street S.W. in Calgary, Alta. ( - With files from The Canadian Press
Calgary Herald
01-05-2025
- Business
- Calgary Herald
Supply to remain tight for affordable single-family homes
Article content Article content A new report forecasting real estate resale activity in Canada, including Calgary, reveals that prices are expected to increase by the end of the year amid economic uncertainty related to tariffs. That will dampen demand somewhat, but prices still will be boosted by a lack of affordable choice in most markets. That's especially so in Calgary, the Royal LePage Q1 2025 Home Price Update and Market Forecast shows, where the average price is expected to climb three per cent by year's end over 2024 to nearly $710,000. Article content Article content That's among the lowest percentage growth forecasts in the report, which predicts the national average price will climb five per cent to nearly $861,000. Article content Article content 'We're in a more stable market than we were,' says Corinne Lyall, Broker/owner of Royal LePage Benchmark in Calgary. To that end, first quarter data from the Calgary Real Estate Board shows the market exhibited balanced conditions between supply and demand in all four housing segments. Article content What's more, sales had fallen 17 per cent yet to date ending March 31, while inventory had increased 83 per cent. And the benchmark price — the cost of the typical home in Calgary — had just gained 0.1 per cent year over year to reach $587,709. Indeed, it's a good news story for buyers, who had faced much more challenging conditions a year ago, and it's largely reflected in the forecast for all of Canada's major markets, says Vancouver real estate agent Adil Dinani, spokesperson for Royal LePage West. Article content 'If you're a buyer and you do have confidence in your employment situation, the market is pretty attractive,' he says. The Royal LePage report reveals that the average price of a home in Canada was up 1.5 per cent year over year in Canada — an increase below inflation — to $829,400 in the first quarter (Jan. 1 to March 31) of 2025. Article content Article content At the same time many markets are seeing more supply than in recent years. Article content 'For the first time in 10 years, we have more than 16,000 listings in the Greater Vancouver Area,' he says. Article content Calgary buyers, too, have more choice, especially in the city's condo market. Article content 'Our rental market is growing,' says Lyall, noting the Canada Mortgage and Housing Corp. data from last fall shows vacancy among purpose-built rentals climbing to 4.8 per cent from the year before at 1.4 per cent. Article content 'People have more choice, and so they tend to rent instead of buying a condo,' Lyall notes, explaining why the housing segment — the least costly of all types — has seen a drop in demand. Condominium apartment resales fell 29 per cent YTD, the most of any segment. Article content Yet the market remains tight for the most in-demand housing type — single-family detached homes, at least affordably priced ones. Article content The benchmark price for a single-family home in Calgary, as of March 31, was about $760,000, CREB statistics from the first quarter show.
