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2022 saw record-high sales and double-digit price growth

DECEMBER HOUSING MARKET UPDATE - Jan 5, 2023

December sales eased, however, slowing sales over the second half of 2022 were not enough to offset earlier gains as sales reached a record high of 29,672 units in 2022.

Over the past several months, the pullback in sales was also met with a significant pullback in new listings, causing further declines in inventory levels. As of December, there were 2,214 units available in Inventory, making it the lowest level of inventory reported for December in over a decade.

“Housing market conditions have changed significantly throughout the year, as sales activity slowed following steep rate gains throughout the later part of the year,” said CREB® Chief Economist Ann-Marie Lurie. “However, Calgary continues to report activity that is better than levels seen before the pandemic and higher than long-term trends for the city. At the same time, we have faced persistently low inventory levels, which have prevented a more significant adjustment in home prices this year.”

Benchmark prices eased to $518,800 in December, down nearly five percent from the peak price in May but almost eight percent higher than last December. While prices have trended down annually, they remain over 12 percent higher than last year’s levels.

The housing market in 2022 generally outperformed expectations both in terms of sales and price growth.

Source: CREB 

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Calgary November 2022 Market Update
Calgary market in November - Residential sales in the city slowed to 1,648 units, a year-over-year decline of 22 per cent, but 12 per cent above the 10-year average.
The condo and townhome market is finishing strong in 2022.
Detached Home Benchmark Price is $619,700. 10.6% increase from Nov 2021.
Condo Benchmark Price is $277,000. 10% increase from Nov 2021
“Easing sales have been driven mostly by declines in the detached sector of the market. Higher lending rates are impactingpurchasers buying power and limited supply choice in the lower price ranges of the detached market is likely causing many purchasers to place buying decisions on hold.”
Source: CREB

 
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The market usually slow down in winter, but it still seems strong in Calgary, including for new home sales.

As the story below notes, all segments of the market are likely to see strong demand as long as migration into Alberta remains high.

Please read the full story here:

Author of the article: Joel Schlesinger  •  for the Calgary Herald.

https://calgaryherald.com/life/homes/calgary-new-homes-market-remains-active-despite-rising-costs

Condo starts increased this year in Calgary. PHOTO BY WIL ANDRUSCHAK /PostmediaCondo starts increased this year in Calgary. PHOTO BY WIL ANDRUSCHAK /Postmedia



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Calgary October 2022 home sales remain stronger than pre-COVID levels.

City of Calgary, Nov. 1, 2022 – October sales eased compared to last year’s levels, mostly due to slower activity in the detached sector.

However, with 1,857 sales this month, levels are still stronger than long-term trends and activity reported prior to the pandemic. Year-to-date sales have reached 26,823 and with only two months to go, 2022 will likely post a record year in terms of sales.

“Calgary hasn’t seen the same degree of pullback in housing sales like other parts of Canada, thanks to persistently strong demand for our higher density product,” said CREB® Chief Economist Ann-Marie Lurie. “While our city is not immune to the impact that inflation and higher rates are having, strong employment growth, positive migration flows and a stronger commodity market are helping offset some of that impact.”

New listings also trended down this month causing the sales-to-new-listings ratio to rise to 85 per cent and inventories to trend down. Much of the inventory decline has been driven by product priced below $500,000.

While conditions are not a tight as what was seen earlier in the year, with only two months of supply, conditions remain tighter than historical levels. We are also seeing divergent trends in the market with conditions continuing to favour the seller in the lower-price ranges and shifting to more balanced conditions in the upper-price ranges.

As of October, prices have eased by four per cent relative to the highs reached in May. This is considered a relatively small adjustment when considering price movements in other large cities. It is also important to note that the October benchmark price is still nearly 10 per cent higher than levels reported last year.


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Happy to have sold this home on behalf of my client
A lovely home -- clean, tidy and well-kept.
I helped my client to decorate the home with my own art and accessories. It turned out great based on the feedback from all the viewings. 
It's always fun to put up a SOLD sticker.
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Bank of Canada raises interest rate again — but the pace of hikes may be slowing

Central bank has increased its rate 6 times this year to try to rein in inflation.

CBC News · Posted: Oct 26, 2022 10:02 AM ET | Last Updated: October 26

Please read the full article below:

https://www.cbc.ca/news/business/bank-of-canada-interest-rate-decision-1.6629901?fbclid=IwAR1Y-TAMc_aCaylczZfyuxUfAa5dj7PdLf31tijHhA4B0GM3HvlnxgHZZEs

The Bank of Canada, whose headquarters are shown here, has raised its benchmark interest rate six times this year in an attempt to drag down decades-high inflation. (Sean Kilpatrick/The Canadian Press)

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32 Horseshoe Crescent 703, Cochrane, AB T4C 2P4 now has a new price of $236,900!
TOWNHOUSE For Sale
$236,900
32 Horseshoe Crescent 703
Cochrane, AB T4C 2P4
Courtesy of 2% REALTY
MLS: Pillar9
 
2Beds
1Full 1Half Baths

Price reduced!!! Attention investors and first-time buyers! Get into this affordable, bright two-bedroom townhome with all the upgrades and an extra-long single-attached heated garage. Great as a starter home or investment property. This 3-storey home is located in a family focused community, next to a big park/playground. Close to walking paths, ponds and greenspace. Easy access to Highway 1 and the mountains. Lots of upgrades including quartz countertops and Silgranite undermount sink in the kitchen, stainless steel appliances, wide high-end plank laminate floors with a neutral colour on the main and upper levels, 9 ft ceilings on the main, upgraded drop-in tub with tiled walls, Mohawk first-class carpet for the staircase, newer high-end washer and dryer, and more. This home offers an open-concept design with beautiful natural light beaming in through the big windows. There is a deck off the living room that backs onto green space. The two bedrooms are spacious and have walk-in closets. Washer and dryer on the upper level for your convenience. The oversized garage is fully finished with plenty of storage space. Extra parking on the driveway. Well-managed and pet friendly complex. Builder size is 1,055 sq.ft. Heartland is situated on the west end of Cochrane with convenient access to the Rockies, Ghost Lake and close to all the amenities you need. Call to book your private viewing today!

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32 Horseshoe Crescent 703, Cochrane, AB T4C 2P4 now has a new price of $239,800!
TOWNHOUSE For Sale
$236,900
32 Horseshoe Crescent 703
Cochrane, AB T4C 2P4
Courtesy of 2% REALTY
MLS: Pillar9
 
 
2Beds
1Full1Half Baths

Price reduced!!! Attention investors and first-time buyers! Get into this affordable, bright two-bedroom townhome with all the upgrades and an extra-long single-attached heated garage. Great as a starter home or investment property. This 3-storey home is located in a family focused community, next to a big park/playground. Close to walking paths, ponds and greenspace. Easy access to Highway 1 and the mountains. Lots of upgrades including quartz countertops and Silgranite undermount sink in the kitchen, stainless steel appliances, wide high-end plank laminate floors with a neutral colour on the main and upper levels, 9 ft ceilings on the main, upgraded drop-in tub with tiled walls, Mohawk first-class carpet for the staircase, newer high-end washer and dryer, and more. This home offers an open-concept design with beautiful natural light beaming in through the big windows. There is a deck off the living room that backs onto green space. The two bedrooms are spacious and have walk-in closets. Washer and dryer on the upper level for your convenience. The oversized garage is fully finished with plenty of storage space. Extra parking on the driveway. Well-managed and pet friendly complex. Builder size is 1,055 sq.ft. Heartland is situated on the west end of Cochrane with convenient access to the Rockies, Ghost Lake and close to all the amenities you need. Call to book your private viewing today!

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SINGLE FAMILY
$409,800
143 Panora Close NW
Calgary, AB T3K 0L1
Courtesy of 2% REALTY
MLS: Pillar9
 
 
4Beds
2Baths

Price reduced!!! Attention investors and those with a growing family! Recently updated and renovated single-family home with a total of 4 bedrooms (2+2), 2 full bathrooms, over 1,700 sq.ft of living space on a quiet street. This bright, modern home makes an excellent income generating property (Potentially it can rent for $3K per month by short-term rental). Move-in ready with tons of upgrades. Fresh paint throughout. Open-concept main floor with vaulted ceiling; big windows allow lots of natural light to beam in. Kitchen with a center island and white cabinets, bright living room and dining area. The two bedrooms are spacious and a 4 pc bath completes this level. Newly renovated basement features 9-foot ceilings, new high-end laminate flooring, modern paint throughout. Another two large bright bedrooms (convert one of them for the perfect work-from-home office), a family room and a full bathroom make for a comfortable lower level. Laundry area in the basement, which also has lots of storage space. Two parking stalls at the back and street parking out front. Big south-facing backyard with room for double garage. Walking distance to school, shopping and all amenities. This incredible location is only minutes from public transportation & easy access to major routes: Stoney Trail, Country Hills Blvd & Deerfoot Trail. A quick drive to the airport. Seller offers $2,000 credit to buyer on closing for building of missing section of fence. Call to book your private showing today!

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3 Millrose Place SW, Calgary, AB T2Y 3T6 is now new to the market!
TOWNHOUSE
$269,800
3 Millrose Place SW
Calgary, AB T2Y 3T6
Courtesy of 2% REALTY
MLS: Pillar9
 
 
3Beds
2Full1Half Baths

Open house: 2-4 PM, SAT, JULY 24, 2021. Great value in this affordable 3-level townhome -- END unit and offers DOUBLE ATTACHED garage. Features 3 bedrooms and 2.5 bathrooms. Bright and spacious. Perfect for the growing family or young professional! Fresh paint throughout. High-end engineered hardwood on the main and second levels. Brand new carpet on the third level. Upgraded primary en-suite. Move-in ready! The main floor features a dramatic cathedral ceiling (12') in the formal living room with floor to ceiling windows and corner gas fireplace. Bright sunshine pours in through the south-facing windows. Large kitchen with generous dining area and sliding door that leads to a huge deck to enjoy the morning sun. Upstairs features a master bedroom with walk-in closet and ensuite, another two spacious bedrooms and a 4pc washroom. The laundry is on the bedroom level, so no lugging clothes up and down stairs. The double garage is generously sized and has room for storage as well as two vehicles. Need more storage space? Loads of room under the crawl space. Take note: condo fees are dropping to $388.33 on August 1st as Cable package is removed. Well-managed complex and pet friendly. A 5-min walk to the C-train station, shopping, Fish Creek park, all levels of schools and golf course. Quick possession available. Call to book your showing today!

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