The Calgary Real Estate Board reflects on the current market conditions as being the best since 2014!

This month I tried something a bit different to show the Calgary Real Estate Board Statistics for February. I left last month’s numbers on the slides so that you can see how the market has changed compared to January. It may be a bit busy however felt this depicted how active the market is. I would welcome your feedback!

For the Month of February:

·      Overall sales have increased in all price ranges and product types.

·      The number of new listings has increased.

·      The gap between the new listings and sales has narrowed.

·      The sales to new listings ratio have increased to 65%

·      The months of supply is at 2.46

·      Prices continue to trend upwards.

What does this all mean?

Detached:

·      The sales of detached properties improved this month across every price range however there is lower inventory in the $600,000 and under price range has led to a “Sellers’ Market”. The lack of properties in this price range has further tightened the market resulting in price gains.

·      The Benchmark price for the detached market is $502,500 which is nearly 2% higher than last month, and 5% higher than last year. It is the first time since 2018 that the benchmark price has risen above $500k.

·      The strongest gains in detached pricing have occurred in the SE at 9%

·      The lowest gains have occurred in the city centre at under 2%

Semi-Detached:

·      Highest sales levels in nearly 13 years!

·      Significant gains in new listings however were not enough to offset sales so conditions favour the seller!

·      The strongest gains occurred in the SE and North

·      The lowest gains remain over 2% lower than last year in the West.

Row:

·      Inventory to Sales has balanced in this segment.

·      With reduced inventory the Benchmark Price is trending up from last month and year and sit just over 1% higher than last year.

·      There are still pockets of oversupply in the city, and prices remain lower accordingly in these North, NW, South, and SE areas.

Apartment Condominium:

·      For units priced under $300,000, February sales are strongest for past six years!

·      High inventory overall has remained high, which means this product is taking longer to sell and there is no pressure on prices in this category.

·      The Benchmark Price remains similar to last year.

Other Factors:

·      Interest Rates remain low, HOWEVER, this week the rates have been increasing. If you are considering purchasing it there is considerable savings to be had by starting the approval process now and locking in your rate!

·      Vaccine roll outs are underway so improved consumer confidence.

·      Recent gains in energy prices.

·      119.7% increase in the number of Building Permits issued by the City of Calgary for the first two months of the year compared to the same time period last year.

·      The Value of Building Permits with City of Calgary has also increased over prior year.

If you would like to discuss any of the statistics and determine how this may affect you, please reach out!

Brenda Field

Royal LePage Benchmark

403.899.3177

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