Ok, this was close. I’ve been consistently presenting my readers Calgary Real Estate Board (CREB) data for 83 months …I just about missed this month (for no good reason). Here we are though; the streak continues!
Detached Home Data:
Sales To New Listings:
There is a detached housing shortage, with a continuation of elevated buyer demand, worse than this time last year. The 2022 Spring market is going to be insane. Insane = no condition offers, offers without viewing homes, competitive offers, frustrated buyers etc.
Absorption Rate:
An absorption rate of less than 2 months is extremely tight. Buyer demand outstrips home supply – by a long shot! Unless home supply increases in a big way this Spring, we’re going to be in for an interesting market!
Average Home Price:
We can see a seasonal trend lower, but elevated compared to past years. Indicators are, prices to the moon!!
Apartment Data:
Sales to new listings:
Data is stacking up, the bottom of the apartment market in Calgary is behind us. There are more sales, less inventory, less new inventory …prices are stable with upward pressure.
Absorption Rate:
We can see the absorption rate way down, relative to recent history, and continuing to fall into the winter months. Again, supportive data for price stability, even upward pressure.
Median Price:
Look for the median price to rise this spring. I anticipate more investors (from across Canada) and buyers will seek value in condo apartments in Calgary.
Conclusion:
We still have historic, ultra suppressed, pandemic low interest rates enticing borrowers to leverage into Calgary’s Real Estate market. Additionally, Calgary’s economic outlook is also positive!! It’s been long known that Calgary is an “affordable” City to live (home prices relative to median income). I think many people just needed a nudge to believe in the local market :-).
I’m planning to publish November CREB data at the beginning next month.
Talk soon,
Chad Moore
