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airial view of housing Canadian Housing Market Strong

Canadian Housing Market Strong

airial view of housing Canaian Housing Market Strong
Despite Covid, the Calgary and Canadian Housing Market remains stong

Despite Covid, the Calgary and Canadian Housing Market remains strong.

According to https://www.zolo.ca, current Calgary MLS® stats indicate an average house price of $464,183. This includes 2,440 new listings in the last 28 days. As of today, Calgary housing data shows median days on market for a home is 40 days. Moreover, the selling to listing price ratio is currently 97%.

Following is a chart from Zolo indicating housing prices, for detached, townhouses and condos in Calgary. This chart includes percentage of rise/fall in prices from 3 months to 1 year prior (2019).

Detached, Townhouse, Condo – Calgary Housing Inventory

# Beds  Jul 30 – Aug 27   3 mo ago            6 mo ago            1 year ago

2 Bd      $425K -45%                      $469K                 $472K                 $777K

3 Bd      $465K +1%                       $459K                 $450K                 $462K

4 Bd      $561K -0%                        $539K                 $550K                 $562K

5 Bd      $623K -1%                        $557K                 $579K                 $630K

6 Bd      $755K +8%                       $731K                 $647K                 $698K

All          $540K -1%                        $513K                 $519K                 $544KNote:                                                   +/- change calculated year-over-year

Additionally, within in the greater Calgary area, Calgary is the 2nd  most expensive, 5th fastest growing and 3rd fastest selling area.

June’s Housing Sales High- Strong Canadian Housing Market

According to data released by the Canadian Real Estate Association (CREA), June’s housing sales were high. With transactions rising to 15.2%. The average property price rose 6.5% since June 2019. Added to this, the Band of Canada, hints it will keep interest rates low.

“While June’s housing numbers were mostly back at normal levels, we are obviously not back to normal at this point,” said Shaun Cathcart, CREA’s senior economist. “I guess the bigger picture is one of cautious optimism. The market has recovered much faster than many would have thought, but what happens later this year remains a big question mark. That said, daily tracking suggests that July, at least, will be even stronger.”

“Pent-up demand (supported by the fact that would-be house hunters have likely suffered lesser job declines) fuelled a surge in home sales during June. The gain brought sales levels nearly back to where they were in February,” noted TD economist Rishi Sondhi. He added that average prices have almost entirely erased pandemic-related losses, with prices down only 0.5% compared to February.

Of note, a balanced sales to listing ratio is between 40-60% and below 40% is considered a buyers’ market. The current Canadian sales-to-new listing ratio, is at 63.7%. Making it a sellers market.

It appears that despite COVID the Canadian housing market remains strong.

Would you like more information about the real estate market? 

 


Despite Covid, the Calgary and Canadian Housing Market remains strong.

According to https://www.zolo.ca, current Calgary MLS® stats indicate an average house price of $464,183. This includes 2,440 new listings in the last 28 days. As of today, Calgary housing data shows median days on market for a home is 40 days. Moreover, the selling to listing price ratio is currently 97%.

Following is a chart from Zolo indicating housing prices, for detached, townhouses and condos in Calgary. This chart includes percentage of rise/fall in prices from 3 months to 1 year prior (2019).

Detached, Townhouse, Condo – Calgary Housing Inventory

# Beds  Jul 30 – Aug 27   3 mo ago            6 mo ago            1 year ago

2 Bd      $425K -45%                      $469K                 $472K                 $777K

3 Bd      $465K +1%                       $459K                 $450K                 $462K

4 Bd      $561K -0%                        $539K                 $550K                 $562K

5 Bd      $623K -1%                        $557K                 $579K                 $630K

6 Bd      $755K +8%                       $731K                 $647K                 $698K

All          $540K -1%                        $513K                 $519K                 $544KNote:                                                   +/- change calculated year-over-year

Additionally, within in the greater Calgary area, Calgary is the 2nd  most expensive, 5th fastest growing and 3rd fastest selling area.

June’s Housing Sales High- Strong Canadian Housing Market

According to data released by the Canadian Real Estate Association (CREA), June’s housing sales were high. With transactions rising to 15.2%. The average property price rose 6.5% since June 2019. Added to this, the Band of Canada, hints it will keep interest rates low.

“While June’s housing numbers were mostly back at normal levels, we are obviously not back to normal at this point,” said Shaun Cathcart, CREA’s senior economist. “I guess the bigger picture is one of cautious optimism. The market has recovered much faster than many would have thought, but what happens later this year remains a big question mark. That said, daily tracking suggests that July, at least, will be even stronger.”

“Pent-up demand (supported by the fact that would-be house hunters have likely suffered lesser job declines) fuelled a surge in home sales during June. The gain brought sales levels nearly back to where they were in February,” noted TD economist Rishi Sondhi. He added that average prices have almost entirely erased pandemic-related losses, with prices down only 0.5% compared to February.

Of note, a balanced sales to listing ratio is between 40-60% and below 40% is considered a buyers’ market. The current Canadian sales-to-new listing ratio, is at 63.7%. Making it a sellers market.

It appears that despite COVID the Canadian housing market remains strong.

Would you like more information about the real estate market? 

 

 

 

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