Calgary Real Estate Report December 2019
While we just witnessed the turnaround into a new Decade, we might have symbolically seen a turnaround in the real estate market. December sales, especially leading up to the holiday season, were quite strong as compared to last year and years in general. Often, sales to new listings were almost equal, compared to well below 30% values we've seen recently. New listings were down once again. All in all, sales were up 1% from last year though the year thanks to a strong first quarter, spring and December finish. Prices over all still were about 3% below last year. It is estimated that the overall price of properties has dropped by about 10% since the peak of 2014, though much more with condos and townhouses, but balanced with less detached and attached homes price drops.
December sales improved to levels more consistent with activity recorded over the past five years. This follows weak sales activity last year. However, conditions continue to favour the buyer and this is weighing on prices. December benchmark prices were $418,500. This is just slightly lower than last month and one per cent below last year’s levels. While there are signs of stabilization, conditions vary significantly by location, price range and product type. Improvements in the resale market have been mostly driven by lower priced product or areas where price declines were enough to bring more purchasers back into the market. Higher priced homes suffered the most this year, even in sought after communities.
However, the most significant part of December's statistics are the fact that there is definitive signs of improvement in an otherwise very slow time of the year. It all seems to be pointing to a potentially busy spring. It's likely going to be a buyer's market for at least another year, but the tide is slowly turning.
Data supplied by CREB®’s MLS® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.