Calgary Housing Market July 2024: Sales Dip & Inventory Rises

Summary

The video script discusses the Calgary real estate market's response to the Bank of Canada's interest rate cut and a $1,300 price reduction. Adam Fe, a Calgary realtor, analyzes sales data, new listings, and inventory levels, noting a significant increase in inventory and a slowing market, particularly for luxury homes. He emphasizes the importance of understanding market trends by price point and property type, predicting continued price stability with potential increases. The video also touches on population growth and migration patterns affecting the housing market.

Takeaways

• 📉 The Bank of Canada has reduced its interest rate by 0.25 basis points to 4.5%, which may influence the real estate market.
• 🏠 The Calgary real estate market has seen a price reduction of $1,300, indicating a possible shift in the market dynamics.
• 📈 Despite a general slowdown, the market is not slowing down uniformly across all property types and price points.
• 📊 Sales in July were 2,300, which is a 10% decrease, while new listings are up by 11% at 3,600, indicating a growing inventory.
• 📚 The inventory has increased significantly to 4,200 homes, up by almost 20% compared to the previous year.
• 🛑 The months supply for the total residential price point is up to 75, suggesting a strong seller's market, but with a significant increase of 32% from the previous year.
• 📉 The majority of supply growth occurred for homes priced above 600,000, which has helped to shift the market away from extreme seller's market conditions.
• 🏘️ Sales have been driven by homes priced below 600,000, and the market is still favoring sellers but with a significant improvement from earlier in the year.
• 📈 The market is seeing a slowdown after an extreme spring market, with sales peaking in May and June and then declining.
• 📊 The total sales by price range show that the $300,000 price range had the most activity, closely followed by the $600,000 price range.
• 🌐 The video emphasizes the importance of breaking down market reports by community, product type, and price point for a more nuanced understanding of the market.

Q & A

What action did the Bank of Canada take regarding interest rates?

The Bank of Canada reduced its interest rate by 0.25 basis points, bringing it down to 4.5%.

How much has the Calgary real estate market seen a price reduction by?

The Calgary real estate market has seen a price reduction of $1,300.

What was the sales volume for the month of July according to the transcript?

The sales volume for the month of July was 2,300.

How did the new listings for July compare to the previous year?

New listings for July were up by 11% compared to the previous year, with 3,600 new listings.

What was the total inventory of homes left over at the end of July?

The total inventory of homes left over at the end of July was almost 4,200, which is up by almost 20% compared to the previous year.

What is the current months supply for the total residential price point?

The current months supply for the total residential price point is up to 75, indicating a seller's market, but it's up dramatically by 32% compared to July of the previous year.

What does the Calgary Real Estate Board say about the current market conditions?

The Calgary Real Estate Board states that supply levels have improved, taking some pressure off prices, and that the market is starting to see shifts with more inventory and sales to new listing ratios supporting a gain in inventory.

How did the sales in July compare to last year's record high?

July sales eased by 10% over last year's record high but were still higher than long-term trends for the month.

What is the current situation for the affordable product in Calgary according to the realtor?

The affordable product in Calgary is still in high demand, with townhouses priced around $450,000 to $500,000 selling quickly, typically within the first weekend.

What does the realtor predict for the upcoming months in terms of market activity?

The realtor predicts a possible spike in August and September, followed by a decrease going into the winter seasons, which is a common trend.

What is the current total residential benchmark price, and is it expected to remain stable?

The current total residential benchmark price is around $606,000, and it seems to have hit a small ceiling, with little fluctuation in the last few months, suggesting it might remain stable for now.

Outlines

00:00

📉 Calgary Real Estate Market Update

The Bank of Canada has reduced its interest rate by 0.25 basis points to 4.5%, and the Calgary real estate market has responded with a price reduction of $1,300. Adam Fe, a Calgary realtor, discusses the current market conditions, noting a significant increase in inventory with over 4,200 homes left over at the end of July, which is up by almost 20% compared to the previous year. Sales for the month were down by 10%, but new listings were up by 11%. Despite a seller's market, the market is showing signs of slowing down, with the months supply for the total residential price point rising to 75, a 32% increase from July of the previous year. The Calgary Real Estate Board reports that supply levels are improving, taking some pressure off prices, and that the market is shifting away from extreme seller's market conditions experienced in the spring.

05:01

🏘️ Analyzing Sales and Inventory Trends

The video script delves into the year-to-date sales for Calgary, showing that despite a slowdown in July, sales activity remains above the levels of 2021 and 2023. New listings are up, and the desire for a more balanced market is expressed. The total sales figures are analyzed by price range, revealing that the $300,000 price range has seen the most activity, followed by the $600,000 range. The script also discusses the sales by property type, highlighting that City Center Apartments are the most active. Inventory levels by price are examined, showing that the 700 to 800,000 range has the highest amount of inventory, with 400 homes left over at the end of the month. The script emphasizes the importance of understanding local market statistics for sellers and buyers.

10:02

📊 A Closer Look at Market Statistics

The script provides a detailed breakdown of the Calgary real estate market statistics, including the total residential benchmark price, which has seen a slight decrease of $1,300. It discusses the differences between the benchmark price and the average price, and how these figures can be influenced by the mix of properties sold. The script also compares the current market conditions with those of July 2023, noting an increase in new listings and a slight increase in inventory. The days on market are noted to be relatively stable, and the script suggests that the market may be hitting a ceiling in terms of price increases, with the benchmark price fluctuating only slightly over the past few months.

15:03

📈 Regional Market Variations

The video script examines the variations in the Calgary real estate market across different quadrants and property types. It notes that Northeast and East have seen an increase in the total residential benchmark price, while other regions have experienced a decrease. The script highlights the significant price decrease in West Calgary for detached homes, which is attributed to the presence of ultra-luxury and affordable products that can cause large fluctuations in numbers. The script also touches on the importance of understanding these regional variations when making decisions in the real estate market.

20:03

🌐 Population Growth and Market Outlook

The script concludes with a discussion on key economic indicators affecting the Calgary real estate market. It notes the population growth in Alberta, with a significant proportion of interprovincial migrants coming from Ontario and BC. The script suggests that this influx of people could drive demand for housing, potentially offsetting the current slowdown in the market. It also references the year-over-year price change trend, which has been on a downturn, but still indicates price increases, albeit at a less aggressive rate. The script advises against panic selling and encourages patience to see how the market responds to the current news of a slowdown.

Keywords

💡Interest Rate

Interest rate refers to the percentage of an amount that a lender charges for granting a loan. In the video, the Bank of Canada is mentioned to have reduced its interest rate by 0.25 basis points to 4.5%. This action is significant as it can influence borrowing costs and investment decisions in the real estate market, as lower rates can spur borrowing for home purchases.

💡Calgary Real Estate Market

The Calgary Real Estate Market is the focus of the video, which discusses the dynamics of property buying and selling in Calgary. The script mentions a price reduction and an increase in inventory, indicating a shift in the market conditions. The term is used to discuss various aspects of the local housing market, including sales, listings, and price trends.

💡Inventory

In the context of real estate, inventory refers to the total number of homes available for sale at a given time. The script indicates a significant increase in inventory, which is nearly 4,200 homes at the end of July, up by almost 20% compared to the previous year. This increase suggests a potential shift from a seller's market to a more balanced or buyer's market.

💡Months Supply

Months supply is a measure used to determine the balance between supply and demand in the real estate market. It is calculated by dividing the number of homes for sale by the number of homes sold in a month. The video mentions that the months supply for the total residential price point is up to 75, indicating a strong seller's market, though it has increased by 32% from the previous year, suggesting a change in market dynamics.

💡Seller's Market

A seller's market is a condition where demand exceeds supply, typically leading to higher prices and more favorable conditions for sellers. The script discusses that despite the increase in inventory, it is still a seller's market in Calgary, but the balance is shifting with the rise in supply.

💡Price Point

Price point refers to a specific price range within the real estate market. The video script breaks down sales and inventory levels by different price points, such as homes priced above $600,000, and notes that the market conditions can vary significantly across these ranges.

💡Market Slowdown

Market slowdown refers to a decrease in the pace of sales or a reduction in market activity. The script mentions that the Calgary real estate market is experiencing a slowdown, with a 10% decrease in sales for July compared to the previous year. This concept is central to the discussion of current market trends and the potential impact on buyers and sellers.

💡Benchmark Price

Benchmark price is an index value that represents the average price of a typical property within a specific real estate market. The video discusses the benchmark price for total residential properties in Calgary, noting a decrease of $1,300, which may indicate a stabilization or potential cooling of the market.

💡New Listings

New listings refer to the number of new properties that have been put up for sale during a specific period. The script mentions that new listings are up by 11% from the previous year, with 3,600 new listings for the month of July, suggesting an increase in the supply of homes on the market.

💡Days on Market (DOM)

Days on Market (DOM) is the number of days it takes for a property to sell from the time it is listed until it goes under contract. The video script states that DOM is 24 days for the year, indicating the time efficiency of the market in terms of how quickly homes are selling.

💡Market Fluctuations

Market fluctuations refer to changes in the real estate market conditions, such as variations in price, sales volume, or inventory levels. The script discusses a $1,300 decrease in the total residential benchmark price, which is described as a natural market fluctuation rather than a significant decrease, highlighting the stability of the market.

Highlights

Bank of Canada reduces interest rate by 0.25 basis points to 4.5%.

Calgary real estate market sees a price reduction of $1,300.

Inventory in the Calgary market is up, with almost 4,200 homes left over at the end of July, a 20% increase from last year.

Months supply for the total residential price point is up to 75, indicating a strong seller's market.

Calgary Real Estate Board notes supply levels are improving, easing some pressure off prices.

Sales activity in July 2024 was 2,300, down 10% from July 2023, but still above long-term trends.

New listings in July 2024 are up 11% from last year, with 3,600 new listings.

The majority of supply growth occurred for homes priced above $600,000.

The market is shifting away from extreme seller's market conditions experienced in the spring.

Sales of homes priced below $600,000 are driving the pullback in sales activity.

The month's supply for homes has risen to 1.8 months, favoring sellers but improving from under one month earlier in the year.

The $300,000 price range in Calgary real estate is still very active, with homes selling quickly.

Inventory levels and sales figures suggest a slowdown in the overall market after a peak in May and June.

The luxury market ($700,000+) has a significant portion of the total inventory, around 36%.

Sales by property type show city center apartments as the most active in July.

Total sales year-to-date are healthy, with a significant push in April, May, and June of 2024.

The 700 to 1 million price point has seen the most activity year-to-date in the Calgary market.

The market's slowdown is not uniform across all property types and price points; the affordable segment remains active.

The total residential benchmark price might have hit a ceiling, with recent months showing little fluctuation.

The speaker anticipates a slight increase in sales for August and September, followed by a decrease in the winter season.

Population in Alberta for Q2 2024 was almost 4.9 million, with significant interprovincial and international migration.

Economic indicators suggest continued demand for housing due to population growth, despite market slowdowns.

Transcripts

so the Bank of Canada reduces its

interest rate by another 0.25 basis

points dropping it down to 4.5 and the

calgar estate market has decided to also

see a price reduction of $1,300 what the

heck is going on look at the amount of

inventory that's currently in this

market let's get into it my name is Adam

Fe your Calgary realtor if you're

looking at getting into the market now

is definitely the time to really start

paying attention to what's going on with

these market reports because you're

going to see a lot of interesting news

articles come about over the next 2

weeks as people scream from the rooftops

that the Calgary real estate market is

slowing down is it slowing down yes of

course but is it slowing down in all

property types and all price points well

let's dive into that so let's start off

by looking at some of the sales right so

the sales 2,300 for the month of July

you can see that's down 10% new listings

are up fantastic we need more new

listings in this market we're at 3600

new listings for the month of July up

11% from last year the inventory up

massive we're up almost at 4,200 homes

left over at the end of the month which

is up by almost 20% compared to last

year which is insane the months supply

for the total residential price point

here is up to 75 still a seller's market

but it's up dramatically 32% comparing

to July of last year so let's read what

the Calgary real estate board has

written about this Market if you want to

read it on your own I'm not offended

pause the video you don't have to listen

to me talk Supply levels improve taking

some pressure off prices what with the

busy spring Market behind us we are

starting to see some shifts and Supply

levels with 2,380 sales and 30 uh 3,6

four new listings the sales to new

listing ratio fell to

66% supporting a gain in inventory

inventory's levels root to

4,158 units still 33% below what we

typically see in July but the first time

they have pushed above 4,000 units in

nearly 2 years although the majority of

Supply growth occurred for homes priced

above 600,000 the rise has helped shift

the market away from the extreme sellers

Market conditions experiencing

throughout the spring while we are still

dealing with Supply challenges

especially for lower priced homes more

options in both the new home and resale

Market have helped take some of the

upward pressure off of home prices this

month this is in line with our

expectations for the second half of the

year and should inventories continue to

rise we should start to see more

balanced conditions and stability in

home prices July sales eased by 10% over

last year's record high but were still

higher than long-term trends for the

month like last month the pullback and

sales have been driven by homes priced

below 600,000 nonetheless the gain and

inventory combined with the slower sales

caused the months of Supply to rise to

1.8 months still low enough to favor the

seller but a significant improvement

from under one month reported earlier

this year so we need to consider this

right if you're getting into the real

estate market what price point are you

getting into what product are you buying

because the affordable product in

Calgary is still flying I see tow houses

go up for sale around

450,000 500,000 and they're gone within

the first weekend I see homes priced

around 650 even 700,000 and they're

still getting offers that first weekend

but the overarching picture the entire

um Market if you would is starting to

see the slowdowns because we're going we

went through such an extreme spring

market so let's look at this one more

time okay so this is the city of of

Calgary sales and inventory levels I

love this chart it is one of my favorite

charts so you can see the red bar here

it's actually started to slow down right

so you see May and June we kind of hit

that Peak right 608 and then we started

then and then we started to slow down

with sales so in May and June our sales

actually peaked around 3,000 sales and

then this quickly declined you can see

just the amount of inventory that was

left over at the end of the month in

July now with Calgary you always see a

Slowdown in July every single year we

see a Slowdown in July the Stampede is

occurring and a lot of people just kind

of take their foot off the gas cudle and

start to enjoy that celebration I was

expecting a Slowdown but I definitely

wasn't expecting this much of a Slowdown

I would expect for August numbers which

will come out in September we'll notice

a little bit of a spike up and then most

likely a small Spike up in September and

then we'll start to see a decrease once

again going into the winter seasons

which is very common now over 4,000

homes left over at the end of the month

it's kind of exciting to be honest with

you um 4,000 homes is is a great number

to be at right it's still a sellers

Market Market but it's a little bit more

balanced there's a lot more options for

buyers out there obviously for you

Sellers and you investors who want to

make a million dollars on your listing

fair but you just need to make sure that

you're pricing your product correctly

okay the last time we actually saw 4,000

homes left over at the end of the month

was just chart here this is September

2022 I actually would have recorded this

video in October of 2022 so look at this

gnarly chart see we we had a price

increase dramatically January February

March April May we saw a massive Spike

we went from 400 80,000 for total

residential up to 540,000 and then we

saw the increase in interest rates which

slow down the market quite rapidly you

can see the SES slowed in the inventory

did fall ever so slightly but the

pricing did f um drop as well you can

see from March 2022 to September 2022 we

had over 4,000 homes left over at the

end of the month October November

December every month from then until now

we've had under 400,000 for 4,000 if I

saying 400,000 4,000 left over Homes at

the end of the month I'm so sorry if I

said 400,000 earlier um either way

regardless um crazy crazy stuff

especially when you go back to this

chart and you see just at our price

points right we were at 560 last year we

shot right up to 605 and now we're

probably going to stay there for a

little bit right I don't think we're

going to see any spikes going up down

left or right too dramatically as a

total residential Benchmark price might

have hit the ceiling a little bit here

is it going to last very long let's wait

and find out so let's start to look at

the sales here okay let's start to look

at the year-to DAT sales for Calgary so

this is all product types morphed into

one chart you can you can see that the

uh Red Bar this 10-year average we're

actually right on that average for uh

sorry new listings wow I'm really

hiccuping today um this is new listings

right we want to see more new listings

come to the market we want to see um a

little bit more of a balanced Condition

it's favorable for everyone we don't

need extreme sellers market right so

compared to last year we are up in that

new listing category okay we're not at

the 2021 2022 highs which is

understandable but we are relatively

close so when we start to look at the

total sales now which I was I should

have said not said a bit ago you can see

that we are actually still above 2021

and 2023 so sales activity year to date

is fairly healthy we're seeing a lot of

activity in the calary market now

obviously there was a lot of sales in uh

you know April May June of 2024 which

really pushed that that number but even

with these July slower stats we're still

above those two years 20121 and 2023 now

when you start to break it down this is

actually quite fascinating I actually

really like this and I don't really

touch on it too much but you can just

see this red bar here right so the 700

to a million price point and I'm going

to dive into this in a little bit more

detail in future slides but look at this

the year-to DAT sales the 700 to a

million has seen the most activity when

you break it down and you start to go to

the 7even to eight the N the 7 to eight

eight to N9 a 9 to a million obviously

you're going to be quite low but

compared to years past you can see that

it's actually quite high you can see

that the

300,000 price range has seen the most

activity closely followed by the 6 to to

$700,000 price range right a lot of

things have seen decent activity but

when you start to look at 2022 and 2023

um the green and the yellow bar it

paints a pretty cool picture about how

much the pricing has shifted right you

look at the blue and green bar and the

300 and 400,000 and then you look at it

this year for this 2024 it has dropped

dramatically right there's just not

enough affordable homes on the market to

keep up with those sales numbers so this

is where I'm trying to break down that

72 a m okay so this is total sales by

price range obviously you see this bark

here and you say okay well there's a lot

of activity in the 700 to a m I'm

probably going to start doing this every

month because it is kind of frustrating

right when you start to break it down

you see the 7 to 800,000 average or

sorry estimated from today at 230 on the

1st it had 249 sales okay that's an

estimation from me pulling it off the

MLS 800 to 900 174 and 9 to a mil only

100 right so if you actually broke those

down you can see that the month of July

again favored the $300 ,000 price range

so if you're in that $300,000 price

range both a buyer seller and investor

it's probably going to be a lot of

activity right so you see these reports

you say oh the Market's slowing down

yeah it is but when you start to look at

stuff like this the $300,000 price range

had the most activity pretty closely

followed by the $600,000 price range

which had almost 400 sales in one month

right so really start to make sure that

you're breaking down these reports for

your benefit and at least getting a gine

understanding of what you're getting

into if you're getting into the market

so this is sales by property type we're

not going to spend a lot of time here

it's just kind of cool to see right you

can see that City Center Apartments are

the most active in the entire city for

the month of July this is very common

there's a lot of apartments in City

Center followed by 233 sales for detach

homes in South Calgary and then 174

sales by detach homes in southeast

Calgary again figuring out where that

demand is and trying to figure out what

that local market is doing and how

that's going to benefit or affect you

right if you're a seller in uh the

apartment sector in downtown Calgary

yeah you want to make sure that you're

probably pricing it correctly because

yes there is a lot of sales there but

there's a lot of um inventory in that

quadrant as well the detached in sou

Southeast you might be able to get away

with a little bit more of an aggressive

strategy just depending on what it is

you're trying to accomplish but I'll

rest my case so sales uh sorry share of

city-wide sales in July so this is just

a percentage it's similar understanding

of what's going on but just breaking

down the property types pause the video

here if you want to look at this it's

kind of neat but I'm not going to touch

on it now total inventory by Price r now

this is actually so fascinating to me so

this is an

estimated stat from 230 on August 1st

2024 okay so again I'm breaking down

that 700 to a million you can see that

this bar obviously shows the highest

amount of inventory but let's actually

break that down 700 to 800,000 it had

400 homes left over at the end of the

month I'm not including the pendings I'm

only including what's active right now

and I just pulled this on the Ms and

there was 400 homes exactly so if you

look at that that means that the 400 the

500 and the 600 actually has more

inventory currently than the 700,000 you

look at the 800 to 900 you have 313 you

go to a million to one sorry 900 to a

million you have 169 right so when you

actually break these numbers down in

more detail it actually paints a clearer

picture than just looking at that but

when you actually put the 700 and a

million plus together you can see that

it's around 1,500 homes which is about

36 is% of inventory so quite a big chunk

of that inventory which is fairly common

is going to be in that higher-end market

so if you're in that higher end Market

you could probably play that to your

advantage a little bit right you could

if you're a buyer or an investor you can

maybe look at some of the numbers see

how many homes are available on the

market and utilize that in your

negotiations if you're a seller in that

market you just want to make sure that

you're looking at the local stats in

your area and not putting your home up

too expensive and not having ad

justification behind it the million

dooll PR product there's a lot of

different features and benefits with

those homes but you have to paint that

picture a lot of the times people will

just look at the market see the year

built the square footage and the amount

of bedrooms and then they'll make an

assumption if you're more expensive or

less expensive than neighbors obviously

when you get into that unique luxury

product you have to have good marketing

to paint that picture but that's not

here no there so this information is uh

this similar information just in a

numerical value and I really wanted to

compare it from July of last year I had

a comment about someone saying why don't

you compare to other months so here you

go Mr commenter um July of last year

okay we saw 2600 sales this year we saw

2,300 sales fairly similar last year we

had 3200 new listings but this year we

had 36 right so we actually have a

little bit more listings comeing to the

market which is slightly surprising to

me to be honest with you CU I thought

that a lot of the people that had to

sell will or did sell but it is good to

see more people come to the market to

hopefully balance out these conditions

right the inventory 3500 compared to

this year 600 more homes left over at

the end of the market again 30 6% of

that could be in that luxury product so

we just got to remember that you look at

the days on Market okay we're actually

like right on par it was 23 days last

year it's 24 days this year you look at

the Benchmark price obviously there's a

massive difference you got 5,600 sorry 5

563,000 can't talk versus our 66,000

this year there a huge huge gain in The

Benchmark price like you got to add

those attributes which I actually didn't

touch on this video but I'll get into

that next video uh our benchmark price

obviously is different in our average

price but when we start to look at the

median and average price compared to the

months prior especially the Benchmark

Price look at the last 2 months right

did we hit the ceiling it was 605 in May

it was 608 in June and now we're back to

606 it kind of seems like we've hit a

small ceiling here for now um we've

really only plus minused like $2 to

$3,000 in the last 3 months when you

look at the medium price or you get the

the most expensive sale and the cheapest

sale and it's the exact middle you can

see that we've actually actually uh are

relatively close to April May right we

have 563,000 which is very very close to

April and May numbers you look at the

average price obviously hopefully you

know how to find averages it is also

down all the way back to April right 606

we've dropped pretty dramatically from

the average price of June so a lot more

of those lower-end sales are occurring

and a lot more of those luxury sales are

sitting in the inventory which is

pulling up that desar market which is

pulling up that um the inventory level

for total residential so we just want to

make sure that we're kind of breaking

this down a little bit so don't hesitate

to reach out and ask cuz I'm kind of

busting through this real quick I don't

really know if I like this wide angle uh

shot here so please comment below let me

know if you like this I actually

recently redid my uh background here so

I wanted to Showcase off that a little

bit so let's kind of dive into this now

this is a little bit of a newer one um

because I never really put numbers here

before but this is the individual

quadrants in Calgary now the individual

quadrants are kind annoying here because

we have northwest southeast Southwest

and Northeast as our street

abbreviations which is basically just a

straight line down the middle but when

you look at the real estate market

there's actually West Northwest uh North

South there's no Southwest in Calgary so

when you're starting to break it down

into the quadrants it's important to

realize that just because the street

abbreviation says Southwest it could

actually be in City Center or it could

be in south or it could be in West right

so you can see that I've actually put

some numerical values here right you can

see that Northeast and East have

actually increased the total residential

Benchmark price for those quadrants has

increased as well as self where

everything else has seen a decrease kind

of surprised to see Southeast take a

decrease and South increase just must

mean that there's a lot more activity in

South than Southeast in a sense a lot

more um kind of people driving there and

whatnot but it is fascinating to see

like look at West they saw $6,700 total

residential decrease in the last month

you have City Center 15 Northwest 28

North 1200 so when you start to put all

the total residential price points

together this is what you get but again

you want to break it down into Community

product type and especially price point

because every price point is going to be

a little different now let's look at the

uh monthly statistics package for

Calgary and we're only going to look at

the year-to DAT stuff because this is

just what I'm more or less curious with

you can see that year-to date again

we're up in sales we're obviously going

to be up in sales volume almost 16%

because we saw a lot more expensive

activity uh happen home prices increased

new listings we are at up almost 20 just

about 2,300 again which is great to see

in my personal opinion we want more new

listings we want more of a balanced

Market inventory is down right so this

is a year-to DAT average the inventory

is down to about 3,000 homes months

Supply again year-to date average is

still down so you're comparing all of

the months of Supply before so if you

did the year-to DAT last year and a year

to date this year the month of Supply

looks like it's down but I don't really

like that stat we'll move on from that

one um sales and new listing ratio right

is down quite a bit right we're at 75%

compared to the last year about 78 now

we're still seeing 101% over list price

again this is an average throughout the

entire year this is not just that actual

sales and listing ratio which is like

today's but this is like the average of

everything that we've occurred in the

first 6 to S months days on Market we're

down to 22 days and then I'm not going

to touch on the price points because

again they're a little bit different

than what the actual month is and that's

more important to me so total

residential price point down

$1,300 and this is where I even get a

little bit confused because at the end

of the day if you look $1,300 decrease

for total residential but if you look at

detached you look at semi detached you

look at row which is down 400 and you

look at apartment everything is

basically up on average but when you

look at the total residential it's down

I've talked to Calgary real estate board

about this and they kind of they gave me

an answer and honestly it didn't really

make full sense I need to sit down with

someone and have an explanation because

it's it doesn't really make sense to me

and someone actually called this out on

a previous video about why that is and I

wish I had a proper answer for you

either way it's down it's down ever so

slightly I wouldn't call it a decrease

by any any stretch right $1,300 in real

estate is $0 when you're negotiating on

a property you're negotiating maybe

$5,000 or $10,000 decrease on an ass

price or whatever right $1,300 is just

natural market fluctuations it's not a

decrease it's just a stability it's

staying consistent at that price where

everything else is actually seeing um

that stability as well of of course you

see town houses Fall by $400 which is

surprising by the way because town

houses are very hot but everything is

basically at that stable price point and

again July typically slows down for the

month given Stampede a lot of people

take that two weeks off and just enjoy

like a lot of people come to Calgary for

Stampede and they kind of kick some

tires they look at properties but they

don't actually make a purchase so let's

keep that in mind for next month now if

you're curious about what the Calgary

real estate part is written about the

each individual product types go ahead

and pause the video this is a really

good write up just a high level overview

of what's going on in that apartment

sector but like mentioned before again

if you're looking at getting into the

market it is so important to dive into

the data and make sure that you make

sense of it if you're curious about what

your home is valued at I cannot thank

everyone enough for actually putting in

their home valuation here is very um I

wouldn't say it's humbling but it's very

comforting knowing that a lot of people

trust my opinion they value what um you

know I give so thank you so much if

you're curious it's an instant home

evaluation tool you can put your

property address in for any product type

Apartments town houses semi- detached or

detached even acreages right you can put

it then and then I can overlay that with

my own personal Insight if that's

something that's of interest to you if

you're just kicking tires so be it now

almost done this is a uh micro breakdown

so this is a breakdown of each

individual quadrant and each individual

property type I'm not going to dive into

this in too much detail because that's

what the four other videos I'm about to

um edit and upload over the next one

week some of the major highlights that

we're seeing West Calgary for the detach

saw a $10,000 decrease huge decrease but

you look at the month prior it had a

$119,000 increase this is just the way

that West Calgary works with Ultra

Luxury product and also affordable

product the number does jump a lot we

are seeing more red on this though you

can see 1 2 3 4 5 6 7 8 nine separate

quadrants have seen slight decreases

right you even see tow houses in North

Calgary for whatever reason saw $4,600

decrease which is fairly surprising to

me I wasn't expecting to see that one

for sure but again watch those

individual uh product videos if you are

curious now this chart's really cool I'm

going to start touching on this a little

bit more look at the downwards Trend

that we're on right now so it's the

Benchmark year-over-year price change

you can see that we're are we're on a

downturn right so that percentage is

getting smaller and smaller we kind of

capped out around 10% but now we're kind

of hovering around that 7 to 6%

year-over-year so we are seeing price

increases still but we're just not as

aggressive as what we were like look at

2022 we were at almost 18 17 18% in mid

2021 we were at 12% we have been

year-over-year price increases every

single month since late 2020 in early

March 2023 we dipped right down to like

2% year-over-year but then we shot right

back up to 10% at the end of 2023 so so

this is something that we're going to

keep an eye out on now this chart's also

very interesting right so you see the

roller coaster that we're on uh look at

2021 it went up it stabilized it went up

in 2022 it decreased with the um

interest rates that we saw 2023 it went

up it stabilized right 2024 it went up

even higher and are we starting to

stabilize are we going to continue to

see price

increases probably I would put some

money on it that Calgary is still going

to see some price increases over the

next 12 months we do not need to freak

out we do not need to lose our shirts

and go and run to the market because now

we're starting to see a slow down that's

exactly how the negative uh Trend will

start this news Outlet in the media are

probably going to scream from the

rooftops that Calgary real estate has

slowed down and you're probably going to

notice even more inventory come on the

market cuz now people are like oh shoot

I should sell while the Market's still

high well maybe not let's have some

patience let's look a month or two down

the road and let's see just how the

market responds to this news I want to

end the video with this key economic

indicators okay this is from the Q2

report I didn't make a video on it it's

just it's old data I I don't really like

it too much but I will touch on it here

and there population in Calgary sorry in

Alberta for Q2 2024 was almost 4.9

million over 4.1 sorry 4.4% from last

year uh they they removed the numbers

cuz I think a lot of people were a

little peeved with this but um

interprovincial migration 44% came from

Ontario and 28% came from BC they used

to give the exact numbers here but they

probably got a little bit of uh trouble

for that maybe I don't know um

interprovincial migration was 12,000 at

only 10% uh increase from last year and

then the international was 33,000 that

came to Alberta which was up again

another almost 5% from last year so

we're seeing a lot of people move here

that is a simple supply and demand

econom IC thing that we need to consider

yes we're seeing a slow down in price

point right now yes we're seeing a

little bit more inventory but all of

these people moving here are probably

going to want to buy a house at some

point or another until we see a mass

Exodus which has happened in Alberta

before I don't think we're going to see

any dramatic price decreases in this

market now I could be wrong but I don't

see it happening so thank you very much

that was a long video thank you very

much I really appreciate everyone who

stuck it through this entire thing it's

a very long video I really don't like

recording them this long but there was a

lot to cover on this one so if you like

what you see go ahead and reach out

thank you very much for everyone who

comments and likes the video we'll see

you on the next one peace