Calgary Housing Market July 2024: Sales Dip & Inventory Rises
Summary
TLDRThe 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
📉 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.
🏘️ 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.
📊 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.
📈 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.
🌐 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.
Mindmap
Keywords
💡Interest Rate
💡Calgary Real Estate Market
💡Inventory
💡Months Supply
💡Seller's Market
💡Price Point
💡Market Slowdown
💡Benchmark Price
💡New Listings
💡Days on Market (DOM)
💡Market Fluctuations
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
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