CALGARY REGIONAL HOUSING MARKET STATISTICS CALGARY MAY SALES COMPARISON CALGARY SINGLE FAMILY ABSORPTION

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1 CALGARY REGIONAL HOUSING MARKET STATISTICS 5.12 ACTIVE SPRING MARKET IN THE CALGARY REGION Low supply in the singlefamily market boosting activity across all sectors Calgary, June 1, 212 May 212 residential sales in the City of Calgary increased by 31.8 per cent over last year, to 2,385, making it the highest May activity since the recession. CALGARY MAY SALES COMPARISON In the past month, easing concerns regarding Calgary s long term economic prospects combined with continued fulltime job growth and low interest rates, has contributed to the rise in housing demand, pushing sales to levels more consistent with long term trends, says AnnMarie Lurie, CREB s chief economist. However, we are not out of the woods in terms or economic risks, as recent indicators point towards weak growth in the U.S. economy and increased uncertainty in global markets. Demand growth continues to outpace supply in the singlefamily market. Monthly sales reached 1,71 units in May, resulting in yeartodate sales 19.1 per cent higher than the same period last year. While new listings recorded a yearoveryear increase of 6.7 per cent, this did little to alleviate the supply constraint in the singlefamily market. Inventories totaled 3,842 in May, keeping months of supply in seller territory, with less than 2.5 months of supply. CALGARY SINGLE FAMILY ABSORPTION With less supply in the singlefamily market, buyers are making their decisions quicker, says Becky Walters, CREB s presidentelect. As a result, we ve seen a reduction in the amount of time homes stay on the market, and sellers are getting figures closer to their list price. The singlefamily benchmark price for the month of May 212 was $427,5, a 6.7percent increase over the previous year. Prices were expected to record modest gains this year and, while the increase is higher than expected, the singlefamily benchmark price remains 5.3percent below the peak price of $451,4, reached in July 27. Buyers are also turning to surrounding areas and the condominium markets, both of which have adequate supply levels and price growth that remain below singlefamily levels, Walters says. After the first five months of the year, condominiumapartment sales totaled 1,518, an 8.7percent increase over the same period last year. New listings for the month rose by 5.4 per cent compared to last year, but on a yeartodate basis, they remain at comparable levels. As the number of sales outpaced new listings, total inventory levels of apartment condominiums have retracted by 3 per cent over May 211, and with three months of supply, firmly moved into balanced territory. The condominiumapartment market recorded a modest improvement in pricing, with a benchmark price of $245,4 in May 212, a yearoveryear price gain of one per cent. Meanwhile, condominiumtownhome benchmark prices appreciated by 3 per cent over last year for a monthly price of $277,. While there have been some conflicting opinions on the national housing market, particularly with price expectations, the Calgary housing market does not appear to reflect either a boom or a bust scenario, and is simply returning to activity levels consistent with a normal market, says Lurie. The current low supply in the singlefamily market has pushed up pricing slightly higher than anticipated. However, sufficient supply in the remaining housing industry combined with economic uncertainty will likely prevent a repeat of the price jumps recorded in the notsodistant past. CREB Calgary Regional Housing Market Statistics Page 1

2 CREB SUMMARY STATISTICS For a list of definitions, see page 2. Page 2

3 CREB SUMMARY STATISTICS CITY OF CALGARY Page 3

4 MLS HPI SUMMARY Page 4

5 COMPARISONS Benchmark Price May 5, 45, 4, 35, 3, 25, 2, 15, 1, 5, 1 storey 2 Storey Total SF Townhouse Apartment Total Composite CREB Total Residential CREB City of Calgary CREB Towns Months of Supply May Sales Distribution May % 14.23% 16.18% 11.31% 12.12% 8.45% 9.86% % % Months of Supply SF Months of Supply Townhouse Months of Supply Apartment CREB Total Residential CREB City of Calgary CREB Towns CREB Total Residential CREB City of Calgary CREB Towns Single Family Townhouse Apartment CRES CALGARY INDEX VALUE CALGARY YEAR OVER YEAR PRICE CHANGES Index Value Single Family Index Value Apartment Index Value Tonwhouse SF Y/Y Index Price Change Townhouse Y/Y Price Change Apartment Y/Y iindex Price Change Page 5

6 CITY OF CALGARY TOTAL CALGARY YTD SALES BY PRICE RANGE 3 YTDMAY 25% 2 15% 1 5% < $2, $3, $35, $45, $55, $2, $299,999 $349,999 $449,999 $549,999 $699,999 $7, + YTD29 YTD21 YTD211 YTD212 CREB Calgary Regional Housing Market Statistics Page 6

7 CITY OF CALGARY CALGARY YTD TOTAL SALES CALGARY YTD TOTAL NEW LISTINGS 16, YTDMAY 25, YTDMAY 14, 12, 2, 1, 15, 8, 6, 1, 4, 2, 5, SF Sales TH Sales Apartment Sales 1 Year Average SF New Listings TH New Listings Apartment New Listings 1 Year Average CALGARY INVENTORY AND SALES 7, 6, 5, 4, 45, 4, 35, 3, 25, CALGARY MONTHS OF INVENTORY , 2, 1, 2, 15, 1, 5, BALANCED Inventory Sales Benchmark Price Months of Supply 3 month MA CALGARY PRICE CHANGE COMPARISON 44, 42, 4, 38, 36, 34, 32, 3, 3 25% 2 15% 1 5% 5% 1 15% 2 CALGARY PRICES 46, 44, 42, 4, 38, 36, 34, 32, Average Price Y/Y% Change Index Y/Y% Change Benchmark Price Average Price Benchmark Price CREB Calgary Regional Housing Market Statistics Page 7

8 CITY OF CALGARY SINGLE FAMILY CALGARY YTD SINGLE FAMILY SALES BY PRICE RANGE 4 YTDMAY 35% 3 25% 2 15% 1 5% < $3, $3, $349,999 $35, $449,999 $45, $549,999 $55, $699,999 $7, + YTD29 YTD21 YTD211 YTD212 CREB Calgary Regional Housing Market Statistics Page 8

9 CITY OF CALGARY SINGLE FAMILY CALGARY YTD SINGLE FAMILY SALES CALGARY YTD SINGLE FAMILY NEW LISTINGS 12, YTDMAY 18, YTDMAY 16, 1, 14, 8, 12, 6, 1, 8, 4, 6, 2, 4, 2, SF Sales 1 Year Average SF New Listings 1 Year Average CALGARY SINGLE FAMILY INVENTORY AND SALES CALGARY SINGLE FAMILY MONTHS OF INVENTORY 5, 45, 9 4,5 4, 8 4, 35, 7 3,5 3, 2,5 2, 1,5 1, 3, 25, 2, 15, 1, BALANCED 5 5, 1 SF Inventory SF Sales SF Benchmark Price SF Months of Supply 3 month MA CALGARY SINGLE FAMILY PRICE CHANGE COMPARISON CALGARY SINGLE FAMILY PRICES 46, 3 53, 44, 25% 51, 42, 2 49, 4, 38, 36, 34, 15% 1 5% 5% 47, 45, 43, 41, 39, 32, 1 37, 3, 15% 35, SF Average Price Y/Y% Change Index Y/Y% Change SF Benchmark Price SF Average Price SF Benchmark Price CREB Calgary Regional Housing Market Statistics Page 9

10 CITY OF CALGARY CONDOMINIUM TOWNHOUSE CALGARY YTD TOWNHOUSE SALES BY PRICE RANGE 6 YTDMAY < $2, $2, $299,999 $3, $399,999 $4, $599,999 $6,+ YTD29 YTD21 YTD211 YTD212 CREB Calgary Regional Housing Market Statistics Page 1

11 CITY OF CALGARY CONDOMINIUM TOWNHOUSE CALGARY YTD TOWNHOUSE SALES CALGARY YTD TOWNHOUSE NEW LISTINGS 2, YTDMAY 3 YTDMAY 1,8 1,6 25 1,4 1,2 2 1, Townhouse Sales 1 Year Average Townhouse New Listings 1 Year Average CALGARY TOWNHOUSE INVENTORY AND SALES CALGARY TOWNHOUSE MONTHS OF INVENTORY 9 3, , , , 1, BALANCED 2 1 5, 2 1 TH Inventory TH Sales TH Benchmark Price TH Months of Supply 3 month MA CALGARY TOWNHOUSE PRICE CHANGE COMPARISON CALGARY TOWNHOUSE PRICES 34, 4 36, 32, 3 34, 3, 2 32, 28, 26, 24, 1 3, 28, 26, 22, 1 24, 2, 2 22, TH Average Price Y/Y % Change Index Y/Y% Change TH Benchmark Price TH Average Price TH Benchmark Price CREB Calgary Regional Housing Market Statistics Page 11

12 CITY OF CALGARY CONDOMINIUM APARTMENTS CALGARY YTD APARTMENT SALES BY PRICE RANGE 7 YTDMAY < $2, $2, $299,999 $3, $399,999 $4, $599,999 $6,+ YTD29 YTD21 YTD211 YTD212 CREB Calgary Regional Housing Market Statistics Page 12

13 CITY OF CALGARY CONDOMINIUM APARTMENTS CALGARY YTD APARTMENT SALES CALGARY YTD APARTMENT NEW LISTINGS 3, YTDMAY 5, YTDMAY 4,5 2,5 4, 2, 3,5 3, 1,5 2,5 2, 1, 1,5 5 1, 5 Apartment Sales 1 Year Average Apartment New Listings 1 Year Average CALGARY APARTMENT INVENTORY AND SALES CALGARY APARTMENT MONTHS OF INVENTORY 1,4 3, 1 1,2 25, 9 8 1, 8 2, 15, , 4 3 BALANCED 2 5, 2 1 Apartment Inventory Apartment Sales Apartment Benchmark Price Apartment Months of Supply 3 month MA CALGARY APARTMENT PRICE CHANGE COMPARISON CALGARY APARTMENT PRICES 32, 3, 28, 26, 24, 22, 2, Apartment Average Price Y/Y% Change Apartment Benchmark Price Index Y/Y% Change Apartment Average Price Apartment Benchmark Price CREB Calgary Regional Housing Market Statistics Page 13

14 CREB TOWNS CREB TOWNS YTD SALES BY PRICE RANGE 3 YTDMAY 25% 2 15% 1 5% < $2, $3, $35, $45, $55, $7, $2, $299,999 $349,999 $449,999 $549,999 $699,999 + YTD29 YTD21 YTD211 YTD212 CREB Calgary Regional Housing Market Statistics Page 14

15 CREB TOWNS CREB TOWNS YTD TOTAL SALES 3, YTDMAY CREB TOWNS YTD TOTAL NEW LISTINGS 6, YTDMAY 2,5 5, 2, 4, 1,5 3, 1, 2, 5 1, SF Sales Apartment Sales TH Sales 1 Year Average SF New Listings Apartment New Listings TH New Listings 1 Year Average CREB TOWNS INVENTORY AND SALES CREB TOWNS MONTHS OF INVENTORY 3,5 35, 18 3, 2,5 3, 25, , 2, 1 1,5 1, 5 15, 1, 5, BALANCED Inventory Sales Benchmark Price Months of Supply 3 month MA CREB TOWNS PRICE CHANGE COMPARISON CREB TOWNS PRICES 37, 4 43, 36, 35, 34, 33, 32, 31, 3, 29, 28, , 39, 37, 35, 33, 31, 29, 27, 27, 3 25, Average Price Y/Y% Change Index Y/Y% Change Benchmark Price Average Price Benchmark Price CREB Calgary Regional Housing Market Statistics Page 15

16 CREB COUNTRY RESIDENTIAL CRES YTD SALES BY PRICE RANGE 3 YTD MAY 25% 2 15% 1 5% < $5, $5, $599,999 $6, $7, $699,999 $799,999 $8, $999,999 $1,, $1,5,+ $1,499,999 YTD29 YTD21 YTD211 YTD212 CREB Calgary Regional Housing Market Statistics Page 16

17 CREB COUNTRY RESIDENTIAL CRES YTD TOTAL SALES YTDMAY CRES YTD TOTAL NEW LISTINGS YTDMAY CRES Sales 1 Year Average CRES New Listings 1 Year Average CRES INVENTORY AND SALES CRES MONTHS OF INVENTORY 1, ,2 1, BALANCED Inventory Sales Median Price Months of Supply 3 month MA CRES YEAR OVER YEAR PRICE CHANGES CRES PRICES 8 1,2, 6 1,1, 4 1,, 9, 2 8, 7, 2 6, 4 5, Average Price Y/Y% Change Average Price Y/Y% Change 3 month MA Average Price Average Price 3 month MA CREB Calgary Regional Housing Market Statistics Page 17

18 CREB TOTAL RESIDENTIAL CREB RESIDENTIAL YTD SALES BY PRICE RANGE 3 YTDMAY 25% 2 15% 1 5% < $2, $3, $35, $45, $55, $7, $2, $299,999 $349,999 $449,999 $549,999 $699,999 + YTD29 YTD21 YTD211 YTD212 CREB Calgary Regional Housing Market Statistics Page 18

19 CREB TOTAL RESIDENTIAL CREB RESIDENTIAL YTD TOTAL SALES 18, YTDMAY CREB RESIDENTIAL YTD TOTAL NEW LISTINGS 35, YTDMAY 16, 3, 14, 12, 1, 25, 2, 8, 15, 6, 4, 2, 1, 5, SF Sales Apartment Sales TH Sales CRES 1 Year Average SF New Listings Apartment New Listings TH New Listings CRES New Listings 1 Year Average CREB RESIDENTIAL INVENTORY AND SALES CREB RESIDENTIAL MONTHS OF INVENTORY 12, 4, 12 1, 35, 1 8, 3, 25, 8 6, 2, 6 4, 15, 4 BALANCED 2, 1, 5, 2 Inventory Sales Benchmark Price CREB RESIDENTIAL PRICE CHANGE COMPARISON 44, 42, 4, 38, 36, 34, 32, 3, 3 25% 2 15% 1 5% 5% 1 15% 2 CREB RESIDENTIAL PRICES 48, 46, 44, 42, 4, 38, 36, 34, 32, 3, Average Price Y/Y Change Index Y/Y% Change Benchmark Price Average Price Benchmark Price CREB Calgary Regional Housing Market Statistics Page 19

20 DEFINITIONS SF Single Family TH Condominium Townhouse Months of Supply Active Listings (Inventory) / sales Composite includes single family, apartment and townhouse activity Average DOM Average Days on Market for Sold properties Sales $ / List $ sales price to list price ratio Active Listings Total listings on the market as of 4:3am on the first of day of the month LP List Price SP Sales Price CRES Country residential properties YTD Year to Date 3 month MA 3 month Moving Average Y/Y Year over Year New Listings include listings added for a particular month HOW THESE STATISTICS ARE CALCULATED In order to align our data with the MLS Home Price Index (HPI), we made several changes to the data that we report, as well as the monthly statistics. The new package provides more information and data exclusions provide a better residential picture. All the data provided through the monthly statistics package as of March 212, reflect these adjustments. Please note, historical PDF packages do not include the changes. A summary of these changes is available below: MONTHLY STATISTICS PACKAGE We now provide monthly statistics for: CREB Total Residential, CREB Towns, CREB Country Residential (CRES), City of Calgary, City of Calgary Single Family, City of Calgary Condominium Apartment, City of Calgary Condominium Townhouse. All categories exclude: vacant lots, time shares, parking stalls and mobile homes on leased land. CITY OF CALGARY Includes sales in Zones A, B, C, D only. Condominium Apartment includes all Condominium title properties that are classified by type as either a lowrise or highrise apartment. Condominium Townhouse include all Condominium titled properties that are not classified as an Apartment. Historical inventories have been adjusted to best reflect the adjustments made to the data. TOTAL MLS Changed to CREB Total Residential and excludes the following: Excludes: Rural Land, Country Recreational (CREC), The exclusions applied to the data results in roughly 4 5 less sales per year. Historical inventories have been revised to best reflect the adjustments made to the data, while Mobile Homes, Rural Land and CREC inventories could be pulled out of the total MLS inventory data. No adjustments could be made for Vacant Lots, Time Shares and Parking Stalls, indicating historic figures could be slightly overstated compared to current numbers. ABOUT CREB CREB is a professional body of more than 5,1 licensed brokers and registered associates, representing 245 member offices. CREB is dedicated to enhancing the value, integrity and expertise of its REALTOR members. Our REALTORS are committed to a high standard of professional conduct, ongoing education, and a strict Code of Ethics and standards of business practice. For Calgary Metro, CREB statistics include only Zone A, B, C and D for properties located in Calgary. Furthermore, all historical data has been adjusted to the most current information. Any use or reference to CREB data and statistics must acknowledge CREB as the source. The board does not generate statistics or analysis of any individual member or company s market share. All MLS active listings for Calgary and area may be found on the board s website at CREB is a registered trademark of the Calgary Real Estate Board Cooperative. The trademarks MLS and Multiple Listing Service 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. The trademarks REALTOR and REALTORS are controlled by CREA and identify real estate professionals who are members of CREA, and subsequently the Alberta Real Estate Association and CREB, used under licence. CREB Calgary Regional Housing Market Statistics Page 2