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Market Updates
Market Knowledge
AUGUST 2024 HOUSING MARKET UPDATE
Calgary housing market sees shifts Housing activity continues to move away from the extreme sellers’ market conditions experienced ...
CREB® delivers a market forecast twice annually—once at the beginning of the year (typically the second week in January) and again around the mid-point (July/August).
The forecast report provides a comprehensive look at key economic indicators that influence housing within CREB®’s region boundaries, from energy prices to employment and population trends, to name a few.
It also examines each market sector, explores housing by property type and clarifies how supply and demand is functioning at the district level.
Sotheby’s International Realty Canada's recently released 2016 Year-End Top-Tier Report for Canada's major metropolitan centres has been featured in major media across the country, including Business News Network (BNN), Globe & Mail, CBC News, Toronto Star, Montréal Gazette, Calgary Herald and Vancouver Sun. The release was spotlighted in over 100 print, TV and radio media outlets from coast to coast.
The report revealed significant shifts in the performance of key Canadian top-tier real estate markets in 2016. The country’s four major metropolitan centers reflected resilience in spite of major domestic and global changes, as local market fundamentals emerged as the dominant forces in reshaping market performance across the country.
“Toronto’s luxury real estate market shattered previous performance records for the second straight year and defied industry expectations,” says Brad Henderson, President and CEO of Sotheby’s International Realty Canada. “At the same time, in light of the unexpected and unrelenting changes that rippled across the housing industry in 2016, the top-tier real estate markets in Vancouver, Calgary and Montreal demonstrated tremendous resilience, and in many cases sheer defiance, to post healthy performance across the board.”
According to Henderson, local market factors such as inventory constraints or oversupply, regional economic performance, levels of local consumer confidence and domestic demand, prevailed in shaping the top-tier real estate market even as major changes in municipal, provincial and federal policy directly impacted the sector and the housing finance system in 2016. Similarly, global political and economic headwinds were tempered by regional trends and hyper-local real estate conditions.
Calgary Highlights:
Top-tier sales activity in Calgary over $1 million stabilized in 2016 compared to 2015. Motivated sellers were propelled into the market with lower price expectations and homes previously listed for extended periods of time were relisted at lower prices.
In total 542 properties (condominiums, attached and single family homes) sold over $1 million in 2016, representing a 19% year-over-year increase.
Annual sales volume increased incrementally across the $1 – 2 million and $2 – 4 million price categories by 16% and 47% respectively.
The sales of real estate over $4 million increased to four units in 2016, compared to one unit in 2015.
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
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