CALGARY REGIONAL HOUSING MARKET STATISTICS 3.12 SINGLE FAMILY LEADS CALGARY HOUSING GROWTH New listings at a good price generating a lot of activity Calgary, April 2, 212 City of Calgary residential sales continued to rise in March 212, reaching 2,167 units, an increase of 12.6 per cent over last March. CALGARY SALES PRICE TO LIST PRICE The rise in activity is related to the continued improvement of our economy and consumer confidence, as some concerns regarding the global economy have eased, says AnnMarie Lurie, CREB chief economist. After the first quarter of 212, sales are up by 7.3 per cent over the same time last year. While the increase is significant, when compared to historic activity, residential sales continue to remain below the longterm trend. Monthly new listings remain slightly lower than last year, whereas yeartodate figures show 7.2 per cent fewer listings have come onto the market in the first quarter of this year. While the number of listings for the first quarter of 212 remains low compared to last year, the level of decline has lessened, says Bob Jablonski, president of CREB ; therefore pointing to the fact that those people who have been on the fence are starting to list their homes, and this trend is expected to continue. INDEX VALUE COMPARISON The yearoveryear decline in new listings, combined with improving sales, has pushed down inventory levels to 5,92 units from 5,866 last year, as well as months of supply. However, as Jablonski notes, it is not uncommon for the months of supply to decline in March as we transition from the winter season to the spring season. Recently, the tightening supply has brought about much discussion of multiple offers on houses. It is important to note that multiple offers can happen during any market with a wellpriced listing or a unique property, says Jablonski. New listings coming onto the market at a good price are generating a lot of activity, but yearoveryear index price growth for the typical home in Calgary in March was 2.9 per cent, which is considered a normal range. Also, the salesprice to listprice ratio does not reflect levels recorded during the peak of the market, when there were supply shortages, Jablonski adds. Single family homes continue to record strong activity, with sales increasing by 1.3 per cent at the end of the first quarter. Meanwhile, quarter totals for listings of singlefamily homes remain 8.3 per cent lower, resulting in a tightening of supply. The benchmark price reached $433,5, while the MLS Home Price Index points towards a price growth of 3.6 per cent compared to last year. The apartment condominium market continues to exhibit lower sales, with 782 sales recorded in the first quarter of 212, a decline of 2.1 per cent compared to last year. However, March sales activity did post a 7.2 per cent gain over last year and is closer in line with typical March sales in this sector. New listings recorded a yearoveryear improvement of 9.1 per cent for the month of March, but still remain 2.3 per cent lower than last year at the end of the first quarter. Despite the monthly rise in new listings, inventories continue to decline. Overall market conditions continue to favour the buyer. The condominium apartment and townhouse benchmark price for the month of March was $247,8 and $293,6, respectively. While the apartment index price has remained relatively stable compared to last year, the condominium townhouse index recorded a modest improvement of 1.96 per cent over last year. The single family market continues to lead the housing growth in both sales activity and pricing, and the condominium market appears to have turned the corner as well, Jablonski concludes. Overall, the Calgary real estate market continues to move in the right direction, with all indicators pointing towards stable growth and a move towards typical levels of activity. CREB Calgary Regional Housing Market Statistics Page 1
CREB SUMMARY STATISTICS For a list of definitions, see page 2. Page 2
CREB SUMMARY STATISTICS CITY OF CALGARY Page 3
MLS HPI SUMMARY Page 4
COMPARISONS Benchmark Price March 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 March Sales Distribution March 12. 12 1. 8. 1 8 2.81% 14.29% 16.43% 1.55% 1.84% 6.56% 1.94% 6. 6 4. 4 72.34% 72.73% 82.49% 2. 2 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 22 6 21 2 5 4 3 19 2 18 1 17 16 15 1 2 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
CITY OF CALGARY TOTAL CALGARY YTD SALES BY PRICE RANGE 3 YTDMARCH 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
CITY OF CALGARY CALGARY YTD TOTAL SALES CALGARY YTD TOTAL NEW LISTINGS 9, YTDMARCH 16, YTDMARCH 8, 14, 7, 6, 5, 4, 3, 2, 12, 1, 8, 6, 4, 2, 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 CALGARY MONTHS OF INVENTORY 12, 1, 8, 6, 3,5 3, 2,5 2, 1,5 9 8 7 6 5 4 5 4 3 2 1 4, 2, 5 3 2 1 1 2 Inventory Sales Months of Supply 3 month MA Index Composite Y/Y% Change CALGARY PRICE CHANGE COMPARISON CALGARY PRICES 42, 4, 38, 36, 34, 32, 3, 5 4 3 2 1 1 2 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
CITY OF CALGARY SINGLE FAMILY CALGARY YTD SINGLE FAMILY SALES BY PRICE RANGE 4 YTDMARCH 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
CITY OF CALGARY SINGLE FAMILY CALGARY YTD SINGLE FAMILY SALES CALGARY YTD SINGLE FAMILY NEW LISTINGS 6, YTDMARCH 1, YTDMARCH 9, 5, 8, 4, 7, 6, 3, 5, 4, 2, 3, 2, SF Sales 1 Year Average SF New Listings 1 Year Average CALGARY SINGLE FAMILY INVENTORY AND SALES CALGARY SINGLE FAMILY MONTHS OF INVENTORY 8, 2,5 9 4 7, 6, 5, 4, 3, 2, 1,5 8 7 6 5 4 3 3 2 1 2, 5 2 1 1 2 Inventory Sales SF Months of Supply 3 month MA SF Index Y/Y% Change CALGARY SINGLE FAMILY PRICE CHANGE COMPARISON CALGARY SINGLE FAMILY PRICES 46, 44, 42, 4, 38, 36, 34, 32, 3, 4 3 2 1 1 2 53, 51, 49, 47, 45, 43, 41, 39, 37, 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
CITY OF CALGARY CONDOMINIUM TOWNHOUSE CALGARY YTD TOWNHOUSE SALES BY PRICE RANGE 6 YTDMARCH 5 4 3 2 1 < $2, $2, $299,999 $3, $399,999 $4, $599,999 $6,+ YTD29 YTD21 YTD211 YTD212 CREB Calgary Regional Housing Market Statistics Page 1
CITY OF CALGARY CONDOMINIUM TOWNHOUSE CALGARY YTD TOWNHOUSE SALES CALGARY YTD TOWNHOUSE NEW LISTINGS 1,2 YTDMARCH 1,8 YTDMARCH 1,6 1,4 8 1,2 6 8 4 6 2 4 2 Townhouse Sales 1 Year Average Townhouse New Listings 1 Year Average CALGARY TOWNHOUSE INVENTORY AND SALES CALGARY TOWNHOUSE MONTHS OF INVENTORY 1,6 45 9 5 1,4 1,2 8 6 4 2 4 35 3 25 2 15 1 5 8 7 6 5 4 3 2 1 4 3 2 1 1 2 TH Inventory TH Sales TH Months of Supply 3 month MA TH Index Y/Y% Change CALGARY TOWNHOUSE PRICE CHANGE COMPARISON 34, 32, 3, 28, 26, 24, 22, 2, 5 4 3 2 1 1 2 CALGARY TOWNHOUSE PRICES 36, 34, 32, 3, 28, 26, 24, 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
CITY OF CALGARY CONDOMINIUM APARTMENTS CALGARY YTD APARTMENT SALES BY PRICE RANGE 7 YTDMARCH 6 5 4 3 2 1 < $2, $2, $299,999 $3, $399,999 $4, $599,999 $6,+ YTD29 YTD21 YTD211 YTD212 CREB Calgary Regional Housing Market Statistics Page 12
CITY OF CALGARY CONDOMINIUM APARTMENTS CALGARY YTD APARTMENT SALES CALGARY YTD APARTMENT NEW LISTINGS 1,8 YTDMARCH 3, YTDMARCH 1,6 1,4 2,5 1,2 2, 8 1,5 6 4 2 5 Apartment Sales 1 Year Average Apartment New Listings 1 Year Average CALGARY APARTMENT INVENTORY AND SALES CALGARY APARTMENT MONTHS OF INVENTORY 2,5 7 1 6 2, 6 9 8 5 4 1,5 5 5 4 3 2 1 7 6 5 4 3 2 1 3 2 1 1 2 3 Apartment Inventory Apartment Sales Apartment Months of Supply 3 month MA Apartment Index Y/Y% Change CALGARY APARTMENT PRICE CHANGE COMPARISON CALGARY APARTMENT PRICES 32, 3, 28, 26, 24, 22, 2, 6 5 4 3 2 1 1 2 3 34, 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
CREB TOWNS CREB TOWNS YTD SALES BY PRICE RANGE 3 YTDMARCH 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
CREB TOWNS CREB TOWNS YTD TOTAL SALES #REF! 1,6 YTDMARCH CREB TOWNS YTD TOTAL NEW LISTINGS #REF! 3,5 YTDMARCH 1,4 3, 1,2 8 6 4 2,5 2, 1,5 2 5 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 7 18 5 3, 2,5 6 5 16 14 12 4 3 2, 4 1 2 1,5 3 8 1 5 2 1 6 4 2 1 2 Inventory Sales Months of Supply 3 month MA Index Composite Y/Y% Change CREB TOWNS PRICE CHANGE COMPARISON 37, 36, 35, 34, 33, 32, 31, 3, 29, 28, 5 4 3 2 1 1 2 3 CREB TOWNS PRICES 43, 41, 39, 37, 35, 33, 31, 29, 27, 25, Average Price Y/Y% Change Index Y/Y% Change Benchmark Price Average Price Benchmark Price CREB Calgary Regional Housing Market Statistics Page 15
CREB COUNTRY RESIDENTIAL CRES YTD SALES BY PRICE RANGE 25% YTD MARCH 2 15% 1 5% < $5, $5, $599,999 $6, $7, $699,999 $799,999 $8, $999,999 $, $1,5,+ $1,499,999 YTD29 YTD21 YTD211 YTD212 CREB Calgary Regional Housing Market Statistics Page 16
CREB COUNTRY RESIDENTIAL CRES YTD TOTAL SALES YTDMARCH CRES YTD TOTAL NEW LISTINGS YTDMARCH 3 8 25 7 6 2 5 15 4 1 3 2 5 1 CRES Sales 1 Year Average CRES New Listings 1 Year Average CRES INVENTORY AND SALES CRES MONTHS OF INVENTORY 1,4 1 4 13 1,2 8 6 4 2 9 8 7 6 5 4 3 2 1 35 3 25 2 15 1 5 11 9 7 5 3 1 1 3 Inventory Sales Months of Supply 3 month MA Average Price Y/Y% Change 3 month MA CRES YEAR OVER YEAR PRICE CHANGES 8 6 4 2 2 4 CRES PRICES 1,2, 1,1,, 9, 8, 7, 6, 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
CREB TOTAL RESIDENTIAL CREB RESIDENTIAL YTD SALES BY PRICE RANGE 3 YTDMARCH 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
CREB TOTAL RESIDENTIAL CREB RESIDENTIAL YTD TOTAL SALES 12, 1, YTDMARCH CREB RESIDENTIAL YTD TOTAL NEW LISTINGS 2, 18, 16, YTDMARCH 8, 14, 12, 6, 1, 4, 8, 6, 2, 4, 2, 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 16, 4,5 12 5 14, 12, 1, 8, 6, 4, 2, 4, 3,5 3, 2,5 2, 1,5 5 1 8 6 4 2 4 3 2 1 1 2 Inventory Sales Months of Supply 3 month MA Index Composite Y/Y% Change CREB RESIDENTIAL PRICE CHANGE COMPARISON 42, 4, 38, 36, 34, 32, 3, 5 4 3 2 1 1 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
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 www.creb.com. 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