Attached Living Feature

Downturn creates options for buyers

A5

AIRDRIE TO ADD

New community of South Point to go ahead

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A3 & A12

Jessica Chan

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www.jessicachan.ca

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FREE feb 5 to feb 11 2016 issue 06-04 editorial 403-781-1324 advertising 403-263-4940 crebnow@creb.ca

TIMING THE

MARKET

CODY STUART, Managing Editor

Housing stats indicate some buyers still sitting on the sidelines

JAMIE ZACHARY manager, creb® media services Calgary?s resale residential housing market picked up where it left off in 2015, with buyers? conditions prevailing through every major category last month, according to CREB®. Yet with many homebuyers still sitting on the fence, local housing officials caution that historically it?s been difficult to find a utopian moment to enter the market. ?Buyers, especially first-time buyers and investors, will do their best to time the bottom, but I think that will be really difficult,? said CREB® president Cliff Stevenson, noting that few were able to do so during the last recession in 2008/09 when the upturn happened quickly. ?I think this year it will be a guessing game as to when will be the best time to get into the market.? Sales in January declined year-overyear by 13 per cent to 763 units, and 43 per cent below the long-term average, according to CREB®?s monthly regional housing market summary. While listings also declined ? in this case to 2,741 units, a 16 per cent decrease compared to January 2015 ? it was not enough to mitigate falling sales, leading to inventory gains and, ultimately price contractions. The aggregate benchmark price of $447,300 in January was 1.21 per cent lower than the previous month and 3.27 per cent below the January 2015 price of $462,400. ?As expected, the imbalance between housing supply and demand

CITY OF CALGARYMLS

® TOTAL SALES* JAN ?14 ? JAN ?16 1439 1850 2481 2539 2945 2664 2328 2263 2146 2145

JAN14 FEB14 MAR14 APR14 MAY14 JUN14 JUL14 AUG14 SEP14 OCT14 NOV14 DEC14 JAN15 FEB15 MAR15 APR15 MAY15 JUN15 JUL15 AUG15 SEP15 OCT15 NOV15 DEC15 JAN16

*All statistics based on monthly data compiled by CREB ® via MLS ® activity. Includes detached, attached and apartment. 1779 1082 880 1217 1782 1957 2190 2184 1995

ALSO SEE

Community statistics

B15

1643 1448 1421 1263 879 763 is continuing to place downward pressure on prices,? said CREB® chief economist Ann-Marie Lurie, noting months of supply topped six in January. ?However, the recent price retraction has not erased all the gains recorded in recent years, as the benchmark price remains 4.41 per cent above the January 2014 price of $428,400.? Lurie attributed Calgary?s soft housing market conditions to continued job uncertainty triggered by weak global oil prices. ?The recent slide in energy prices has raised concerns about near-term recovery prospects for the city,? she said. ?Energy market uncertainty and a soft labour market are weighing on many aspects of our economy, including the housing sector.? While all property types recorded price contractions, the largest decline was in the apartment sector.

CALGARY HOUSING MARKET SHOWING SIGNS OF CONCERN: CMHC

CREB® STAFF

Calgary?s

housing market is showing moderate evidence of overvaluation and overbuilding, according to a recent report by Canada Mortgage and Housing Corp. (CMHC). In its latest housing market assessment for the first quarter, the national housing agency detected overvaluation in eight centres across Canada, with an addition four showing signs of overbuilding. RESIDENTIAL A3 CREB ® chief economist Ann-Marie Lurie said the imbalance between housing supply and demand is placing downward pressure on prices. The apartment benchmark price totaled $281,900 in January, a yearover-year decrease of 6.35 per cent and 2.12 per cent lower than the previous month?s price. Lurie noted apartment sector prices have once again fallen below the 2007 monthly high of $301,500. Slightly less than 130 apartments sold in Calgary last month, a 16 per cent drop from 153 during the same time last year. STATISTICS A3

CONTENTS

NEWS BRIEFS

................................A3

FIVE THINGS

...................................A4 Monthly statistics

RURAL

.............................................A5 Bragg Creek

WEEKLY FEED

................................A6

EVENT LISTING

..............................A6

MAP

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OPEN HOUSES

...............................B15

MLS

®

STATISTICS

............................B15 January 2016 @crebnow /crebnow crebnow.com

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