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Calgary's real estate sales on track for a year like no other – Calgary Herald

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Lack of listings may be holding back the total potential of the market

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November was a great month for home resales in Calgary, even if it wasn’t record-breaking month.

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The year has seen many records set so far, including an all-time sales mark for real estate set in April.

While November wasn’t another record-breaker, it was “still exceptionally strong,” says Ann-Marie Lurie, chief economist with the Calgary Real Estate Board, which released its November data earlier this month.

Calgary’s resale market saw 2,110 sales last month, up almost 49 per cent, year over year.

If anything was holding the market back from setting yet another record, it was the lack of inventory, which fell almost 22 per cent from the same month last year.

“The listings just aren’t keeping pace,” Lurie says, noting this helped drive the price of a home higher.

CREB figures show the benchmark price of a home grew by almost nine per cent, year over year, to $461,000.

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Single-family detached homes continued to drive demand with 1,246 sales, an increase of about 41 per cent over the same month in 2020. In turn, the benchmark price grew to $542,600 — a rise of 11 per cent, year over year.

Yet apartment and row both experienced larger year-over-year increases in sales with 58 and 68 per cent growth respectively. Lurie notes both sectors haven’t fully recovered in price from peaks set in 2014 before the energy downturn that lasted until the COVID-19 market began.

Apartment’s benchmark price only grew one per cent, year over year, to $251,700, while row — or townhomes — saw a six per cent rise to $299,100.

Lurie further notes apartment remains least affected by low inventory amid higher demand. Months of supply for apartment condos was more than four in November, the only segment not under three months.

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Calgary realtor Alex Briones says even though November did not set a record, it marked the ninth month of the year where the total value of transactions exceeded $1 billion.

“November saw the second-highest number of sales since 2005, but this is the first time in November that total sales exceeded $1 billion,” says the real estate agent with Royal LePage Benchmark in Calgary. “Usually November is a cool down month for real estate, but we have had a crazy year that we did not expect.”

Additionally, the market appears poised to break the sales record for one year. Set in 2005 with 26,600 sales, this high watermark could be surpassed by the end of 2021.

“We’re at about 25,900 now,” Lurie notes. “On a year to date basis, we’re at record levels, but we will see how December is.”

Typically one of the slowest months, December often sees fewer buyers and sellers because of the holiday season. Yet this year has shown that even the traditionally slow months — in early winter, summer and late fall — are bucking long-term trends, Briones says.

“The demand is still good. The challenge is supply,” he says. “The only reason it could slow down is there is not enough selection out there.”

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Canada’s Real Estate Bubble Is So Big Even The Mother of All Crashes Can’t Fix It – Better Dwelling

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Canada’s Real Estate Bubble Is So Big Even The Mother of All Crashes Can’t Fix It  Better Dwelling



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Lack of listings pushes Alberta real estate into a sellers' market – Calgary Herald

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High demand in Calgary and Edmonton, paired with continuing low supply, will likely drive prices higher in the year ahead, says Zoocasa

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Amid the success of the real estate market is a sore spot that could drive up prices more than expected, and that’s low inventory in the coming year, according to one national realty firm.

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While the pinch of low supply is most acute in larger centres like Toronto and Vancouver, Alberta is also “feeling the inventory pinch,” says Rachel Rehkopf, spokesperson for Zoocasa Realty Inc. in Toronto.

She points to December total sales rising by 27 per cent in Alberta while new listings remained stagnant.

That “pushed the entire province into sellers’ market conditions.”

The province sits at 2.5 months of residential inventory. That essentially means if no new homes came to market over the next two and a half months, and current demand for housing continues, Alberta would have no more homes for sale.

It’s a scenario that’s unlikely to happen, of course, and the overall supply-demand picture is better in Alberta than other parts of the country, she adds.

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In Ontario, for example, supply is 0.6 months while the metric is 1.7 months in British Columbia.

Yet Alberta’s supply is significantly lower than last year when it had four months of supply, she says.

Calgary is the tighter of the two large markets in the province with only 1.5 months of supply, while Edmonton actually added new listings in December, growing by about 10 per cent, year over year. Still, sales in Edmonton outpaced new listings, resulting in a 14 per cent decrease in inventory.

Overall, high demand in both cities paired with continuing low supply will likely drive prices higher in the year ahead, she notes.

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Welcome to Real Estate Friday! – theberkshireedge.com

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Here’s what we have for you this week in The Edge Real Estate section:

  • Property of the Week – Janet Kain of TKG Real Estate offers the opportunity to live in a stunning home, lovingly cared for and perfectly located for year-round enjoyment of the Berkshires.
  • Transformations – Designer Jennifer Owen and her clients imagined a calming space to relax while listening to the Boston Symphony Orchestra Live from Tanglewood on the radio!
  • Weekly real estate transactions for Berkshire County, Northern Litchfield County and, now, Columbia County
  • Market Perspective – Updated this week: The 2021 year-end real estate report from the Berkshire Board of REALTORS. What does it tell us?
  • The Self-Taught Gardener – How does Joan Didion’s approach to life and to her art inform our Self-Taught Gardener on how to garden?
  • Gardener’s Checklist – The holidays are over and the winter doldrums have set in. What’s a gardener to do to lift his spirits in these dark days?

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