Mario Toneguzzi’s guest on Business Insider: Ann-Marie Lurie, Chief Economist with the Calgary Real Estate Board, discusses the state of the city’s resale housing market.
Calgary Real Estate Board Press Release
City of Calgary, Oct. 19, 2021 – For the full report, please download CREB®’s Q3 2021 Calgary & Region Quarterly Update Report here.
The pace of growth and level of sales have eased from the record highs seen in the second quarter, but with 6,628 sales, this was the best third quarter since 2014.
Much of the strength in demand was likely driven by the low-lending-rate environment and increased savings among those whose incomes were not impacted by COVID-19 shutdowns
“Sales have slowed from the record pace seen earlier this year, but some of this slowdown was likely related to limited improvements on the supply side of the market,” said CREB® chief economist Ann-Marie Lurie.
“Supply-demand balances improved for buyers compared to what we saw in the spring, but the market continued to favour the seller in the third quarter”
The number of new listings coming onto the market has increased compared to last year. However, the quarterly decline in new listings outpaced the pullback in sales, causing supply levels to trend down in the quarter and remain lower than last year’s levels.
“Persistently tight conditions have supported price gains in the market, with new record highs set in both the detached and semi-detached sectors,” said Lurie.
“However, with fewer supply challenges facing the apartment sector of the market, price gains there have not been enough to erase the declines recorded over the past six years.”
In Calgary, the residential benchmark price rose by one per cent compared with the previous quarter and sits over nine per cent higher than prices recorded in the third quarter of last year.
Meanwhile, many of the areas outside of Calgary city limits have seen exceptionally strong sales and supply that has not kept pace with demand. For many of these areas, lack of supply has contributed to steeper price gains than what has been seen in the city, narrowing the price gap between the two.
Mario Toneguzzi, based in Calgary, has more than 40 years experience as a daily newspaper writer, columnist, and editor. He worked for 35 years at the Calgary Herald covering sports, crime, politics, health, faith, city and breaking news, and business. He now works as a freelance writer and editor as well as a consultant in communications and media relations/training.
He is VP of Content & Strategy for MegaPixx Media, which owns and operates YYC Business, and owner of Mario Toneguzzi Communications Inc.
Mario is a regular contributor to various national and local publications including Retail Insider, RENX, Globe and Mail, The Star, National Post, Real Estate Magazine, Troy Media, YYC Business, Grocery Business Magazine and many others. He’s also a host for Calgary and Edmonton on Canada’s Podcast network. And he’s a regular contributor of content for companies and organizations to populate their websites.
Frequent commentator on television and radio on business news, issues and trends.
Named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list.
Part of the Herald’s National Newspaper Award winning newsroom for coverage of the June 2013 floods in Calgary.
If you would like to be interviewed by Mario for Five Questions or Business Insider, he can be reached at mario@megapixxmedia.com
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