Calgary-Supply of lower-priced homes remains low for January

City of Calgary Monthly Statistics
Supply of lower-priced homes remains low for January
The level of new listings in January fell to the lowest levels
seen since the late 90s. While new listings fell in nearly every price range, the pace of
decline was higher for lower-priced properties.
At the same time, sales activity did slow compared to the high levels reported last year but
remained consistent with long-term trends. However, there has been a shift in the
composition of sales as detached homes only comprised 47 per cent of all sales.
GO Expansion progresses along the Barrie Line

GO Expansion progresses along the Barrie Line
More stations, more service, more connections
GO Expansion program will see 80% of residents live within two kilometers of rapid transit. By building over 200 kilometers of new track and electrifying 600 kilometers of track across the region, the GO Expansion project will result in over 200 million boarding a year by 2040 across the GO rail network. We’re improving service now and into the future so transit will help York and Simcoe grow.
Building Permits Decline In December As Housing Construction Slows

Building Permits Decline In December As Housing Construction Slows
After a year of consistent interest rate hikes and stubbornly high inflation, housing construction slowed across Canada in December.According to recent data from Statistics Canada (StatCan), the total value of building permits issued in December fell to $10.3B, a monthly decline of 7.3% and down 9.3% from a year prior.
Looking at 2022 as a whole, the total current dollar value of building permits increased 6.8% annually; however, StatCan noted the increase was “largely the result of inflated valuations from persistent material and labour cost increase.” Adjusted on a constant dollar basis, the total value dropped 6.6%.
Bank of Canada Raises Rates, “Conditional Pause” Due To Strong Economy

Bank of Canada Raises Rates, “Conditional Pause” Due To Strong Economy
Canadians are bracing themselves for the impact of higher interest rates. This morning, the Bank of Canada (BoC) announced another hike to the overnight rate. The central bank justified the move by citing a strong economy and excess demand. Even with the strength, they plan to hit pause “conditionally” on any higher moves to assess the impact.
What Canadian Real Estate Correction? Detached Market Surges Up To $52k Higher

Canadian Real Estate Prices Are Still Falling
Let’s start with the aggregate, or national, house price index (HPI) for single-family homes. The benchmark price of a home fell to $748,800 in December, dropping 1.2% (-$9,200). Since peaking in March 2022, the national index has plummeted 18.8% (-$181,400). At this point, it’s a little shy of being a “crash.”
A crash is a technical term for asset prices falling more than 20% from its peak within a 12-month period. At this pace, just one more month like December would be enough to make that happen. Right now, 20 cities have HPIs that would meet this criteria when it comes to single-family homes.
After two years of steady increases, Calgary house prices will stabilize in 2023: CREB

“Our market is not as bad as what people might think it is,” said Ann-Marie Lurie, chief economist for CREB.
New report reveals Canada’s average rent increase hit 11% in 2022

The annual rate of rent inflation in Canada remained in double digits for the eighth consecutive month in December, according to the latest rent report from Rentals.ca and Urbanation.
The average listed rent for all property types increased 12.2 per cent year-over-year to $2,005, an increase of $217 from the December 2021 average of $1,788.
On a month-over-month basis, average rents decreased by one per cent, which Rentals.ca notes is typical this time of year. This is the second straight month the average monthly rent has exceeded $2,000.
Markets with high population growth, low vacancy, and limited new rental construction will likely see the most rent inflation, with Atlantic Canada, Ontario, and British Columbia expected to lead the country in rent growth.
Edmonton luxury real estate market remains strong

Edmonton may not be known for its luxury real estate market, but recent statistics from 2022’s year-end show it’s faring better than other major markets.
Sales over $1 million in the Greater Edmonton Area were down about four per cent with 263 sales in 2022 versus 274 in 2021, Realtors Association of Edmonton statistics show.
Condo market poised to follow fall of detached home prices, says realtor

As Canada’s real estate market wrapped up 2022 with price declines, some condo investors are expected to put their properties up for sale within the year as variable mortgage rates continue to rise, a real estate expert said.
Steve Saretsky, a Vancouver realtor, said the market for detached homes has already gone through a “nice” correction in past months, signalling a similar direction for the condo market.