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RURAL A5
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A8 – A10 FREE mar 4 to mar 10 2016 issue 06-08 editorial 403-781-1324 advertising 403-263-4940 crebnow@creb.ca
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DIFFERENCES
AMONG DISTRICTS CODY STUART, Managing Editor
Some areas of Calgary are reacting much differently to market conditions JAMIE ZACHARY & CODY STUART creb®now
C
algary residential resale housing prices continued to slide in February, yet new data shows not all areas of the city are being impacted in the same way. According to CREB®, some districts east of Deerfoot Trail are exhibiting price resilience – and even some gains – despite the citywide benchmark price slipping by 3.45 per
cent from the same time last year to $445,000. In northeast Calgary, for example, the benchmark price in February increased year-over-year by 1.7 per cent last month to $366,800, while east Calgary remained flat at $324,800, reported CREB®. Northeast Calgary is loosely bordered Deerfoot Trail to the west, Stoney Trail to the north and east and Memorial Drive to the south. East Calgary is loosely bordered by Deerfoot Trail to the west, Memorial Drive to the north, Stoney Trail
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FEBRUARY COMMUNITY STATISTICS B19 In February, the differential between benchmark prices in the west ($545,700) and northeast ($366,800) districts was nearly $180,000. Yet Lurie warns market conditions are catching up with all areas of Calgary’s housing market. In the northeast, for example, the benchmark price was up 1.7
per cent year over year, yet it was down 1.3 per cent compared to January. “Slow sales and elevated housing inventory are now resulting in monthover-month price declines in every district,” said Lurie, who expects conditions to persist over the next several months. “Given the current economic environment, it is no surprise that consumer confidence and housing demand is being impacted.” Citywide, February sales totaled 1,127 in Calgary, a 6.6 per cent drop over last year and 30.2 per cent lower than long-term averages for the month, according to CREB®’s most recent monthly housing summary.
STATISTICS A3
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A3
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A4
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A6
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3,817
CREB® monthly stats
Economic indicators
2,741 2,906
3,288 2,950 3,136 3,064 3,161 3,122 2,733 3,081 2,678
CREB® STAFF
2,182
ith the economy grabbing headlines thanks to the province’s struggling energy sector, a new report from RBC Economics shows affordability, as well as housing prices, in Calgary both fared well in the fourth quarter of 2015.
FEB14 MAR14 APR14 MAY14 JUN14 JUL14 AUG14 SEP14 OCT14 NOV14 DEC14 JAN15 FEB15 MAR15 APR15 MAY15 JUN15 JUL15 AUG15 SEP15 OCT15 NOV15 DEC15 JAN16 FEB16
1,381
EVENT LISTINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . A6
W
1,491
2,093
2,396 2,711
3,219 3,147 3,259 2,919
3,319
3,753
on in the market because of relatively strong demand for affordable product,” she said.
CONTENTS CALGARY AFFORDABILITY NEWS BRIEFS FIVE THINGS ‘STABLE:’ RBC MARKET ECONOMICS WEEKLY FEED
MLS® NEW LISTINGS* FEB ‘14 – FEB ‘16
4,327
CITY OF CALGARY
to the east and Glenmore Trail to the south. Other districts in Calgary told a much different story in February. The city centre benchmark price fell yearover-year by 5.9 per cent to $510,700, followed by the northwest (-4.9 per cent to $480,600), west (-4.2 per cent to $545,700), south (-3.5 per cent to $422,900), southeast (-2.8 per cent to $433,900) and north (-2.6 per cent to $402,200). CREB® chief economist Ann-Marie Lurie said she’s not surprised that some areas of Calgary reacted differently to the market in February, In fact, she noted the northeast and east districts have been trending differently than the rest of the city since early 2015. “Both of these districts have been a bit more resilient to what’s going
MARKET A3
*All statistics based on monthly data compiled by CREB® via MLS® activity. Includes detached, attached and apartment.
MAP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B1 OPEN HOUSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B19 MLS® STATISTICS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . B19 February 2016
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