November 2022

Calgary Monthly Statistics

The Calgary Real Estate Board (CREB®) reports that mostly due to the detached sector October sales slowed to last years levels.  Even with a slowing in the market 2022 is on track to be a record year in terms of sales.

“Calgary hasn’t seen the same degree of pullback in housing sales like other parts of Canada, thanks to persistently strong demand for our higher density product,” said CREB® Chief Economist Ann-Marie Lurie. “While our city is not immune to the impact that inflation and higher rates are having, strong employment growth, positive migration flows and a stronger commodity market are helping offset some of that impact.”

CREB® November 1, 2022
Click Here for more information on Calgary's Statistics
Cochrane, Airdrie and Calgary Region 

Airdrie - Easing sales over the past several months have not been enough to offset earlier gains as year-to-date sales reached 2,269 units, over 11 per cent higher than last year and on pace to hit a new record high. The growth in sales was possible thanks to a boost in new listings this year. However, the gains in new listings did little to impact inventory levels which remained well below levels traditionally seen in the market in October.

Cochrane - While prices have eased off recent highs, at a benchmark price of $507,000, prices remain over 16 per cent higher than last years levels. Price growth has been mostly driven by the detached and semi-detached sector which have reported year-over-year gains exceeding 18 per cent.
CREB® November 1, 2022
 
For more information on Calgary Region's Statistics Click Here
 
The Financial Post reports that with strong immigration rates the Bank of Canada may be able to start decreasing interest rates. 

“For most central banks, the only way to cool their labour market is to raise interest rates aggressively — and to keep interest rates elevated — until labour demand weakens,” states Capital Economics economist Stephen Brown. “The Bank of Canada will, by contrast, get a helping hand from immigration, which will help to re-balance the labour market through the supply side.”

With many Canadians postponing purchasing a home in 2022, due to the rise in interest rates, this has created a rental shortage which has created a new affordability crisis.  Brown added that “Strong immigration will continue to put upward pressure on rents, but with rents already at record highs in some cities and economic growth set to slow sharply, rental price inflation is likely to slow in 2023. That in turn should feed through to lower CPI inflation.”
Click Here to read the Full Article
 
CBC reports that Calgary, and Alberta, are safe from major setbacks forecast for a global recession. 
According to Rob Roach, ATB Financial's deputy chief economist, the province's GDP is expected to grow by five per cent this year — and approximately three per cent in 2023.  
Calgary is starting to really show it's value and prove that we really are the place to live.
Read the Full Article Here
 

The Reeves Preferred Team

The Reeves Preferred Team is who we use when we need something done. Everyone on our Preferred Team is someone we trust and are members of our network. Not only are these professionals and companies the best in the area that are the best in the area but they are also experts in their respective fields. Simply put - They are the best!
Click HERE for Organized by V's website
 
Jack-O'-Lantern Jamboree 

We had such an incredible time co-hosting the Riverside 1st Annual Jack-O'-Lantern Jamboree in Cranston with Miranda Karl from MortgageLine.
From kids costumes to adult pumpkin carving contests, we had a lot of fun and already can't wait until next year.
Congratulations to all of our winners.
 

#3208, 310 12th Avenue SW, Calgary

Do not miss this executive corner unit 2 bedroom, 2 bathroom and den condo on the 32nd floor of the prestigious Park Point building. Floor to ceiling windows throughout the unit offers stunning unobstructed views of the city and Rocky Mountains, and floods the home with natural light. No detail was overlooked when designing this unit.
View Listing Here
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