Calgary’s 2017 residential MLS market is performing better than 2016 in most key categories, on a year-over-year basis (November 2016 to November 2017) as well as year to date to the end of November, according to the statistics package from the Canadian Real Estate Association (CREA).
One statistic in decline year over year is average price, down about five percent from November 2016, which could be a function of an increase in listings.
Increased inventory could have motivated homeowners in a hurry to sell to lower their asking prices. It could also mean there was more sales activity in lower price ranges (this information is not supplied by CREA).
Sales last month were not only higher than November last year, but were also the highest monthly total recorded in 2017, which could be a function of the looming changes to mortgage underwriting regulations.
“Some home buyers with more than a 20 percent downpayment may be fast-tracking their purchase decision in order to beat the tougher mortgage qualifications test coming into effect next year,” said CREA president Andrew Peck. “Evidence of this is mixed and depends on the housing market.
“It will be interesting to see whether December sales show further signs of home purchases being fast-tracked.”
Here are the key stats from CREA’s report, comparing November 2016 to November 2017, as well as year to date to the end of November.