March 2019 March 2019 Oversupplied market weighs on prices
Driven by slower activity in the three largest regions of the province, Alberta’s sales in March eased by nearly six per cent compared to last year. After the first quarter, sales have declined by nearly 10 per cent compared to last year and is the slowest amount of activity since 2009.
While new listings are starting to adjust to the slower sales activity, it was not enough to prevent further gains in inventory. Provincially there continues to be more housing supply than demand causing further price declines. At the end of the first quarter prices eased by four per cent compared to last year.
The slow start to the housing market this year is expected as the provincial economy continues to struggle with weak economic conditions. At the same time uncertainty regarding future prospects in Alberta continues to weigh on consumers.
Alberta Months of Supply and Price Changes
14 50%
12 40%
10 30%
8 20%
6 10%
4 0%
2 -10%
0 -20% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Months of Inventory Trended Months of Inventory Y/Y Price Change Source: CREA
AREA Monthly Statistics 2 MAR- 2019
Alberta Summary Mar-18 Mar-19 % Change YTD 2018 YTD 2019 % Change Total Sales 4,352 4,106 -5.65% 10,949 9,903 -9.55% Total Sales Volume $1,702,818,996 $1,565,536,820 -8.06% $4,262,509,239 $3,698,532,792 -13.23% New Listings 11,596 10,383 -10.46% 28,320 26,709 -5.69% Inventory 29,810 30,960 3.86% 26,916 28,605 6.28% Months of Supply 6.85 7.54 10.08% 7.37 8.67 17.50% Sales-to-new Listings Ratio 0.38 0.40 5.37% 0.39 0.37 -4.10% Average Price $391,273 $381,280 -2.55% $389,306 $373,476 -4.07% Alberta average price and price change 50% 450,000
400,000 40% 350,000 30% 300,000
20% 250,000
10% 200,000
150,000 0% 100,000 -10% 50,000
-20% 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Y/Y Price Change Trended Price Change Average Price Trended Average Price Source: CREA
Alberta sales and inventory 45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Inventory Sales Trended sales Trended Inventory Source: CREA
AREA Monthly Statistics 3 MAR- 2019 Alberta total residential sales
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0 Mar. '09 Mar. '10 Mar. '11 Mar. '12 Mar. '13 Mar. '14 Mar. '15 Mar. '16 Mar. '17 Mar. '18 Mar. '19
Calgary Region Edmonton Region Central Alberta Wood Buffalo
Grand prairie Lethbridge Medicine Hat Lloydminster
South Central Alberta Alberta West 10-year average Source: CREA
Alberta total residential inventory 35,000
30,000
25,000
20,000
15,000
10,000
5,000
0 Mar. '09 Mar. '10 Mar. '11 Mar. '12 Mar. '13 Mar. '14 Mar. '15 Mar. '16 Mar. '17 Mar. '18 Mar. '19
Calgary Region Edmonton Region Central Alberta Wood Buffalo Grand prairie Lethbridge Medicine Hat Lloydminster South Central Alberta Alberta West 10-year average Source: CREA
AREA Monthly Statistics 4 New Months of Average Sales to new Share of sales MAR- 2019 Sales Y/Y % Listings Y/Y % Inventory Supply Y/Y% price Y/Y% listings ratio activity Alberta West 109 17.20% 254 15.45% 1,276 11.71 -0.67% 348,211 13.73% 42.91% 2.65% Calgary Region 1,691 -2.42% 3,830 -12.20% 9,148 5.41 6.21% 449,231 -4.40% 44.15% 41.18% Central Alberta 252 -13.70% 873 -13.99% 3,486 13.83 12.08% 275,816 -3.65% 28.87% 6.14% Edmonton Region 1,331 -11.62% 3,719 -10.41% 10,039 7.54 13.16% 367,526 -1.97% 35.79% 32.42% Fort McMurray 101 12.22% 205 -8.48% 935 9.26 -9.63% 372,620 -9.35% 49.27% 2.46% Grande Prairie 204 -17.41% 450 13.07% 1,686 8.26 43.76% 296,849 2.76% 45.33% 4.97% Lethbridge 195 10.17% 403 12.26% 1,689 8.66 24.54% 268,130 2.75% 48.39% 4.75% Lloydminster 60 33.33% 240 -2.04% 1,096 18.27 -20.12% 257,419 -5.65% 25.00% 1.46% Medicine Hat 92 -2.13% 218 34.57% 656 7.13 35.68% 273,492 -5.98% 42.20% 2.24% South Cetral Alberta 40 42.86% 73 -16.09% 433 10.83 -32.34% 241,735 8.59% 54.79% 0.97% Alberta 4,106 -5.65% 10,383 -10.46% 30,960 7.54 10.08% 381,280 -2.55% 39.55%
Average Price Growth Comparison March
15%
10%
5%
0%
-5%
-10%
-15%
Mar‐18 Mar‐19
Average Price Comparison March Months of Supply Comparison March 500,000 25 450,000 Mar‐18 Mar‐19 Mar‐18 Mar‐19 400,000 20 350,000 300,000 15 250,000 200,000 10 150,000 100,000 5 50,000 0 0
AREA Monthly Statistics 5 MAR- 2019
Alberta West
First quarter sales improved over last year’s levels and are just below longer-term averages for the area. However, the area continues to struggle with elevated inventory levels and an oversupplied market. This has caused prices to trend down over the most recent quarter, despite remaining higher than levels recorded last year. This region includes a wide range of communities with economic drivers that range from energy to tourism. This also implies that housing trends will likely vary significantly within the region.
Alberta West Mar-18 Mar-19 % Change YTD 2018 YTD 2019 % Change Total Sales 93 109 17.20% 239 255 6.69% Total Sales Volume $28,474,703 $37,955,000 33.29% $77,802,328 $88,315,461 13.51% New Listings 220 254 15.45% 550 587 6.73% Inventory 1,096 1,276 16.42% 1,048 1,205 15.02% Months of Supply 11.78 11.71 -0.67% 13.15 14.18 7.80% Sales-to-new Listings Ratio 0.42 0.43 1.52% 0.43 0.43 -0.03% Average Price $306,180 $348,211 13.73% $325,533 $346,335 6.39%
Average price and price change 100% 400,000
80% 350,000
300,000 60% 250,000 40% 200,000 20% 150,000 0% 100,000
-20% 50,000
-40% 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Y/Y Price Change Trended Price Change Average Price Trended Average Price Source: CREA
Months of supply and sales to new listings ratio 25 100% 90% 20 80% 70% 15 60% 50% 10 40% 30% 5 20% 10% 0 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Months of Supply Trended Months of Supply Trended S/NL Source: CREA
AREA Monthly Statistics 6 MAR- 2019 Alberta West Sales
March YTD‐March 180 450 160 400 140 350 120 300 100 250 80 200 60 150 40 100 20 50 0 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Alberta West 10-year average Alberta West 10-year average Source: CREA Source: CREA
Alberta West New Listings March YTD‐March 350 800
300 700
250 600 500 200 400 150 300 100 200 50 100
0 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Alberta West 10-year average Source: CREA Alberta West 10-year average Source: CREA
Alberta West Inventory
March YTD‐March 1,400 1,400
1,200 1,200
1,000 1,000 800 800 600 600 400 400 200 200 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Alberta West 10-year average Source: CREA Alberta West 10-year average Source: CREA
AREA Monthly Statistics 7 MAR- 2019 Calgary Region
Despite the slower pace of decline in March sales, first quarter sales activity in the region eased by nearly 10 per cent and remains over 26 per cent below longer-term trends. Easing sales were also met with some adjustments in new listings, however, like many other centres, it was not enough to prevent further gains in inventories.
Overall, the amount of oversupply did ease compared to the first few months of the year, but months of supply remain at the highest levels recorded in March. The persistent oversupply has weighed on prices, which after the first quarter, have eased by over four per cent compared to last year.
Calgary Region Mar-18 Mar-19 % Change YTD 2018 YTD 2019 % Change Total Sales 1,733 1,691 -2.42% 4,391 3,969 -9.61% Total Sales Volume $814,307,929 $759,650,394 -6.71% $2,040,273,631 $1,760,116,088 -13.73% New Listings 4,362 3,830 -12.20% 10,635 9,988 -6.08% Inventory 8,827 9,148 3.64% 7,892 8,366 6.00% Months of Supply 5.09 5.41 6.21% 5.39 6.32 17.27% Sales-to-new Listings Ratio 0.40 0.44 11.13% 0.41 0.40 -3.76% Average Price $469,883 $449,231 -4.40% $464,649 $443,466 -4.56%
Average price and price change 100% 600,000
80% 500,000
60% 400,000
40% 300,000
20% 200,000
0% 100,000
-20% 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Y/Y Price Change Trended Price Change Average Price Trended Average Price Source: CREA
Months of supply and sales to new listings ratio 12 100% 90% 10 80% 70% 8 60% 6 50% 40% 4 30% 20% 2 10% 0 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Months of Supply Trended Months of Supply Trended S/NL Source: CREA
AREA Monthly Statistics 8 MAR- 2019 Calgary Region Sales
March YTD‐March 3,500 8,000
3,000 7,000
2,500 6,000 5,000 2,000 4,000 1,500 3,000 1,000 2,000
500 1,000
0 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Calgary Region 10-year average Calgary Region 10-year average Source: CREA Source: CREA
Calgary Region New Listings March YTD‐March 6,000 14,000
5,000 12,000
10,000 4,000 8,000 3,000 6,000 2,000 4,000 1,000 2,000
0 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Calgary Region 10-year average Source: CREA Calgary Region 10-year average Source: CREA
Calgary Region Inventory
March YTD‐March 10,000 10,000 9,000 9,000 8,000 8,000 7,000 7,000 6,000 6,000 5,000 5,000 4,000 4,000 3,000 3,000 2,000 2,000 1,000 1,000 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Calgary Region 10-year average Source: CREA Calgary Region 10-year average Source: CREA
AREA Monthly Statistics 9 MAR- 2019
Central Alberta
After the first quarter of the year, sales activity totaled 645 units, nearly 15 per cent below last year’s levels and well below longer-term trends. However, unlike other areas the easing sales were also accompanied by a decline in inventory levels.
While the reduction in inventory is not enough to significantly change the amount of oversupply in the market, if inventories continue to ease it should start to support a more stable market. As of March, the months of inventory remained just below 14 months. The excess supply weighed on prices which eased by over one per cent after the first quarter.
Central Alberta Mar-18 Mar-19 % Change YTD 2018 YTD 2019 % Change Total Sales 292 252 -13.70% 758 645 -14.91% Total Sales Volume $83,585,013 $69,505,624 -16.84% $218,134,924 $183,295,521 -15.97% New Listings 1,015 873 -13.99% 2,410 2,195 -8.92% Inventory 3,604 3,486 -3.27% 3,272 3,237 -1.07% Months of Supply 12.34 13.83 12.08% 12.95 15.05 16.26% Sales-to-new Listings Ratio 0.29 0.29 0.34% 0.31 0.29 -6.57% Average Price $286,250 $275,816 -3.65% $287,777 $284,179 -1.25%
Average price and price change 100% 350,000
80% 300,000
250,000 60% 200,000 40% 150,000 20% 100,000
0% 50,000
-20% 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Y/Y Price Change Trended Price Change Average Price Trended Average Price Source: CREA
Months of supply and sales to new listings ratio 25 100% 90% 20 80% 70% 15 60% 50% 10 40% 30% 5 20% 10% 0 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Months of Supply Trended Months of Supply Trended S/NL Source: CREA
AREA Monthly Statistics 10 MAR- 2019 Central Alberta Sales
March YTD‐March 500 1,200 450 400 1,000 350 800 300 250 600 200 400 150 100 200 50 0 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Central Alberta 10-year average Central Alberta 10-year average Source: CREA Source: CREA
Central Alberta New Listings March YTD‐March 1,400 3,500
1,200 3,000
1,000 2,500
800 2,000
600 1,500
400 1,000
200 500
0 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Central Alberta 10-year average Source: CREA Central Alberta 10-year average Source: CREA
Central Alberta Inventory
March YTD‐March 4,000 3,500 3,500 3,000 3,000 2,500 2,500 2,000 2,000
1,500 1,500
1,000 1,000
500 500 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Central Alberta 10-year average Source: CREA Central Alberta 10-year average Source: CREA
AREA Monthly Statistics 11 MAR- 2019 Edmonton Region
Rising unemployment and economic concerns are contributing the easing sales activity in the region. By the end of the first quarter sales activity declined by nearly 12 per cent and reflect the lowest sales recorded over the past 10 years.
Inventory level in March reached 10,039 units. This is comparable to last year but remains high based on typical levels for March. Elevated inventories and easing sales kept the market oversupplied causing further price declines.
Edmonton Region Mar-18 Mar-19 % Change YTD 2018 YTD 2019 % Change Total Sales 1,506 1,331 -11.62% 3,749 3,303 -11.90% Total Sales Volume $564,609,054 $489,177,585 -13.36% $1,389,610,104 $1,173,030,038 -15.59% New Listings 4,151 3,719 -10.41% 10,097 9,369 -7.21% Inventory 10,038 10,039 0.01% 8,847 9,207 4.07% Months of Supply 6.67 7.54 13.16% 7.08 8.36 18.13% Sales-to-new Listings Ratio 0.36 0.36 -1.35% 0.37 0.35 -5.05% Average Price $374,906 $367,526 -1.97% $370,662 $355,141 -4.19%
Average price and price change 20% 450,000
15% 400,000
10% 350,000
5% 300,000
0% 250,000
-5% 200,000
-10% 150,000
-15% 100,000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Y/Y Price Change Trended Price Change Average Price Trended Average Price Source: CREA
Months of supply and sales to new listings ratio 12 80%
70% 10 60% 8 50%
6 40%
30% 4 20% 2 10%
0 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Months of Supply Trended Months of Supply Trended S/NL Source: CREA
AREA Monthly Statistics 12 MAR- 2019 Edmonton Region Sales
March YTD‐March 2,500 5,000 4,500 2,000 4,000 3,500 1,500 3,000 2,500 1,000 2,000 1,500 500 1,000 500 0 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Edmonton Region 10-year average Edmonton Region 10-year average Source: CREA Source: CREA
Edmonton Region New Listings March YTD‐March 4,500 12,000 4,000 10,000 3,500
3,000 8,000 2,500 6,000 2,000
1,500 4,000 1,000 2,000 500
0 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Edmonton Region 10-year average Source: CREA Edmonton Region 10-year average Source: CREA
Edmonton Region Inventory
March YTD‐March 12,000 10,000 9,000 10,000 8,000 8,000 7,000 6,000 6,000 5,000 4,000 4,000 3,000 2,000 2,000 1,000 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Edmonton Region 10-year average Source: CREA Edmonton Region 10-year average Source: CREA
AREA Monthly Statistics 13 MAR- 2019 Fort McMurray
By the end of the first quarter, sales activity remained comparable to last year’s levels and well below activity that occurred prior to the slowing energy sector. The persistent weak levels of demand does not come as a surprise given the current economic climate weighing on the energy sector. However, slower growth in new listings has helped prevent significant gain in inventory levels, helping reduce the amount of oversupply in the market.
While changes in the amount of oversupply are helping slow the amount of decline in prices, average prices in the first quarter remained comparable to fourth quarter levels. However, first quarter prices remain nearly 12 per cent below levels recorded last year and are over 40 per cent lower than pre-recession highs.
Fort McMurray Mar-18 Mar-19 % Change YTD 2018 YTD 2019 % Change Total Sales 90 101 12.22% 248 255 2.82% Total Sales Volume $36,996,350 $37,634,575 1.73% $104,667,279 $94,848,910 -9.38% New Listings 224 205 -8.48% 575 598 4.00% Inventory 922 935 1.41% 873 925 5.92% Months of Supply 10.24 9.26 -9.63% 10.56 10.88 3.01% Sales-to-new Listings Ratio 0.40 0.49 22.62% 0.43 0.43 -1.13% Average Price $411,071 $372,620 -9.35% $422,045 $371,957 -11.87%
Average price and price change 100% 700,000
80% 600,000
60% 500,000 40% 400,000 20% 300,000 0% 200,000 -20%
-40% 100,000
-60% 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Y/Y Price Change Trended Price Change Average Price Trended Average Price Source: CREA
Months of supply and sales to new listings ratio 25 120%
100% 20
80% 15 60% 10 40%
5 20%
0 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Months of Supply Trended Months of Supply Trended S/NL Source: CREA
AREA Monthly Statistics 14 MAR- 2019 Fort McMurray Sales
March YTD‐March 250 600
200 500
400 150 300 100 200
50 100
0 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Fort McMurray 10-year average Fort McMurray 10-year average Source: CREA Source: CREA
Fort McMurray New Listings March YTD‐March 350 900
300 800 700 250 600 200 500 150 400 300 100 200 50 100 0 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Fort McMurray 10-year average Source: CREA Fort McMurray 10-year average Source: CREA
Fort McMurray Inventory
March YTD‐March 1,400 1,400
1,200 1,200
1,000 1,000 800 800 600 600 400 400 200 200 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Fort McMurray 10-year average Source: CREA Fort McMurray 10-year average Source: CREA
AREA Monthly Statistics 15 MAR- 2019
Grande Prairie
First quarter sales slowed compared to last year’s levels and fell 14 per cent below long-term trends. The slower activity is likely due to renewed concerns regarding employment and the implications that the production cuts would have on the local economy.
At the same time, inventories continue to rise and months of inventory pushed up to levels consistent with buyers’ market conditions. This shift in trend has started to weigh on prices, as the first quarter average price eased over fourth quarter levels. However, a full reversal of some of the gains last year has not occurred as prices remain nearly two per cent higher than the same period last year.
Grande Prairie Mar-18 Mar-19 % Change YTD 2018 YTD 2019 % Change Total Sales 247 204 -17.41% 577 459 -20.45% Total Sales Volume $71,350,303 $60,557,158 -15.13% $168,219,385 $136,374,565 -18.93% New Listings 398 450 13.07% 1,033 1,194 15.59% Inventory 1,420 1,686 18.73% 1,377 1,530 11.09% Months of Supply 5.75 8.26 43.76% 7.16 10.00 39.65% Sales-to-new Listings Ratio 0.62 0.45 -26.95% 0.56 0.38 -31.18% Average Price $288,868 $296,849 2.76% $291,541 $297,112 1.91%
Average price and price change 50% 350,000
40% 300,000
30% 250,000
20% 200,000
10% 150,000
0% 100,000
-10% 50,000
-20% 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Y/Y Price Change Trended Price Change Average Price Trended Average Price Source: CREA
Months of supply and sales to new listings ratio 16 120%
14 100% 12 80% 10
8 60%
6 40% 4 20% 2
0 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Months of Supply Trended Months of Supply Trended S/NL Source: CREA
AREA Monthly Statistics 16 MAR- 2019 Grande Prairie Sales
March YTD‐March 350 800
300 700
250 600 500 200 400 150 300 100 200
50 100
0 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Grande Prairie 10-year average Grande Prairie 10-year average Source: CREA Source: CREA
Grande Prairie New Listings March YTD‐March 500 1,400 450 1,200 400 350 1,000 300 800 250 200 600
150 400 100 50 200 0 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Grande Prairie 10-year average Source: CREA Grande Prairie 10-year average Source: CREA
Grande Prairie Inventory
March YTD‐March 1,800 1,800 1,600 1,600 1,400 1,400 1,200 1,200 1,000 1,000 800 800 600 600 400 400 200 200 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Grande Prairie 10-year average Source: CREA Grande Prairie 10-year average Source: CREA
AREA Monthly Statistics 17 MAR- 2019
Lethbridge
First quarter sales in Lethbridge rose just above last year’s activity and remain consistent with levels typically recorded. However, the number of new listings in the market continues to rise at a faster pace, pushing up inventory levels.
Elevated supply compared to sales activity has caused prices to generally trend down in the first quarter compared to the fourth quarter of last year. However, prices remain higher then levels recorded last year.
Lethbridge Mar-18 Mar-19 % Change YTD 2018 YTD 2019 % Change Total Sales 177 195 10.17% 453 468 3.31% Total Sales Volume $46,188,812 $52,285,349 13.20% $119,713,183 $128,740,375 7.54% New Listings 359 403 12.26% 911 1,173 28.76% Inventory 1,231 1,689 37.21% 1,155 1,582 36.94% Months of Supply 6.95 8.66 24.54% 7.65 10.14 32.55% Sales-to-new Listings Ratio 0.49 0.48 -1.86% 0.50 0.40 -19.76% Average Price $260,954 $268,130 2.75% $264,268 $275,086 4.09%
Average price and price change 50% 350,000
40% 300,000
30% 250,000
20% 200,000
10% 150,000
0% 100,000
-10% 50,000
-20% 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Y/Y Price Change Trended Price Change Average Price Trended Average Price Source: CREA
Months of supply and sales to new listings ratio 16 120%
14 100% 12 80% 10
8 60%
6 40% 4 20% 2
0 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Months of Supply Trended Months of Supply Trended S/NL Source: CREA
AREA Monthly Statistics 18 MAR- 2019 Lethbridge Sales
March YTD‐March 300 600
250 500
200 400
150 300
100 200
50 100
0 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Lethbridge 10-year average Lethbridge 10-year average Source: CREA Source: CREA
Lethbridge New Listings March YTD‐March 600 1,400
500 1,200
1,000 400 800 300 600 200 400 100 200
0 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Lethbridge 10-year average Source: CREA Lethbridge 10-year average Source: CREA
Lethbridge Inventory
March YTD‐March 1,800 1,800 1,600 1,600 1,400 1,400 1,200 1,200 1,000 1,000 800 800 600 600 400 400 200 200 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Lethbridge 10-year average Source: CREA Lethbridge 10-year average Source: CREA
AREA Monthly Statistics 19 MAR- 2019
Medicine Hat
First quarter sales remained relatively stable compared to last year’s activity. However, a sharp rise in new listings caused inventories to push above 600 units and the months of inventory to push above seven months.
The elevated levels of supply compared to sales over the first quarter has placed downward pressure on prices. Prices averaged $257,888 in the first quarter, a decline over both the previous quarter and levels recorded last year.
Medicine Hat Mar-18 Mar-19 % Change YTD 2018 YTD 2019 % Change Total Sales 94 92 -2.13% 234 228 -2.56% Total Sales Volume $27,342,750 $25,161,250 -7.98% $67,845,474 $58,798,350 -13.33% New Listings 162 218 34.57% 439 503 14.58% Inventory 494 656 32.79% 460 603 31.16% Months of Supply 5.26 7.13 35.68% 5.90 7.94 34.61% Sales-to-new Listings Ratio 0.58 0.42 -27.27% 0.53 0.45 -14.96% Average Price $290,880 $273,492 -5.98% $289,938 $257,888 -11.05%
Average price and price change 40% 350,000
30% 300,000
20% 250,000
10% 200,000
0% 150,000
-10% 100,000
-20% 50,000
-30% 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Y/Y Price Change Trended Price Change Average Price Trended Average Price Source: CREA
Months of supply and sales to new listings ratio 14 100% 90% 12 80% 10 70%
8 60% 50% 6 40%
4 30% 20% 2 10% 0 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Months of Supply Trended Months of Supply Trended S/NL Source: CREA
AREA Monthly Statistics 20 MAR- 2019 Medicine Hat Sales
March YTD‐March 180 350 160 300 140 250 120 100 200
80 150 60 100 40 50 20 0 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Medicine Hat 10-year average Medicine Hat 10-year average Source: CREA Source: CREA
Medicine Hat New Listings March YTD‐March 300 800
700 250 600 200 500
150 400
300 100 200 50 100
0 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Medicine Hat 10-year average Source: CREA Medicine Hat 10-year average Source: CREA
Medicine Hat Inventory
March YTD‐March 800 800
700 700 600 600 500 500 400 400 300 300 200 200 100 100 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Medicine Hat 10-year average Source: CREA Medicine Hat 10-year average Source: CREA
AREA Monthly Statistics 21 MAR- 2019
South Central Alberta
An improvement in sales combined with easing new listings helped prevent any further inventory gains in the area by the end of the first quarter.
This helped reduce the amount of oversupply in the area and prevented further downward adjustments in prices. Despite these modest improvements, prices remain below levels recorded last year and are still over $40,000 less than levels seen back in 2014.
South Central Alberta Mar-18 Mar-19 % Change YTD 2018 YTD 2019 % Change Total Sales 28 40 42.86% 73 87 19.18% Total Sales Volume $6,232,950 $9,669,388 55.13% $15,662,600 $17,721,638 13.15% New Listings 87 73 -16.09% 223 191 -14.35% Inventory 448 433 -3.35% 432 432 -0.08% Months of Supply 16.00 10.83 -32.34% 17.77 14.90 -16.16% Sales-to-new Listings Ratio 0.32 0.55 70.25% 0.33 0.46 39.15% Average Price $222,605 $241,735 8.59% $214,556 $203,697 -5.06%
Average price and price change 80% 300,000
60% 250,000
40% 200,000 20% 150,000 0% 100,000 -20%
-40% 50,000
-60% 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Y/Y Price Change Trended Price Change Average Price Trended Average Price Source: CREA
Months of supply and sales to new listings ratio 30 90% 80% 25 70% 20 60% 50% 15 40% 10 30% 20% 5 10% 0 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Months of Supply Trended Months of Supply Trended S/NL Source: CREA
AREA Monthly Statistics 22 MAR- 2019 South Central Alberta Sales
March YTD‐March 70 160
60 140
50 120 100 40 80 30 60 20 40
10 20
0 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 South Central Alberta 10-year average South Central Alberta 10-year average Source: CREA Source: CREA
South Central Alberta New Listings March YTD‐March 160 350
140 300 120 250 100 200 80 150 60
40 100
20 50
0 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 South Central Alberta 10-year average Source: CREA South Central Alberta 10-year average Source: CREA
South Central Alberta Inventory
March YTD‐March 600 500 450 500 400 400 350 300 300 250 200 200 150 100 100 50 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 South Central Alberta 10-year average Source: CREA South Central Alberta 10-year average Source: CREA
AREA Monthly Statistics 23 MAR- 2019
Lloydminster
Sales activity in the area remain comparable to last year’s levels. However, with no significant adjustments in the number of new listings coming onto the market, the inventory levels remain elevated ensuring the market continues to favour buyers. These conditions continue to weigh on prices which have been trending down for the past three quarters.
Lloydminster Mar-18 Mar-19 % Change YTD 2018 YTD 2019 % Change Total Sales 45 60 33.33% 135 135 0.00% Total Sales Volume $12,277,533 $15,445,146 25.80% $37,061,831 $31,300,196 -15.55% New Listings 245 240 -2.04% 566 560 -1.06% Inventory 1,029 1,096 6.51% 951 1,021 7.29% Months of Supply 22.87 18.27 -20.12% 21.14 22.68 7.29% Sales-to-new Listings Ratio 0.18 0.25 36.11% 0.24 0.24 1.07% Average Price $272,834 $257,419 -5.65% $274,532 $231,853 -15.55%
Average price and price change 50% 400,000
40% 350,000 30% 300,000 20% 250,000 10% 200,000 0% 150,000 -10% 100,000 -20%
-30% 50,000
-40% 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Y/Y Price Change Trended Price Change Average Price Trended Average Price Source: CREA
Months of supply and sales to new listings ratio 30 100% 90% 25 80% 70% 20 60% 15 50% 40% 10 30% 20% 5 10% 0 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Months of Supply Trended Months of Supply Trended S/NL Source: CREA
AREA Monthly Statistics 24 MAR- 2019 Lloydminster Sales
March YTD‐March 140 300
120 250 100 200 80 150 60 100 40
20 50
0 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Lloydminster 10-year average Lloydminster 10-year average Source: CREA Source: CREA
Lloydminster New Listings March YTD‐March 300 600
250 500
200 400
150 300
100 200
50 100
0 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Lloydminster 10-year average Source: CREA Lloydminster 10-year average Source: CREA
Lloydminster Inventory
March YTD‐March 1,200 1,200
1,000 1,000
800 800
600 600
400 400
200 200
0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Lloydminster 10-year average Source: CREA Lloydminster 10-year average Source: CREA
AREA Monthly Statistics 25 REPORTING REGIONS
* Data is collected and reported by each board, then aggregated by the Canadian Real Estate Association. Detailed information regarding how the data is aggregated should be directed to either the Specific Board or CREA.
The average price information listed can be useful in establishing trends over time, but do not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical area
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ABOUT AREA
The AREA represents more than 10,000 REALTORS® and 10 real estate Boards/Associations province-wide and provides worldclass leadership that positively shapes the Alberta real estate profession, enhances member professionalism, and reinforces the critical value REALTORS® deliver to both buyers and sellers.
Board & Association Information Board & Association Information
The Grande Prairie & Area Association of REALTORS® represents more than 240 REALTORS® located in Grande Prairie and across the Peace Region. All MLS® listings processed by the Board can be found on the national public web site www.grandeprairie-mls.ca
The Fort McMurray REALTORS® are a member service organization made up of approximately 200 real estate members consisting of Brokers, Associate Brokers and Associates. The Board also has 12 Affiliate members providing support and service to the real estate industry. Our trading area includes the Regional Municipality of Wood Buffalo and the Lac LaBiche County. For more information please go to www.fmreb.com
Alberta West REALTORS® Association represents 174 real estate industry professionals in various communities throughout West Central Alberta. For more information please go to www.abwra.com
The REALTORS® Association of Edmonton is a professional services association comprised of over 3,200 Brokers and Associates serving the greater Edmonton area. For more information please go to www.realtorsofedmonton.com
The REALTORS® of Lloydminster and District is comprised of approximately 100 REALTORS® located in offices in Lloydminster as well as the surrounding communities of Wainwright and VermilionFor more information please go to www.rald.realtyserver.com
The Central Alberta REALTORS® Association is a professional trade organization, whose members are licensed Real Estate professionals. Our membership currently includes more than 650 real estate brokers and agents working across Central Alberta. For more information please go to www.carassociation.ca
The Calgary Real Estate Board (CREB®) is a professional association of over 5,200 licensed REALTORS® across the Calgary region. As one of the largest real estate boards in Canada, CREB® provides members with essential resources to enhance professionalism, advance the industry’s development and enrich the communities they serve. For more information please go to www.creb.com
The Lethbridge and District Association of REALTORS® is a member service organization made up of 294 real estate members consisting of Brokers, Associate Brokers and Associates. The Board also has 39 Contract Subscribers who are Appraisers, Home Inspectors, Builders, and Mortgage Brokers. For more information please go to www.ldar.ca
The Medicine Hat Real Estate Board was chartered in 1955 and serves the 140 local REALTORS®, in eleven brokerages, which provide real estate brokerage services to buyers and sellers of all types of property - residential, commercial, industrial and information please go to www.mhreb.ca
AREA Monthly Statistics 26