October sales in Calgary were up in part to the new mortgage rules that were implemented October 17th. Unfortunately, the same cannot be said for November. Year-over-year monthly sales totaled 1,227 units, which is nearly three per cent lower than last year and 17 per cent below long-term averages.The gains in October was expected with the new rules, but how November shaped-up was a real unknown and virtually anyone’s guess. Supply levels did ease up in November which meant there were less homes listed on MLS than the same time last year.
Year-to-date detached sales have declined by three per cent compared to last year, but November 2016 saw only 35 less homes sold than November 2015. There has also been some modest improvements in recent months in the sale of high end homes.
With the announcement this week of the approved pipelines, and finally some attention for Alberta from the federal government, it will be interesting what is to come in December and in 2017.