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August 2021 Statistics

City of Calgary Monthly Statistics

August 2021

Market Trend Summary

Citywide sales in August reached 2,151 units, 37 per cent higher than last year and 25 per cent higher than long-term trends. Sales have slowed from the record-setting pace seen earlier this year, but on a year-to-date basis, the eight-month total of 19,516 sales is higher than annual sales figures recorded over the past six years.

Sales have far exceeded expectations throughout most of the pandemic, driven by demand for detached homes. At the same time, supply could not keep pace, leading conditions to shift to favour the seller, which has not occurred in over six years. With more buyers than sellers, prices rose, providing the opportunity for many move-up buyers in the market. Over the past several months, we have seen adjustments in supply relative to sales, helping move us toward more balanced conditions.

The months of supply in August was nearly three months. This is an improvement relative to earlier in the year, but conditions generally remain far tighter than typical August levels. However, some improvements in supply compared to sales have been slowing price growth. As of August, the total residential benchmark price was $459,600, slightly lower than July, but over nine per cent higher than levels recorded last year. The price gains have ranged by product type, with the highest occurring in the detached sector of the market.

Walter Saccomani
Walter Saccomani

Real Estate Agent – REALTOR®
StoneMere Real Estate Solutions
(403) 903-5395

Calgary Real Estate

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Walter Saccomani
Walter Saccomani

Real Estate Agent – REALTOR®
StoneMere Real Estate Solutions
(403) 903-5395

New mortgage stress test rules

Canada’s new mortgage stress test rules which are set to come into effect June 1 2021 are going to make purchasing homes a bit harder for first-time homebuyers, according to several mortgage and housing policy experts.

The new rules, coming into effect June 1 2021, ups the minimum qualifying rate, which is a gauge of whether borrowers can handle payments should interest rates increase.

According to the Office of the Superintendent of Financial Institutions, which confirmed the upcoming changes on Thursday May 20 2021, the rates would rise to either the contracted rate plus two percentage points or 5.25 per cent — whichever is higher of the two.

“The rate in place as of June 1, 2021 will help support financial resilience should economic circumstances change, while our commitment to review the qualifying rate at least annually will contribute to continued confidence in the Canadian financial system,” Ben Gully, Office of the Superintendent of Financial Institutions assistant superintendent of regulation, said in a release.

Canadians currently looking to buy a home should ensure they secure their mortgage pre-approval prior to June 1 as Office of the Superintendent of Financial Institutions will allow lenders, at their discretion, to grandfather the current stress test rate.

The same goes for anyone who has already purchased a home and anyone looking to refinance.

Office of the Superintendent of Financial Institutions also said Thursday that it would review and communicate the qualifying rate at least once a year every December well ahead of the spring selling season.

Let’s get you a new home.

Walter Saccomani
Walter Saccomani

Real Estate Agent
StoneMere Real Estate Solutions
(403) 903-5395