CALGARY REGIONAL HOUSING MARKET STATISTICS

06.12

CALGARY REAL ESTATE MARKET AS EXPECTED Sales activity trending towards long-term stability

Calgary, July 3, 2012 Residential sales in the City of Calgary totaled 11,752 for the first half of this year, a 16-per-cent increase over the same period last year. The rise in sales has brought activity levels closer to long-term trends in the city. Recent mortgage rule changes may dampen some of the gains in the resale market, says Ann-Marie Lurie, CREBs chief economist. But this is not expected to cause a full reversal of either sales or price growth, provided the global economic situation does not significantly worsen. Our housing market is returning to normal levels of activity, supported by the improvements in our employment sector and rise in migration. Single Family monthly sales reached 1,609 units in June, a decline over the previous month, but 16 per cent higher than levels recorded in June 2011. However, new listings are declining as consumes appear to delay putting units on the market until they see further price recovery. Despite the decline, with a current inventory of 3,817, the supply constraint has eased and the single family market is moving towards more balanced levels. Overall the Calgary market is trending towards long-term stability, says Bob Jablonski, president of CREB. Activity levels are consistent with our expectations, and are not demonstrating an overheated market. Weve seen a slight lack of supply in single-family homes, but this is not the case in the broader residential market, including surrounding towns, The single-family benchmark price for the month of June 2012 was $430,800, a 7.3-per-cent increase over the previous year. Year-over-year price increases have been particularly strong in the recent months, in part due to the decline in months of supply. As the city moves towards balance, we can expect price growth to ease in following months. Homebuyers are confident about the long-term prospects in our city, and continue to search for homes in those communities that align with their needs, Jablonski says. People who are in the market to buy right now have to make their decisions quicker, but they are well informed and they continue to seek out value for their money. While June sales activity showed a modest improvement over last year, year-to-date condominium apartment sales totaled 1,858, a 7 per cent increase over the first half of 2011. Both monthly and year-to-date sales remain consistent with longterm trends. The rise in sales over the first half of the year combined with a decline in listings helped reduce the excess supply. With supply hovering just above three months, the

CALGARY SALES COMPARISON

CALGARY RESIDENTIAL PRICE GROWTH

condominium apartment market remains in balance. The condominium-apartment market recorded a modest improvement in pricing, with a benchmark price of $246,300 in June 2012, a year-over-year price gain of 1.5 per cent. The condominiumtownhome benchmark price grew by 3.3 per cent over 2011, and is now $278,000. Recent reports have mentioned an overvalued Canadian housing market, and it is important to note that the Calgary market has already recorded a correction, says Lurie, who notes benchmark prices in the entire CREB residential market remain 8 per cent below peak levels. Alberta was slow to recover from the recession, but this year our province is expected to lead the country in economic growth. This growth will continue to support gains in full-time employment and encourage positive momentum in our local housing market by way of both demand and price recovery, Lurie concludes.

CREB Calgary Regional Housing Market Statistics

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CREB SUMMARY STATISTICS

For a list of definitions, see page 20.

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CREB SUMMARY STATISTICS CITY OF CALGARY

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MLS HPI SUMMARY

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COMPARISONS

Benchmark Price - June

500,000 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 1 storey 2 Storey Total SF Townhouse
CREB Towns

Apartment

Total Composite
Source: CREB

CREB Total Residential

CREB City of Calgary

Months of Supply - June

9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 Months of Supply SF Months of Supply Townhouse CREB City of Calgary Months of Supply Apartment

Sales Distribution - June

120% 3.30% 100% 13.20% 80% 60% 40% 72.50% 20% 0% CREB Total Residential CREB City of Calgary CREB Towns 73.07% 11.00% 15.44% 11.49% 7.22% 11.00%

81.77%

CREB Total Residential

CREB Towns

Source: CREB

Single Family

Townhouse

Apartment

CRES

Source: CREB

CALGARY INDEX VALUE

220 210 200

CALGARY YEAR OVER YEAR PRICE CHANGES

60% 50% 40% 30%

190 180 170 160

20% 10% 0% -10% -20%

150

Index Value Single Family Index Value Apartment

Index Value Tonwhouse

SF Y/Y Index Price Change Townhouse Y/Y Price Change Source: CREB

Apartment Y/Y iIndex Price Change Source: CREB

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CITY OF CALGARY TOTAL

CALGARY YTD SALES BY PRICE RANGE

YTD-JUNE
30%

25%

20%

15%

10%

5%

0% < $200,000 $300,000 $350,000 $450,000 $550,000 $700,000 $200,000 - $299,999 -$349,999 - $449,999 - $549,999 - $699,999 +
YTD-2009 YTD-2010 YTD-2011 YTD-2012 Source: CREB

CREB Calgary Regional Housing Market Statistics

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CITY OF CALGARY

CALGARY YTD TOTAL SALES

18,000 16,000

CALGARY YTD TOTAL NEW LISTINGS

YTD-JUNE YTD-JUNE
30,000 25,000

14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 0 10,000 5,000 20,000 15,000

SF Sales TH Sales

Apartment Sales 10 Year Average

Source: CREB

SF New Listings TH New Listings

Apartment New Listings 10 Year Average

Source: CREB

CALGARY INVENTORY AND SALES

7,000 6,000 5,000 300,000 4,000 3,000 2,000 100,000 1,000 50,000 250,000 200,000 150,000 450,000 400,000 350,000

CALGARY MONTHS OF INVENTORY

9 8 7 6 5 4

BALANCED
3 2 1 -

Inventory

Sales

Benchmark Price

Source: CREB

Months of Supply 3 month MA

Source: CREB

CALGARY PRICE CHANGE COMPARISON

440,000 420,000 400,000 10% 380,000 360,000 340,000 -10% 320,000 300,000 -15% -20% 5% 0% -5% 25% 20% 15%

CALGARY PRICES
460,000 440,000 420,000 400,000 380,000 360,000 340,000 320,000

Average Price Y/Y% Change Index Y/Y% Change

Benchmark Price Source: CREB Average Price Benchmark Price Source: CREB

CREB Calgary Regional Housing Market Statistics

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CITY OF CALGARY SINGLE FAMILY

CALGARY YTD SINGLE FAMILY SALES BY PRICE RANGE

40% 35% 30% 25% 20% 15% 10% 5% 0% < $300,000 $300,000 - $350,000 - $450,000 - $550,000 - $700,000 + $349,999 $449,999 $549,999 $699,999
YTD-2009 YTD-2010 YTD-2011 YTD-2012 Source: CREB

YTD-JUNE

CREB Calgary Regional Housing Market Statistics

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CITY OF CALGARY SINGLE FAMILY

CALGARY YTD SINGLE FAMILY SALES

14,000 12,000 10,000 8,000 6,000 4,000 2,000 0

CALGARY YTD SINGLE FAMILY NEW LISTINGS

YTD-JUNE
20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0

YTD-JUNE

SF Sales

10 Year Average

Source: CREB

SF New Listings

10 Year Average

Source: CREB

CALGARY SINGLE FAMILY INVENTORY AND SALES

5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 500,000 450,000 400,000 350,000 300,000 250,000 200,000

CALGARY SINGLE FAMILY MONTHS OF INVENTORY

9 8 7 6 5 4

BALANCED
3 2 1 -

150,000 100,000 50,000 -

SF Inventory

SF Sales

SF Benchmark Price

Source: CREB

SF Months of Supply 3 month MA

Source: CREB

CALGARY SINGLE FAMILY PRICE CHANGE COMPARISON

460,000 440,000 420,000 400,000 380,000 360,000 340,000 320,000 300,000 25% 20% 15% 10% 5%

CALGARY SINGLE FAMILY PRICES

530,000 510,000 490,000 470,000 450,000 430,000 0% 410,000 -5% -10% -15% 390,000 370,000 350,000

SF Average Price Y/Y% Change Index Y/Y% Change

SF Benchmark Price SF Average Price Source: CREB SF Benchmark Price Source: CREB

CREB Calgary Regional Housing Market Statistics

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CITY OF CALGARY CONDOMINIUM TOWNHOUSE

CALGARY YTD TOWNHOUSE SALES BY PRICE RANGE 0 0

60% 50% 40% 30% 20% 10% 0% < $200,000
YTD-2009

YTD-JUNE

$200,000 $299,999
YTD-2010

$300,000 $399,999

$400,000 $599,999

$600,000+
Source: CREB

YTD-2011

YTD-2012

CREB Calgary Regional Housing Market Statistics

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CITY OF CALGARY CONDOMINIUM TOWNHOUSE

CALGARY YTD TOWNHOUSE SALES

YTD-JUNE
2,500

CALGARY YTD TOWNHOUSE NEW LISTINGS

3500 3000

YTD-JUNE

2,000 2500 1,500 2000 1500 1000 500 500 0 0

1,000

Townhouse Sales

10 Year Average

Source: CREB

Townhouse New Listings

10 Year Average

Source: CREB

CALGARY TOWNHOUSE INVENTORY AND SALES

900 800 250,000 700 600 500 150,000 400 300 200 50,000 100 100,000 200,000 300,000

CALGARY TOWNHOUSE MONTHS OF INVENTORY

9 8 7 6 5 4

BALANCED
3 2 1 -

TH Inventory

TH Sales

TH Benchmark Price

Source: CREB

TH Months of Supply 3 month MA

Source: CREB

CALGARY TOWNHOUSE PRICE CHANGE COMPARISON

340,000 320,000 300,000 280,000 260,000 240,000 220,000 200,000 25% 20% 15% 10% 5% 0% -5% -10% -15% -20%

CALGARY TOWNHOUSE PRICES

360,000 340,000 320,000 300,000 280,000 260,000 240,000 220,000

TH Average Price Y/Y % Change Index Y/Y% Change

TH Benchmark Price Source: CREB TH Average Price TH Benchmark Price Source: CREB

CREB Calgary Regional Housing Market Statistics

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CITY OF CALGARY CONDOMINIUM APARTMENTS

CALGARY YTD APARTMENT SALES BY PRICE RANGE 0 0

70% 60% 50% 40% 30% 20% 10% 0% < $200,000
YTD-2009

YTD-JUNE

$200,000 $299,999
YTD-2010

$300,000 $399,999
YTD-2012

$400,000 $599,999

$600,000+
Source: CREB

YTD-2011

CREB Calgary Regional Housing Market Statistics

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CITY OF CALGARY CONDOMINIUM APARTMENTS

CALGARY YTD APARTMENT SALES

3,500 3,000 2,500 2,000

CALGARY YTD APARTMENT NEW LISTINGS

YTD-JUNE
6,000 5,000 4,000 3,000

YTD-JUNE

1,500 2,000 1,000 500 0 1,000 0

Apartment Sales

10 Year Average

Source: CREB

Apartment New Listings

10 Year Average

Source: CREB

CALGARY APARTMENT INVENTORY AND SALES

1,400 1,200 1,000 200,000 800 150,000 600 100,000 400 200 50,000 300,000 250,000

CALGARY APARTMENT MONTHS OF INVENTORY

10 9 8 7 6 5 4 3 2 1 -

BALANCED

Apartment Inventory

Apartment Sales

Apartment Benchmark Price Source: CREB

Apartment Months of Supply 3 month MA Source: CREB

CALGARY APARTMENT PRICE CHANGE COMPARISON

320,000 300,000 280,000 260,000 0% 240,000 220,000 200,000 -10% 40% 30% 20% 10%

CALGARY APARTMENT PRICES

340000 320000 300000 280000 260000 240000 -20% 220000 -30% 200000

Apartment Average Price Y/Y% Change Index Y/Y% Change

Apartment Benchmark Price Source: CREB Apartment Average Price Apartment Benchmark Price Source: CREB

CREB Calgary Regional Housing Market Statistics

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CREB TOWNS

CREB TOWNS YTD SALES BY PRICE RANGE 0 0

YTD-JUNE
30% 25% 20% 15% 10% 5% 0% < $200,000 $300,000 $350,000 $450,000 $550,000 $700,000 $200,000 - $299,999 -$349,999 - $449,999- $549,999 - $699,999 +
YTD-2009 YTD-2010 YTD-2011 YTD-2012 Source: CREB

CREB Calgary Regional Housing Market Statistics

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CREB TOWNS

CREB TOWNS YTD TOTAL SALES

YTD-JUNE
3,500 3,000 2,500 2,000 1,500 1,000 500 0

CREB TOWNS YTD TOTAL NEW LISTINGS

7,000 6,000 5,000 4,000 3,000 2,000 1,000 0

YTD-JUNE

SF Sales TH Sales

Apartment Sales 10 Year Average

Source: CREB

SF New Listings TH New Listings

Apartment New Listings 10 Year Average

Source: CREB

CREB TOWNS INVENTORY AND SALES

3,500 3,000 2,500 2,000 1,500 1,000 500 350,000 300,000 250,000 200,000 150,000 100,000 50,000 -

CREB TOWNS MONTHS OF INVENTORY

18 16 14 12 10 8 6 4 2 -

BALANCED

Inventory

Sales

Benchmark Price

Source: CREB

Months of Supply 3 month MA

Source: CREB

CREB TOWNS PRICE CHANGE COMPARISON

370,000 360,000 350,000 340,000 330,000 320,000 310,000 300,000 290,000 280,000 270,000 -20% 0% -10% 20% 10% 40% 30%

CREB TOWNS PRICES

430,000 410,000 390,000 370,000 350,000 330,000 310,000 290,000 270,000 -30% 250,000

Average Price Y/Y% Change Index Y/Y% Change

Benchmark Price Source: CREB Average Price Benchmark Price Source: CREB

CREB Calgary Regional Housing Market Statistics

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CREB COUNTRY RESIDENTIAL

CRES YTD SALES BY PRICE RANGE

YTD- JUNE
30% 25% 20% 15% 10% 5% 0% < $500,000 $500,000 - $600,000 - $700,000 - $800,000 - $1,000,000 $1,500,000+ $599,999 $699,999 $799,999 $999,999 - $1,499,999
YTD-2009 YTD-2010 YTD-2011 YTD-2012 Source: CREB

CREB Calgary Regional Housing Market Statistics

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CREB COUNTRY RESIDENTIAL

CRES YTD TOTAL SALES

YTD-JUNE
700 600

CRES YTD TOTAL NEW LISTINGS

YTD-JUNE
1800 1600 1400

500 400 300 200

1200 1000 800 600 400

100 0

200 0

CRES Sales

10 Year Average

Source: CREB

CRES New Listings

10 Year Average

Source: CREB

CRES INVENTORY AND SALES

1,400 1,200 1,000 600000 800 600 400 200000 200 100000 0 500000 900000 800000 700000

CRES MONTHS OF INVENTORY

40 35 30 25 20 400000 300000 15 10 5 -

BALANCED

Inventory

Sales

Median Price

Source: CREB

Months of Supply 3 month MA

Source: CREB

CRES YEAR OVER YEAR PRICE CHANGES

80% 60% 40%

CRES PRICES
1,200,000 1,100,000 1,000,000 900,000

20% 800,000 0% -20% -40% 700,000 600,000 500,000

Average Price Y/Y% Change Average Price Y/Y% Change 3 month MA

Source: CREB

Average Price

Average Price 3 month MA

Source: CREB

CREB Calgary Regional Housing Market Statistics

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CREB TOTAL RESIDENTIAL

CREB RESIDENTIAL YTD SALES BY PRICE RANGE 0 0

YTD-JUNE
30% 25% 20% 15% 10% 5% 0% < $200,000 $300,000 $350,000 $450,000 $550,000 $700,000 $200,000 - $299,999 -$349,999 - $449,999 - $549,999 - $699,999 +
YTD-2009 YTD-2010 YTD-2011 YTD-2012 Source: CREB

CREB Calgary Regional Housing Market Statistics

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CREB TOTAL RESIDENTIAL

CREB RESIDENTIAL YTD TOTAL SALES

25,000 YTD-JUNE

CREB RESIDENTIAL YTD TOTAL NEW LISTINGS

YTD-JUNE
40,000 35,000

20,000

30,000 25,000 20,000

15,000

10,000

15,000 10,000

5,000 5,000 0 0

SF Sales CRES

Apartment Sales 10 Year Average

TH Sales Source: CREB

SF New Listings CRES New Listings

Apartment New Listings 10 Year Average

TH New Listings Source: CREB

CREB RESIDENTIAL INVENTORY AND SALES

12,000 10,000 8,000 6,000 4,000 2,000 400,000 350,000 300,000

CREB RESIDENTIAL MONTHS OF INVENTORY

12 10 8 250,000 200,000 150,000 100,000 2 50,000 0 6 4

BALANCED

Inventory

Sales

Benchmark Price

Source: CREB

Source: CREB

CREB RESIDENTIAL PRICE CHANGE COMPARISON

440,000 420,000 400,000 10% 380,000 360,000 340,000 -10% 320,000 300,000 -15% -20% 5% 0% -5% 25% 20% 15%

CREB RESIDENTIAL PRICES

480,000 460,000 440,000 420,000 400,000 380,000 360,000 340,000 320,000 300,000

Average Price Y/Y Change Index Y/Y% Change

Benchmark Price Source: CREB

Average Price

Benchmark Price

Source: CREB

CREB Calgary Regional Housing Market Statistics

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DEFINITIONS
SF - Single Family TH - Condominium Townhouse Months of Supply - Active Listings (Inventory) / sales Composite - includes single family, apartment and townhouse activity Average DOM - Average Days on Market for Sold properties Sales $ / List $ - sales price to list price ratio Active Listings Total listings on the market as of 4:30am on the first of day of the month LP - List Price SP Sales Price CRES - Country residential properties YTD - Year to Date 3 month MA - 3 month Moving Average Y/Y Year over Year New Listings include listings added for a particular month

HOW THESE STATISTICS ARE CALCULATED

In order to align our data with the MLS Home Price Index (HPI), we made several changes to the data that we report, as well as the monthly statistics. The new package provides more information and data exclusions provide a better residential picture. All the data provided through the monthly statistics package as of March 2012, reflect these adjustments. Please note, historical PDF packages do not include the changes. A summary of these changes is available below: MONTHLY STATISTICS PACKAGE We now provide monthly statistics for: CREB Total Residential, CREB Towns, CREB Country Residential (CRES), City of Calgary, City of Calgary Single Family, City of Calgary Condominium Apartment, City of Calgary Condominium Townhouse.

All categories exclude: vacant lots, time shares, parking stalls and mobile homes on leased land. CITY OF CALGARY Includes sales in Zones A, B, C, D only. Condominium Apartment includes all Condominium title properties that are classified by type as either a lowrise or high-rise apartment. Condominium Townhouse include all Condominium titled properties that are not classified as an Apartment. Historical inventories have been adjusted to best reflect the adjustments made to the data.

TOTAL MLS Changed to CREB Total Residential and excludes the following: Excludes: Rural Land, Country Recreational (CREC), The exclusions applied to the data results in roughly 400 500 less sales per year. Historical inventories have been revised to best reflect the adjustments made to the data, while Mobile Homes, Rural Land and CREC inventories could be pulled out of the total MLS inventory data. No adjustments could be made for Vacant Lots, Time Shares and Parking Stalls, indicating historic figures could be slightly overstated compared to current numbers.

ABOUT CREB
CREB is a professional body of more than 5,100 licensed brokers and registered associates, representing 242 member offices. CREB is dedicated to enhancing the value, integrity and expertise of its REALTOR members. Our REALTORS are committed to a high standard of professional conduct, ongoing education, and a strict Code of Ethics and standards of business practice. For Calgary Metro, CREB statistics include only Zone A, B, C and D for properties located in Calgary. Furthermore, all historical data has been adjusted to the most current information. Any use or reference to CREB data and statistics must acknowledge CREB as the source. The board does not generate statistics or analysis of any individual member or companys market share. All MLS active listings for Calgary and area may be found on the boards website at www.creb.com. CREB is a registered trademark of the Calgary Real Estate Board Cooperative. The trademarks MLS and Multiple Listing Service are owned by the Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR and REALTORS are controlled by CREA and identify real estate professionals who are members of CREA, and subsequently the Alberta Real Estate Association and CREB, used under licence.

CREB Calgary Regional Housing Market Statistics

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