CALGARY HOUSING Single Family Detached, Town House and Condo Average Prices with Total Residential Listings and Sales and the TSX Energy Index
See also the charts comparing 10 year changes in Alberta employment earnings and the relative values of CALGARY STRATA units as a percentage of single family dwellings
NOTE: Condo data from July 2006 to November 2010 are CREB combined Strata. The TSX Energy Index is x15 to fit the chart.
In February 2020 prices continued following their down trends of lower highs. Average Condo prices lead the way down at 23% below their JUN 2014 peak putting them back to DEC 2005 price levels.
Average single family detached prices remain inside their 6 year area of support, while the total residential sales plot continues to plumb the seasonal lows. The ratio of listings to sales in Calgary is 4.6 compared to Vancouver at 4.3 and Toronto at only 1.2.
In May 2017 real estate buyers heard Trumpets and moved the average price of a detached house to a historical peak and now 32 months later, the buy side of the market continues to thin, although those with income reject strata units in favour of detached dwellings.
The employed in Alberta enjoy the highest average earnings in Canada at $60,631/yr (DEC 2019 print) and are only 1.4% below the OCT 2019 peak print and 12% above Canada's national average.
But Foreign Direct Investment in Canada has been negative for two decades. The data plot spiked to a new wide in 2015, 2016, 2017 and 2018. That's a trend. Housing is a commodity as is heavy Alberta crude. Follow the money, see the TSX chart and my notes on the commodities super cycle in my post Japan Redux.