- Housing sales in Calgary decreased in July year-over-year, while new listings and active listings increased, improving market absorption. Attached home listings saw the largest year-over-year increase. The average single family home price in Calgary dropped to just over $545,000 in July. - Sales of higher-priced homes ($700,000-$799,000 and over $1.5M) decreased the most, accounting for the erosion of Calgary's average home price. The average days on market for single family homes increased slightly from 35 to 40 days year-over-year. - Several Alberta economic indicators slowed in recent months, including GDP growth, retail sales, and weekly earnings, while unemployment

1. Economic Region
Calgary Single Family
Calgary Apt. Condo
Calgary Attached
2015
Economic Region
Calgary Single Family
Calgary Apt. Condo
Calgary Attached
In July the number of Economic Region sales decreased less year over year than the number of new listings and active listings improving the
absorption and stability of the market. Active listings in the Attached category have continued to have the largest increase over last year.
[The Attached category includes semi-detached duplexes, row houses and townhouse condominiums.]
Average single family home sale price dropped to just over $545,000 in July, a decrease of $18,000 from June's high of $563,000.
There was a marked decrease in sales with prices between $700,000-$799,000 and sales in excess of $1.5M which is accounting
for the greatest erosion of the average sale price.
1,313 60.22% 399,233$ -1.52%
1,362 44.45% 307,087$ -3.48%
3,071 -23.07% 5,444 -0.98% 56.33% -21.97%
3,688 29.21% 545,900$ -1.85%
2,225 -29.16% 4,669 -3.83% 48.46% -24.58%
8,752 -23.18% 15,140 -9.48% 57.69% -14.81%
7,148 29.13% 473,785$ -1.17%
AVERAGE Y/Y% AVERAGE Y/Y%
15,089 -24.19% 27,370 -8.25% 55.10% -16.79%
TOTAL Y/Y% TOTAL Y/Y% AVERAGE Y/Y%
YEAR TO DATE (2015): from January 1st , 2015 to the last day of July, 2015
1,297 26.29% 406,569$ 0.92%
1,306 12.78% 304,571$ -3.59%
526 -9.93% 776 1.31% 68.00% -10.81%
3,636 1.62% 545,284$ -3.19%
345 -27.97% 613 -11.16% 56.28% -18.93%
1,441 -11.10% 2,081 -7.39% 69.25% -4.01%
7,118 -11.65% 480,489$ 0.89%2,484 -14.40% 3,768 -17.53% 65.92% 3.79%
AVERAGE Y/Y% AVERAGE Y/Y%TOTAL Y/Y% TOTAL Y/Y% AVERAGE Y/Y%
Real Estate and Economic Report
Sales New Listings
Sales to New
Listings Ratio
Active Listings Average Price
from the 1st of July, 2015 to the last day of July, 2015
- Calgary Real Estate Market -
REPORTING PERIOD:
$459,035 $465,202 $479,880
$517,333
$558,738 $545,900
$250,000
$350,000
$450,000
$550,000
$650,000
2010 2011 2012 2013 2014 2015 YTD
Single Family Home Annual Average Price (Calgary)
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
Single Family Home Comparisons (Calgary)
Sales (Total) New Listings (Total) Active Listings (Avg.)

2. Total Residential
Single Family
Apartment Condo
Duplex Rowhouse
2015
Total Residential
Single Family
Apartment Condo
Duplex Rowhouse 357,139$ 4.51%
The Sales to new Listings ratio is showing signs of an increasing supply of housing coming on to the market as sales begin to drop
off from the June peak. Apartment condos saw the largest decline in sales for July at -16.82% and Duplex/Rowhouse saw new
listings increase by a whopping 43.09%.
881 4.26% 1,587 29.23% 55.57% -18.45%
438,370$ 1.92%
2,938 -15.01% 6,504 16.45% 44.43% -27.00% 252,642$ 2.31%
TOTAL Y/Y%
372,453$ 2.53%
6,246 -10.66% 12,215 10.34% 49.86% -19.21%
YEAR TO DATE (2015): from January 1st, 2015 to the last day of July, 2015
AVERAGE Y/Y%
10,251 -9.83% 20,798 13.14% 48.11% -21.38%
TOTAL Y/Y% AVERAGE Y/Y%
256,708$ 0.92%
139 -4.14% 259 43.09% 54.00% -32.50% 356,237$ -0.84%
534 -16.82% 1,014 20.28% 53.00% -30.26%
3.27%
1,111 -4.06% 1,782 11.31% 62.00% -13.89% 436,948$ 1.93%
Y/Y%
1,812 -9.13% 3,123 14.90% 58.02% -20.91% 372,910$
TOTAL Y/Y% TOTAL Y/Y% AVERAGE Y/Y% AVERAGE
REPORTING PERIOD: from the 1st of July, 2015 to the last day of July, 2015
Sales New Listings
Sales to New
Listings Ratio
Average Price
- Edmonton Real Estate Market -
Even with slower sales this year, the average number of days on market for single family homes has only risen from 35 to 40 days
year over year. A very small increase and well within acceptable levels.
The sale of homes over $1.5M saw a huge drop in July dropping from 29 last year to only 9 in July this year. Homes in the
$700,000-$799,000 and $350,000 to $399,000 price category also saw the most significant drop in the percentage of sales year
over year. The cumulative drop in higher priced sales has negatively affected the average home price.
0
20
40
60
Single Family Home Average Days on Market (Calgary)
0
50
100
150
200
250
300
350
400
> $100 $100 -
$199
$200 -
$299
$300 -$
349
$350 -
$399
$400 -
$449
$450 -
$499
$500 -
$549
$550 -
$599
$600 -
$649
$650 -
$699
$700 -
$799
$800 -
$899
$900 -
$999
$1M +
July 2014
July 2015
Number of Sales by Price Range (Calgary Metro)

3. Following a drop in average days on market from 58 to 44 between January to March 2015 we have now seen a steady increase
to 50 average days on market. Apartment condos are the highest at 54 average days on market.
Historically Edmonton follows Calgary for price increases and decreases by about 6 months, however, that trend broke off in 2014
likely due to the drop in oil prices. During the same 10 year period the TSX100 only increased 50% compared to the 110% for
Calgary and the 80% for Edmonton showing that real estate continues to be a strong investment.
Sales of single family homes in July 2015 were consistent with sales for July in the previous 3 years. The number of new listings is
continuing to stay high compared to previous years when there was a much greater peak and steep drop starting in July.
Since 2011 the average home price in Edmonton has increased an average of just over 4% per year since 2011 with a high of
5.4% between 2013 and 2014. The current YTD increase over 2014 is 1.53%.
$383,226 $379,485
$392,446
$409,438
$431,760
$438,370
$340,000
$360,000
$380,000
$400,000
$420,000
$440,000
$460,000
2010 2011 2012 2013 2014 2015 YTD
Single Family Home Annual Average Price (Edmonton)
989
1,084
1,264
1,136
941
854
773
782
623
419
528
648
923
1,022
1,179
1,198
1,125
983
857
863
673
436
485
747
917
1,147
1,213
1,324
1,158
924
967
850
717
439
390
547
876
1,001
1,078
1,243
1,111
1,737
1,663
1,943
1,627
1,455
1,380
1,266
1,082
769
409
955
1,115
1,467
1,569
1,911
1,586
1,491
1,349
1,268
1,059
783
415
1,070
1,082
1,585
1,818
2,085
1,829
1,601
1,353
1,337
1,256
794
534
1,298
1,428
1,883
1,964
1,974
1,886
1,782
0
500
1,000
1,500
2,000
2,500
Single Family Home Comparisons (Edmonton)
Sales (Total) New Listings (Total)
0
50
100
Average Days on Market (Edmonton Metro)
100
125
150
175
200
225
Calgary Home Price Index
Edmonton Home Price Index
Home Price Index Comparison

4. Real GDP Change
2015Q1
Unemployment Rate
Jul-15
Retail Sales Growth
May-15
Total Mortgages
May-15
Mortgages 90 day
Arrears May 15
in Alberta
in Canada
in Canada
569,448
4,661,036
-1.69%in Alberta 0.43%
in Canada
1.42%
0.74%
in Alberta
in Canada -0.60%
-86.36%
-130.00%
in Alberta
in Alberta
6.00%
in Canada
1.62%
in Canada 945.67$
12,910 -4.62%
1.39%
1,538
1,152.72$
-18.80%
29.49 -5.80%
-0.13%
Weekly Earnings
May 2015
6.80% 7.35%
in Alberta
1.71%
Housing starts (000's)
May-15
*the following information is based on current available data from: http://economicdashboard.albertacanada.com/, www.statcan.gc.ca/dai-quo/ and RBC Economic
Outlook.
TOTAL Y/Y%
7,723 2.17%
Apr-15
Net Migration to AB
21.67%
0.60%
Y/Y%
- Alberta Economic Indicators -
Employees have continued to earn more than they did at this time last year, however, average weekly earnings are down since
from their peak in February and March this year. Reduced overtime hours in the energy sector are a key factor.
The number of total mortgages in Alberta has continued to increase, however, May saw an increase in the number of mortgage
arrears. The increase in the number of mortgage arrears was significant enough to increase the percentage of arrears to total
number of mortgages in Alberta while the percentage stayed the same for Canada.
$990.98
$1,034.17
$1,070.47
$1,107.97
$1,149.18 $1,152.72
$900
$1,000
$1,100
$1,200
2010 2011 2012 2013 2014 2015 YTD
Alberta's Average Weekly Earnings
0.20%
0.23%
0.25%
0.28%
0.30%
0.33%
0.35%
0.38%
0.40%
M
o
r
t
g
a
g
e
s
% of Arrears to Total Number of
Mortgages AB
% of Arrears to Total Number of
Mortgages CA
Mortgage Arrears Ratio; Canada vs Alberta

5. Notes:
- On 15 July, the Bank lowered the overnight rate target to 1/2 per cent.
- Total CPI inflation in Canada has been around 1 per cent; core inflation has been close to 2 per cent.
- The Bank expects real GDP growth of just over 1 per cent in 2015 and about 2 1/2 per cent in 2016 and 2017.
http://economicdashboard.albertacanada.com/
http://www.creb.com/
http://www.ereb.com/REALTORSAssociationOfEdmonton.html
http://www.capp.ca/Pages/default.aspx
http://homepriceindex.ca/hpi_tool_en.html
http://www.cba.ca/en/component/content/publication/69-statistics
http://www.finance.alberta.ca/aboutalberta/
http://www.statcan.gc.ca/dai-quo/
http://www.housepriceindex.ca/default.aspx?langue=EN
The oil sands currently provides jobs for 514,000 people across Canada (direct, indirect and induced) and this is expected to grow
to over 800,000 jobs in 2028. Many of these jobs will be created in provinces outside of Alberta. Source CAPP
121,500 Albertans are directly employed in mining, oil and gas extraction sectors
Bank of Canada Realeased its Monetary Policy report for July 2015. The key Highlights are:
CND resale of homes has picked up in Toronto and Vancouver while they have declined in Calgary and Edmonton.
http://www.bankofcanada.ca/wp-content/uploads/2014/12/fsr-december2014.pdf
Resources
http://www.rbc.com/economics/economic-data/index.html
Prior to June we had seen a trend of closing the gap between the price in $USD of West Texas Intermediate (WTI) Oil and
Western Canadian Select (WCS) bitumen. This was and still is a big benefit to the majority of Alberta producers as WCS is what
is mostly produced in Alberta and shipped out at the US dollar rate and then converted to Canadian Dollars. This means that
currently the price for WCS in Canadian dollars is about $64 per barrel, with the low Canadian dollar the Alberta producers are
enjoying the relative benefit. Even though the price gap has increased recently it is nowhere near its peak gap differential.
- Global growth faltered in early 2015. It is expected to strengthen over the second half of 2015, averaging about 3 per cent for the
year, and accelerate to around 3 1/2 per cent in 2016 and 2017.
- The projection for growth in Canada in 2015 has been marked down, with real GDP estimated to have contracted modestly
in the first half of the year. Growth in Canada is projected to resume in the third quarter and begin to exceed potential again in
- The Bank anticipates that the economy will return to full capacity and inflation to 2 per cent on a sustained basis in the first half of
2017.
$-
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WCS OIL PRICES
WTI OIL PRICES
WTI-WCS Price Differential
WTI and WCS Pricing and Price Differential (US$)