City of Calgary, May 1, 2020 –
​
After the first full month with social distancing measures in place, the housing market is adjusting to the effects of COVID-19.
April sales hit 573 units, a decline of 63 per cent over last year.
"The decline in home sales does not come as a surprise. The combined impact of COVID-19 and the situation in the energy sector is causing housing demand to fall," said CREB® chief economist Ann-Marie Lurie.
"Demand is also falling faster than supply. This is keeping the market in buyers' territory and weighing on prices."
Sales activity eased across all price ranges, but the largest declines were for homes priced above $600,000.
With a greater share of the sales occurring in the lower price ranges, the average price decline was more than eight per cent. Prices for the average home are also declining, reflected by the benchmark price, which fell by nearly two per cent compared to last year.
New listings this month totalled 1,425 units, a decline of 54 per cent compared to last year. Inventories also declined, but with 5,565 units available, they remained high enough to push the months of supply above nine months. 
The economic impact of the situation is significant and early indications point toward more job losses and higher unemployment rates. Several government incentives will help cushion the blow, but challenges in the housing market are expected to persist throughout this year.
 
HOUSING MARKET FACTS
Detached

• Detached sales eased by 63 per cent this month compared to last year, with the largest decline in the West district.
• Slower demand was also met with easing supply, as new listings declined by 57 per cent. Overall, inventories eased by 25 per cent compared to last year. Despite the decline in inventory, the months of supply rose to more than eight months.
• The detached benchmark price eased by one per cent over last year, totalling $479,100. Prices managed to remain flat in both the South and South East districts. The highest price decline was in the City Centre, with a drop of more than three per cent.

Apartment

• Apartment sales slowed to 95 units. This is a 62 per cent decline over last year. New listings also slowed, but it was not enough to support a larger decline in inventory levels, which only eased by 13 per cent compared to last year. With 1,349 units in inventory, the months of supply rose to 14 months.
• Condominium prices were falling before recent developments in the market and the pace of decline remained relatively unchanged at more than two per cent compared to last year. Since the first energy crisis in 2014, the citywide apartment benchmark price has declined by nearly 19 per cent.
• Year-over-year prices have eased across almost all districts, but the South East district saw the largest year-over-year decline this month at nearly six per cent.

Attached

• Semi-detached and row properties recorded a significant drop in sales and new listings, causing inventories to decline by nearly 20 per cent. However, with a combined inventory of 1,441 units compared to just 138 sales, the months of supply rose to over 10 months.
• Semi-detached prices eased across all districts for a citywide year-over-year decline of nearly three per cent. The City Centre recorded the largest year-over-year decline at four per cent.
• Row priced declined in all areas except the East district. Citywide row prices declined by more than two per cent for a total of $278,300.

 
REGIONAL MARKET FACTS
Airdrie

• Sales in Airdrie slowed to 60 units in April. This decline in sales was met with a similar decline in new listings, which totalled 107 units. This helped reduce inventory levels, but with 407 units still in inventory, the months of supply rose to nearly seven months.
• Overall, the benchmark price remains comparable to last year. Average prices have declined, but some of this is due to more homes being sold in lower price ranges, as there was a significant decline in sales for homes priced above $500,000.

Cochrane

• April sales in Cochrane dropped to 29 units. This is 55 per cent below levels recorded in the previous year. However, new listings also eased. With only 61 new listings in the market, inventories declined to 281 units.
• Prices were easing before social distancing measures were put in place and April's benchmark price totalled $398,900. This is nearly two per cent lower than last year. However, both the median and average price rose compared to last year. This is likely due to more homes being sold in higher price ranges, as there were no sales recorded in the lowest price range.

Okotoks

• Both sales and new listings dropped, with totals of 17 and 44 units, respectively. Inventory remained well below last year's levels, but weaker demand pushed up the months of supply to nearly 12 months.
• Prices were trending down from the start of the year, but levels have remained relatively stable compared to the previous year. In April, the benchmark price continued to trend down, totalling $402,300.      

​Info provided by CREB

Media release: COVID-19 weighing on housing market
City of Calgary, April 1, 2020 –
After a strong start to 2020, economic conditions have dramatically changed, as COVID-19 is impacting all aspects of society.
The economic impact is starting to be felt across many industries. This includes the housing market.
March sales activity started the month strong, but quickly changed, as concerns regarding the spread of COVID-19 brought about social distancing measures. This had a heavy impact on businesses and employment.
“This is an unprecedented time with a significant amount of uncertainty coming from both the wide impact of the pandemic and dramatic shift in the energy sector. It is not a surprise to see these concerns also weigh on the housing market,” said CREB® chief economist Ann-Marie Lurie.
By the end of March, sales activity had fallen 11 per cent compared to last year. This is 37 per cent lower than long-term averages. The drop in sales pushed March levels to the lowest recorded since 1995.
“The impact on the housing market will likely persist over the next several quarters,” said Lurie. “However, measures put in place by the government to help support homeowners through this time of job and income loss will help prevent more significant impacts in the housing market.”
New listings dropped by 19 per cent this month. This decline in new listings compared to sales caused supply levels to ease and helped prevent a larger increase in oversupply. Overall, the months of supply remain just below five months, similar to levels recorded last year.
Prices were already forecasted to ease this year due to oversupply in our market. In March, the citywide benchmark price was $417,400. This is nearly one per cent lower than last year’s levels. The reduction in both sales and new listings should help prevent significant price declines in our market.
However, price declines will likely be higher than originally expected due to the combined impact of the pandemic and energy sector crisis.
HOUSING MARKET FACTS
Detached

• Detached sales eased by 15 per cent this month, driven by pullbacks in all districts except the North, which remained flat compared to last year.
• The decline in sales was met with a larger decline in new listings, causing inventories to fall by 17 per cent and keeping the months of supply slightly lower than last year’s levels.
• Detached benchmark prices have remained relatively unchanged compared to last year at $480,800. Price declines this month continue to be the highest for the City Centre, North East and West districts.

Apartment

• With 217 citywide apartment sales in March, this was the only category to record a year-over-year gain. Much of the gain was due to improving sales in the South, South East and North West districts.
• New listings this month did ease, helping support a small decline in inventory levels.
• Persistent oversupply has resulted in continued downward pressure on prices. In March, the citywide benchmark price eased by more than two per cent compared to last year for a total of $243,700.

Attached

• Both semi-detached and row sales declined this month compared to last year. Like the other property types, there was also a significant reduction in new listings.
• The decline in new listings helped push down inventory levels for both property types, but it was not enough to prevent a rise in the months of supply.
• However, this segment was oversupplied prior to the recent changes, impacting prices. As of March, prices remained nearly one per cent lower than last year’s levels for both semi-detached and row properties.

REGIONAL MARKET FACTS
Airdrie

• Like many other areas, Airdrie saw a decline in sales activity, along with a reduction in new listings and inventory. The reductions in supply and demand helped prevent any significant changes to the months of supply.
• While the full impact of the COVID-19 crisis has not yet played out in the housing market, March prices remained comparable to last year’s levels.

Cochrane

• Both sales and new listings fell this month compared to last year, causing inventories to fall to the lowest levels in five years. Like many other markets, Cochrane remains oversupplied, with easing prices.
• The March benchmark price was $398,700. This is nearly two per cent lower than the previous year.

Okotoks

• Trends changed this month, with flat sales and a decline in new listings. The decline in new listings was enough to cause a significant reduction in supply levels and the months of supply fell below five months.
• Prices are trending down on a monthly basis, but remain comparable to last year’s levels, with a March benchmark price of $405,000.

​Info provided by CREB

City of Calgary, March 2, 2020 –
This month saw a double-digit gain in sales, but last February was one of the slowest levels of activity since the late ’90s.
With the extra day this February, monthly sales totaled 1,197 units.  A combination of these two factors resulted in a 23 per cent improvement over last year, but sales remain well below longer-term trends and consistent with the lower levels reported over the past five years.
“However, this should not diminish the fact that conditions are still improving,” said CREB® chief economist Ann-Marie Lurie.
“Calgary is continuing to see slow reductions in the amount of oversupply in the market, from modest changes in demand and reductions in supply. This needs to occur before we can see more stability in prices.”
The overall unadjusted benchmark price was $416,900 in February. This is similar to last month, but nearly one per cent below last year’s levels. Overall, prices remain nearly 11 per cent below the monthly high recorded in 2014.
 
HOUSING MARKET FACTS
Detached

• After the first two months of the year, detached sales improved by nearly 12 per cent. Improvement did not occur across all districts, as sales continued to ease in the City Centre, North East and North West districts.
• Driven by pullbacks mostly in the south and west districts, new listings declined by one per cent in the city so far this year.
• Improving sales and easing new listings helped reduce inventory levels and reduced months of supply to just below four months in February. This is a significant improvement over the more than five months recorded last February.
• The benchmark price continued to trend down this month for detached homes, but the pace of decline is easing. Citywide detached prices remain less than one per cent lower than last year’s levels, but price movements vary significantly by district, ranging from a three per cent decline in the City Centre to a two per cent increase in the South district.

Apartment

• For the second month in a row, improving sales were met with gains in new listings. This is causing inventory gains.
• Sales levels were high enough to cause the months of supply to ease, but the persistent oversupply in the market continues to weigh on prices.
• February benchmark prices eased compared to the previous month and is over two per cent lower than last year’s levels. The overall benchmark apartment price of $244,700 in February is nearly 19 per cent lower than 2014 monthly highs.

 
Attached

• After the first two months of the year, rising attached sales and easing new listings caused inventories to decline.
• February months of supply is now below five months, an improvement compared to the past two years.
• Conditions continue to favour the buyer, but improvements have helped reduce the downward pressure on prices. However, divergent activity continues based on location, as prices declined across most districts, but improved in the West, South East and East districts of the city.

 
REGIONAL MARKET FACTS
Airdrie

• After the first two months of the year rising sales were met with gains in new listings.  However, the improvements in sales outpaced the new listings gain resulting in further inventory declines.  Months of supply have still eased over last year’s levels, but not enough to cause a significant change in price movements.
• After the first two months of the year, the benchmark price has remained relatively stable compared to last year.

 
Cochrane

• Trends in the town remain generally consistent with regional trends. Improving sales were met with some reductions in listings, inventory and the amount of oversupply in the market.
• The market is showing signs of improvement, but prices continue to remain over two per cent lower than last year.

 
Okotoks

• Improving sales in the town were strong enough to offset recent gains in new listings, causing further reductions in inventories and the months of supply.
• The elevated levels of supply compared to sales continue to cause prices to trend down. However, at a benchmark price of $409,150 so far this year, prices are just above levels recorded over the first two months of 2019. 

Info provided by CREB

City of Calgary, February 3, 2020 –
Housing market conditions continue to follow similar trends to last year, with gains in sales.
At the same time, there have been further reductions in new listings, inventory and more declines in prices.
January sales activity was 863 units, nearly eight per cent higher than last year’s levels. While sales remained well below January activity recorded before 2014, they remain consistent with activity recorded over the past five years.
“A persistent slowdown in the energy sector has resulted in a reset in many aspects of our economy. This includes the housing market,” said CREB® chief economist Ann-Marie Lurie.
“We continue to see the slow adjustment to more balanced conditions, but it will take time before that starts to translate into price stability.”
Citywide unadjusted benchmark prices were $417,100 in January. This is slightly lower than the previous month and nearly one per cent lower than last year’s levels.
Benchmark prices eased, but there were some modest improvements in both the average and median prices. This is likely a reflection of some changes in the distribution of sales. 

HOUSING MARKET FACTS
Detached

• Detached sales in January improved by six per cent, thanks to growth in all districts except the North East.
• New listings declined by nearly 11 per cent due to pullbacks in all areas except the City Centre and the North districts. Combined with adjustments in sales, this caused inventories to ease by 15 per cent citywide.
• Reductions in supply and gains in sales supported reductions in the months of supply from nearly six months last year to just under five months this January.
• Detached benchmark prices eased by nearly one per cent compared to last year. However, the only two areas to record notable year-over-year declines were the City Centre and West, with price declines exceeding three per cent.

Apartment

• Improving sales were met with gains in new listings, causing inventories to increase by 12 per cent compared to last year.
• The gain in inventories prevented any significant adjustment in the months of supply, which remained elevated at nine months.
• The persistent oversupply continued to weigh on benchmark prices, which eased compared to last month and declined by two per cent compared to last year.

Attached

• Despite slower sales in the South and South east district, city-wide attached sales improved by four per cent.  At the same time new listings eased by nearly 18 per cent, causing inventories to decline by ten per cent.
• Improving sales and a drop in inventory helped the months of supply to dip below seven months, a significant improvement compared to last year’s level of nearly eight months.
• While this segment is trending toward more balanced conditions, persistent oversupply continues to weigh on prices, which trended down over the previous month and eased by over one per cent compared to last year’s levels.

REGIONAL MARKET FACTS
Airdrie

• Improving sales and easing inventories helped push the months of supply down to 4.7 months. This represents levels that are consistent with longer-term trends and reflects relatively balanced conditions.
• The improvements in the supply relative to demand have started to generate much more stability in prices, which have remained comparable to last month and slightly higher than last year’s levels.

Cochrane

• January recorded a significant gain in sales and a significant drop in new listings. This resulted in a drop in the months of supply to four months, a significant improvement from the 14 months recorded last January.
• If the improvements continue, this should start to support price stability. However, the recent change has not yet impacted prices, which remain nearly three per cent lower than last year’s levels.

Okotoks

• Sales activity in town improved to levels consistent with longer-term trends. The improvement in sales helped offset the slight rise in new listings, helping reduce inventories and bringing the months of supply down to levels more consistent with balanced conditions.
• The steady reduction in oversupply in this market is helping to generate more stability in prices. In January, benchmark prices remained comparable to levels recorded last year.

Info provided by CREB

City of Calgary, November 1, 2019 – Sales activity in October improved by nearly 10 per cent compared to last year, driven mostly by improvements for apartment and attached product.
New listings also eased, which helped reduce inventory levels and the oversupply in the market. Despite the move to more balanced conditions, the market remains oversupplied and prices continue to remain below last year's levels.
"Employment has shifted in the city, with job growth occurring in our non-traditional sectors and often at a different pay scale. This is consistent with the shift to more affordable housing product," said CREB® chief economist Ann-Marie Lurie.
"However, at the higher end of the market the amount of oversupply is rising, as supply cannot shift enough to compensate for the reductions in demand. This is likely causing divergent trends in pricing and preventing prices from stabilizing across the city."
This is a market where signs of improvement are not consistent across all product types and price ranges. Improvements in sales are occurring in the lower price ranges across all product types. This is not yet translating into price shifts, as persistently elevated supply levels continue to place downward pressure on prices.
As of October, citywide unadjusted benchmark prices were $422,900, just below last month's levels and two per cent lower than last year's levels.
HOUSING MARKET FACTS
Detached

• Sales activity this month came in just above last year's levels, thanks to growth in all districts except the North East and North. However, year-to-date citywide levels remain comparable to last year's levels and over 19 per cent lower than longer-term trends.
• New listings continued to ease this month, but at a slower pace than levels recorded over the past eight months.
• Improvements in sales and easing new listings brought down inventory levels by 15 per cent. With 3,391 units in inventory, the months of supply is just under four months. This is a decline compared to last year, but it is still high based on longer-term trends. Months of supply eased across all districts except the North, likely due to the increased pressure coming from the new-home sector.
• Unadjusted benchmark prices eased over the previous month due to declines in all districts except the South East and East. Overall, prices in October remained nearly two per cent lower than last year's levels and nearly eight per cent lower than previous highs.

Apartment

• Apartment sales continued to improve this month and new listings eased. This helped reduce inventory levels and brought the months of supply down just under 6 months.  Despite improvements, the market remained firmly in buyers' territory.
• Year-to-date improvements in sales were driven by gains in the North, West and South East sectors.
  Inventory declines have occurred in all districts except the South East.
• Overall, year-to-date prices remained over two per cent lower than last year's levels and nearly 17 per cent lower than peak pricing. However, there are some signs of stabilization in prices this year, with prices in the North East, South East and East remaining comparable to last year.

Attached

• The attached market continues to show the largest increase in sales, with year-to-date growth of nearly seven per cent. Improvements occurred across all districts except for the North West and North East.
• New listings have eased by eight per cent so far this year, causing inventory declines and reductions in the amount of oversupply.
• Like most sectors, this segment remains oversupplied, which is causing price adjustments. As of October, semi-detached and row prices remained two and four per cent lower than last year's levels, respectively. Prices continue to ease across nearly all districts and remain well below previous highs.

 
REGIONAL MARKET FACTS
Airdrie

• Apartment, row and semi-detached sales activity improved over the previous year, pushing total year-to-date sales up by three per cent, which is just below longer-term averages.
• New listings have eased to the lowest levels recorded over the past five years, helping reduce inventory and the months of supply to levels lower than the previous year.
• The improvements are helping reduce downward pressure on prices, but it is not enough to erase previous declines. Overall, year-to-date average benchmark prices remain over three per cent lower than last year's levels.

Cochrane

• Further gains in October contributed to a three per cent year-to-date increase in sales. An 11 per cent pullback in new listings caused supply to ease and the months of supply to fall.
• The reductions in the amount of oversupply are not influencing monthly price movements yet.  Like most other municipalities, benchmark prices remain over three per cent lower than last year's levels and well below previous highs.

Okotoks

• Following a sharp pullback in sales activity last year, sales activity continued to recover this month. This caused year-to-date sales to improve to levels just below what was recorded post recession.
• New listings continue to ease, helping lower the inventory in the market and bringing the months of supply to just under five months. This is an improvement of nearly six months from last year's levels.
• With less oversupply in the market, we are starting to see some easing of the downward pressure on prices. Overall, year-to-date benchmark prices were $410,090. This is four per cent lower than last year's levels.

Info provided by CREB

Media release: Shifting to stability

​City of Calgary, October 1, 2019 – For the third consecutive month, sales activity improved over last year’s figures, and year-over-year new listings and inventories eased. This trend will help support more stability in the housing market.
“Price declines have likely brought some buyers back into the market,” said CREB® chief economist Ann-Marie Lurie, noting improvements in the market continue to be driven by homes priced below $500,000.
In the condominium apartment market, sales improved by 16 per cent this month. This represents the segment’s best September since 2015.  Year-to-date growth in both the attached and apartment sector were enough to offset the modest decline in the detached sector resulting in year-to-date sales growth of nearly one per cent in the city.
Despite improving sales and reductions in inventory, the overall market remains oversupplied. This continues to weigh on prices.
“While housing demand is modestly improving, sales activity remains relatively weak,” said Lurie. “The market is moving toward more stable conditions, but this is mostly related to supply adjustments in the city.”    
September inventory levels are still elevated at 6,889 units, but this figure represents a decline of 13 per cent compared to last year. The months of supply in the Calgary market currently sits at five months. These conditions continue to favour the buyer, but not to the same degree seen at this time last year.
September’s citywide unadjusted benchmark price of $424,900 is two per cent lower than last year’s levels.
HOUSING MARKET FACTS
Detached

• Improvements in sales over the past three months were not enough to offset pullbacks that occurred earlier in the year, as year-to-date sales remain nearly one per cent lower than last year’s levels. Despite citywide declines, sales improved in both the North West and South districts, thanks to significant gains in sales of homes priced below $500,000.
• The months of supply remains elevated at over four months, although this is an improvement compared to the same time last year.
• Benchmark prices in September ranged from a year-over-year decline of more than four per cent in the South district to general stability in the North East, North and West districts.

Apartment

• Sales improved by 16 per cent this month, making it the best September recorded in the past three years. Despite recent improvements in sales, year-to-date levels remain stable compared to last year, but well below longer-term trends.
• Condominium apartment sales were varied across the city. Significant growth was reported in the North and South East districts. Both districts have seen significant new-home development which could be influencing resale activity.
• Oversupply continues to weigh on prices in this segment, as unadjusted prices remain 17 per cent below 2014 highs.

Attached

• Sales increases for both semi-detached and row product have improved year-to-date attached sales by more than five per cent compared to last year. It is the only product type that has recorded significant gains year-over-year.
• New listings continue to ease, reducing inventory and the months of supply.
• Despite some annual reductions in the months of supply, buyers’ market conditions persist and prices continue to ease. Year-to-date benchmark price declines ranged from a high of nearly six per cent in the City Centre to a low of three per cent in the North East.

REGIONAL MARKET FACTS
Airdrie

• Conditions in the resale market continue to show signs of growth. Sales activity improved in September, pushing year-to-date sales up by nearly three per cent. New listings eased, which helped reduce inventory in the market.
• The market remains slightly oversupplied, but the months of supply is edging down from last year’s high levels. This is supporting more stability in monthly price movements. As of September, the unadjusted benchmark price was nearly two per cent lower than last year’s levels.

Cochrane

• Sales in the area continue to improve and year-to-date levels remain the third-highest on record. The area faces fewer challenges with demand than the Calgary market, but elevated inventories continue to weigh on prices.
• Inventories are starting to trend down. If this continues, the market should move into more balanced conditions and, eventually, support some price stability.

Okotoks

• Sales activity continues to recover from the low levels recorded last year. Improving sales and easing new listings are causing year-over-year inventory declines and reducing oversupply in the market.
• The market has been trending into balanced conditions, but prices have been slow to react.  Year-to-date benchmark prices remain just over four per cent lower than last year’s levels.

​Provided by CREB

Sales activity increase led by lower-priced homes

City of Calgary, September 3, 2019 – Increased sales and easing new listings reduced housing inventories in August. Sales were primarily driven by homes priced below $500,000.
“Employment numbers have been improving, but mostly in industries that are traditionally lower paid,” said CREB® chief economist Ann-Marie Lurie. “This is contributing to the shift that we are seeing in the housing market, with growth being limited to product priced below $500,000.”
Rising sales for homes priced under $500,000 offset sales declines in the higher price ranges. This caused August sales to improve by six per cent compared to last year.
Sales activity improved for all product types. The growth was largest for apartment-style and attached properties.
Attached sales increased for the sixth consecutive month compared to the previous year. This is also the only property type with year-to-date sales higher than last year’s levels.
New listings continued to ease this month, which caused inventory to decline. This is helping the market shift toward more balanced conditions.
The amount of downward pressure on prices is also easing. At $426,000, the unadjusted citywide benchmark price this month remained comparable to last month, but 2.6 per cent lower than last year’s levels.
Despite improving sales and reductions in inventory, housing market recovery will take time. Inventory levels remain elevated and sales activity is still well below historical norms. The market continues to favour the buyer, with over four months of supply.
 
HOUSING MARKET FACTS
Detached

• Year-to-date detached sales remain just below last year’s levels, but sales improved in the South and North West districts this month. 
• Citywide growth has been driven by homes priced under $500,000. Meanwhile, easing sales and elevated inventories among homes priced above $500,000 have increased the months of supply, pushing it further into buyers’ market territory.
• Benchmark prices in August ranged from a year-over-year decline of over five per cent in the South district to a decline of nearly one per cent in the South East.    

Apartment

• For the second month in a row, sales activity improved for apartment-style homes, but these gains were met with a rise in new listings. This prevented any significant adjustments to inventory levels and kept the months of supply elevated.
• Sales activity remains just below last year’s levels. On average, the amount of inventory in the market this year has eased compared to last year.
• Citywide benchmark prices in August eased compared to last year, but the East, South East and North East districts recorded modest gains. Despite those gains, prices remain well below 2014 highs.

Attached

• For the sixth consecutive month, year-over-year attached sales improved in the city. This has resulted in year-to-date sales of 2,665 units, nearly a five per cent increase compared to the previous year. At the same time, new listings continue to ease, causing further reductions in inventory.
• The months of supply have moved from over six months at this time last year to under five months in August.
• These improvements have supported some monthly gains in benchmark prices, but August benchmark prices remain 2.6 per cent below last year’s levels.

 
REGIONAL MARKET FACTS
Airdrie

• Despite a year-over-year decline in sales activity this month, year-to-date sales sit just above last year’s levels. Unlike Calgary, most of the growth here has been driven by gains in the detached sector. Year-to-date new listings have eased by 13 per cent and inventories have edged down relative to last year.
• A general trend toward more balanced conditions has eased downward pressure on prices. The benchmark price was $334,600 in August – 1.8 per cent below last year’s levels.

Cochrane

• Fuelled by reductions in new listings and stable sales, inventories continue to trend down. This has supported some easing in the months of supply, which dropped from nearly eight months in August of last year to five months this year.
• Reductions in oversupply have supported more stability in monthly prices. The benchmark price was $408,000 in August, nearly four per cent below last year’s levels.

Okotoks

• Improving sales in August contributed to year-to date sales of 373 units, slightly higher than last year’s levels, but still below long-term averages. The number of new listings continues to ease. This is causing inventories to decline and reducing the months of supply.
• Months of supply dropped from nearly 10 months last year to under five months this August. Despite this reduction in oversupply, benchmark prices so far this year have remained over four per cent below last year’s levels.

Info provided by CREB
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