Calgary real estate market slowdown continues, with sales down 12%

Job losses from the oil downturn continue to wear on Calgary’s real-estate market, according to the Calgary Real Estate Board.

That’s led to a rising number of homes for sale and fewer people buying them, data from the board suggest.

“While recent oil price gains may have some feeling optimistic, weakness in the labour market continues to impact housing demand,” Anne-Marie Lurie, CREB’s chief economist, said in a statement.

“We’re seeing housing supply levels rise in the rental, new home and resale markets.”

There were 1,923 homes sold in the city in May, down 12 per cent from May 2015. Meanwhile, the number of active listings rose 14 per cent to 6,148 and new listings were up 4.8 per cent to 3,319.

According to CREB, inventory grew in all market categories, with the largest growth in apartment and attached homes.

“The resale apartment market has been the most difficult for sellers,” said CREB president Cliff Stevenson, noting that lower prices from other categories and more incentives from new home builders have made competition stiffer for homeowners.

While the median price for a home held steady at $433,000, the average price actually rose 3.2 per cent from May 2016 to $494,078, likely due to more high-end sales. The benchmark price — the price for a typical home in the market — was down 3.5 per cent from May 2015, at $443,260.

 

Calgary Herald • Published on: June 1, 2016

 

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Gary Glover

Gary Glover

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