Calgary real estate market snaps 21-month streak of declines

The number of homes sold in Calgary rose for the first time in nearly two years in September, according to the latest data from the Calgary Real Estate Board.

With 1,488 properties sold, overall home sales were up nearly 2.1 per cent from September 2015 levels, snapping a 21-month streak of year-over-year declines.

The increase was fuelled by single-family sales (945), which were up 4.3 per cent from 2015, and attached housing sales, such as duplexes (338), which were up 19 per cent. Meanwhile, the apartment market was down 22.8 per cent from last year, with 200 units sold.

Average prices were up: both the raw average ($491,462, up 7.2 per cent) and median price ($433,750, up 2.1 per cent) increased from September 2015 levels. But CREB’s data suggests home values are relatively static, with the benchmark price — the price of a typical home in the market — down 4.1 per cent from last year to $440,400, and up just $200 from August.

In its monthly report, CREB said the single-family market is “showing signs of pricing stability.”

“The decline in demand has caused many to anticipate steeper price declines for detached homes,” CREB chief economist Ann-Marie Lurie said in the report. “That hasn’t happened in large part because detached supply levels haven’t climbed as sharply as many expected.”

While overall inventory rose from 2015 levels, in the single-family market, the number of homes on the market actually declined for a second consecutive month.

“Consumers are really starting to come to terms with the current environment,” CREB president Cliff Stevenson said in the report, adding that many sellers have adjusted their expectations.

Source: CALGARY HERALD • Published on: October 3, 2016 | Last Updated: October 3, 2016 4:39 PM MDT

Gary Glover

Gary Glover

REALTORĀ®
CENTURY 21 Elevate Real Estate
Contact Me