The benchmark price of a detached home was $502,400 in Jun, up 0.4 per cent from May but down 3.4 per cent year-over-year. It’s the first monthly gain for 8 months and means that the second quarter saw prices down 0.7 per cent following a 2.2 per cent drop in the first quarter.
“The detached market has been gradually moving towards more balanced conditions, helping to prevent price levels from declining at the faster rates we saw in the previous two quarters,” said CREB® chief economist Ann-Marie Lurie. “While this is welcomed news for sellers, it’s very likely that pricing challenges will persist in the housing market until economic conditions start to improve.”
Sales are still weak though with 2,028 units sold in June, down 7 per cent from a year earlier, while inventory were up 16 per cent to 5,973. This was driven by listings for apartments and attached properties where inventory soared 30 per cent year-over-year compared to 5 per cent for detached homes.
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Calgary area home prices are still falling in most neighbourhoods but the pace of decline has eased as detached and semi-detached home sales return to more balanced levels.