Calgary home sales drop sharply

Home sales in Calgary dropped 6.63 per cent in the year to February 2016 according to data from the Calgary Real Estate Board. Sales totalling 1,127 units was 37 per cent lower than the long-term averages for the month.

Prices were also down, by 0.63 per cent from January and 3.45 per cent year-over-year to an unadjusted benchmark figure of $445,000.

“Slow sales and elevated housing inventory has resulted in further price declines,” said CREB chief economist Ann-Marie Lurie. “Given the current economic environment, it is no surprise that consumer confidence and housing demand is being impacted.”

In February, there was a noticeable shift in the share of sales in the apartment and attached sectors. The apartment segment dropped to 15 per cent, while the attached market rose to 24 per cent. Overall, the apartment and attached sectors typically represent 17 and 22 per cent of the market respectively CREB reports.

Both detached and apartment sales declined over last year’s activity and fell to the lowest February level recorded in over a decade.

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