New listings increased 4.7 per cent to 3,319 and inventory was up 14 per cent year-over-year to 6,148. Apartments saw the sharpest rise in new listings (up 11.91 per cent) and inventory (22.75 per cent) while sales dropped 23.4 per cent.
“The resale apartment market has been the most difficult for sellers,” said CREB® president Cliff Stevenson. “They are competing with improved selection in the lower price ranges of the detached and attached markets, and facing increased competition from the new home sector, where builders are offering incentives to attract potential buyers.”
Job losses are spreading from the energy sector into other industries, weakening the Calgary housing market even though there has been some increased optimism from higher oil prices.
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Home sales in Calgary remain slow as new listings continue to rise. The Calgary Real Estate Board reports that there were 1,923 units sold in May, down 12.3 per cent from a year earlier.