Calgary prices slump but “not as steep” as last time

Sales and home prices in Calgary are feeling the impact of more than a year of lower oil prices. High inventory levels have created a buyers’ market but the buyers aren’t buying. Sales in November were down 28 per cent compared to a year earlier according to the Calgary Real Estate Board with 1,263 units sold; almost 20 per cent lower than the 10-year average. New listings were up 5 per cent year-over-year and month-over-month in November.

The unadjusted benchmark price in November dipped to $450,700; 0.5 per cent down from October and down 2 per cent year-over-year. For detached houses the benchmark dropped to $510,700; down 0.6 per cent from October and 1.52 per cent from November 2014. Attached homes dropped by a similar percentage to $352,400. Apartment prices were down to a benchmark $287,000; 0.5 per cent lower than October and down 4.6 per cent year-over-year.

CREB president Corinne Lyall pointed out that inventory levels still remained 27 per cent below the November highs recorded in 2008. “Furthermore, price declines have not been as steep as those recorded during the last downturn.”
 

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