While economic uncertainty and job losses set the trend for 2015, Ann-Marie Lurie, chief economist with Calgary Real Estate Board noted that the market was stronger than expected: “While aggregate prices trended down in 2015, it was not to the same extent as some had speculated. Supply levels were low moving into this cycle and thus provided some cushion to absorb the inventory gains.”
Inventory fell in December to 4,336 units but were still the highest since December 2008 and were 28 per cent higher than the same month in 2014. Sales were down 24 per cent year-over-year for detached properties; down 33 per cent for apartments; and down 28 per cent for attached homes.
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Sales of homes in the Calgary area slowed in December with just 878 units sold, down 18 per cent from the same month in 2014. The benchmark price fell by 0.42 per cent month-over-month and 2.78 per cent year-over-year to $448,800.