The detached home benchmark price held steady in September compared to August at $503,400, although this is 3.3 per cent below the price a year earlier.
“The decline in demand has caused many to anticipate steeper price declines for detached homes,” said CREB® chief economist Ann-Marie Lurie. “That hasn’t happened in large part because detached supply levels haven’t climbed as sharply as many expected. There was a limited amount of supply in the overall market when this cycle began, and while levels did rise and remain somewhat elevated, they were well below previous highs.”
Overall market conditions are soft but new listings are easing, helping to reduce the inventory which currently sits at 5,877, 5 per cent higher than September 2015.
Sales increased 4 per cent in the detached housing sector but apartments have slumped 23 per cent year-over-year.
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There has been some stabilization of detached home prices in Calgary according to the latest data from the Calgary Real Estate Board.