The detached housing sector is firmly in balanced territory according to the latest assessment from the Calgary Real Estate Board. Although sales were around 10 per cent below long term trends for March, they were above recent years, which have been pressured by a disconnect between high supply and low demand.
"It's not so much that demand went through the roof in March, but that we had less supply come onto the market, which is really helping to balance things out," said CREB president David P. Brown. "These changes are lifting the cloud of uncertainty for housing consumers and nicely positioning our market as we move into the more active spring season."
Prices for detached homes were up 0.4 per cent year-over-year to a benchmark $503,900.
However, Calgary’s apartment and attached sectors remain subdued with prices well below March 2016.
"Market conditions are quite different in the apartment sector," said CREB chief economist Ann-Marie Lurie. "The additional supply coming from the new home sector is not easily reversed and the added competition is continuing to weigh on prices in the higher density sectors of the market."
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There are signs of new life in Calgary’s homes market as the spring buying season gathers pace.