Calgary home sales, prices continue downward trend

Home sales and prices in Calgary continued to ease in October while inventory increased; much the same as a year earlier.

There were 1,467 sales in the month, down almost 11% year-over-year; while listings increased 19% to 6,463 or 4.4 months’ supply. New listings increased 10.3% to 2,604.

Prices were down 0.6% month-over-month to a city-wide unadjusted benchmark of $438,900 but flat (0.32%) compared to October 2016.

“While economic activity has improved in 2017, it will take some time for this to translate into housing market growth. There have been employment gains, but most of this has occurred in areas with traditionally lower income,” said CREB chief economist Ann-Marie Lurie.

For detached homes, those in the lower prices ranges saw the largest rise in inventory with those between $300,000 and $500,000 making up 42% of inventory and those below $500,000 accounting for 62%.

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