Calgary sales slump 27%

Home sales in Calgary dropped 27% in August from a year earlier.

The Calgary Real Estate Association says that 1,643 units were sold in the month, 12% below 10-year averages.

Persistently low oil prices were the main reason with high-end homes suffering the largest slowdown.

Overall, the unadjusted sales-to-new-listings ratio eased from 67% in July to 60% in August, contributing to a monthly rise in inventory levels to 5,146 units. Combined with weaker sales activity, months of supply pushed up to 3.13 months.

Despite weaker absorption rates, benchmark prices remained relatively stable, totalling $456,300 in August.

In the apartment sector though prices were down 1.4% year-over-year as unadjusted months of supply increased to 4.3, giving buyers more options.

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