Calgary's elevated inventory is pushing prices lower

by Steve Randall02 Nov 2018

There has been little change in Calgary’s economy meaning the housing market continues to favour buyers.

The Calgary Real Estate Board (CREB) says that sales in October were down to 1,322 units.

Single-detached sales were down 8.6% to 829 units and with year-to-date sales down 15% it was the slowest level of detached sales since the late 90s.

Year-to-date apartment sales have totaled 2,316 units, nearly 7% below last year. New listings have also eased by 6%, helping reduce the amount of inventory in the market.

The attached sector has recorded year-to-date sales of 3,098. This is 15 per cent below last year and 14 per cent below long-term averages. Inventory for this sector is the highest on record.

“Job growth in this city remains a concern, as unemployment levels remain well above levels expected for this year. Rising costs of ownership also continue to weigh on housing demand,” said CREB chief economist Ann-Marie Lurie.

Inventory levels reached 7,345 units, 5.6 months of supply, outpacing typical October levels.

Prices down again
Citywide benchmark prices totaled $426,300 in October, trending down for the fifth consecutive month and resulting in a year-over-year decline of 2.9%.

“With these types of market conditions, many potential buyers should be able to find the home that they are looking for with well-priced listings

appearing in certain price ranges,” said CREB president Tom Westcott. “Sellers need to manage expectations and have accurate data in order to be aware of what is selling in their community.”

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