Sales up but so are listings in this major market

There was an increase in both sales and new listings in the Calgary area in December.

The Calgary Real Estate Board says that monthly sales were in line with long-term averages for the second month in a row but with an increase in new listings, benchmark prices were lower.

"Many of the economic indicators continue to post modest improvements, including improving sales. However, demand gains have not outpaced the additional supply coming into the housing market,” said CREB chief economist Anne-Marie Lurie.

She explained that the 2017 benchmark price was up 0.63% compared with 2016 to $504,867 for detached homes. However, the benchmark for apartments continued lower by 4%.

“We saw a rise in the number of consumers willing to purchase in the market with the expectation that the economy had already shifted. There were also many who waited to list their property until prices showed more stability," said CREB president David P. Brown.

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