Trending
A red, white, and black flag with a white background.

Relatively weak sales numbers still hounding Calgary

A house model on top of a graph.

Employment numbers and housing costs have converged to pull down the Calgary market’s home sales activity, according to the latest report by the Calgary Real Estate Board.

“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,” CREB chief economist Ann-Marie Lurie said.

No asset class was left unscathed. Detached home sales fell by 8.6% compared to October last year, while condo apartments shrank by almost 7%.

Attached housing units posted the greatest decrease, falling by 15% year-over-year and 14% below long-term averages.

Read more:

The total number of homes sold in Calgary last month was 1,322. Meanwhile, inventory was at 7,345 – a near-record-high for the city’s housing supply.

“Housing supply levels are not adjusting fast enough to current conditions, resulting in price adjustments,” Lurie added.

The city’s benchmark home price also fell by 2.9% year-over-year to settle at $426,300. October 2018 was the 5th straight month of decline in the sale value of Calgary’s residential units.

 

Related stories:

 

Post a Comment

Related Articles

The federal government has decided to delay its planned increase in the capital gains tax inclusion rate, moving the date to January 1, 2026. The...

In a series of announcements in late January, the Canadian Mortgage and Housing Corporation (CMHC) announced various critical funding and initiatives targeting the housing crisis...

Most Trending News

The federal government has decided to delay its planned increase in the capital gains tax inclusion rate, moving the date to January 1, 2026. The...

In a series of announcements in late January, the Canadian Mortgage and Housing Corporation (CMHC) announced various critical funding and initiatives targeting the housing crisis...

The start of a new year presents a unique opportunity for reflection and redirection—a clean slate to set ambitious goals and redefine your path. For...