July saw another double-digit drop in home sales in Calgary according to new data from the city’s real estate board. Sales were down by 14 per cent year-over-year to 1,995 units following a 17.8 per cent drop in June. CREB says that the decline is still consistent with the 10-year average.
Despite the dip in sales the benchmark price was unchanged from the previous month at $455,400. “Often, the focus is on home prices. In fact, Calgary has recorded significant gains in home prices over the past several years,” said CREB chief economist Ann-Marie Lurie, “And despite the recent retraction, we have not seen all those previous gains eroded.” Prices are 0.15 per cent lower than a year earlier with apartments pulling down the average; apartment prices were down 1.6 per cent year-over-year to $293,300. Detached houses were steady at $515,300.
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